What happens when you mortgage lender says the property you are buying is worth what the seller is selling it?
Written By: admin on October 26, 2009
One Comment
Bassically, I am buying a property of a developer who marketing the property for £247,000 but my bank have done a valuation and say its only £235,000 and they are only willing to lend that amount so I have to come up with the rest of the £12,000 or lose my deposit etc is there anything I can do legally to make them reduce the price so I dont loss my deposit?
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Get the seller to reduce!! Its not worth what the developler wants for it. The housing market we’re in at the moment is a falling market. In six months time the house won’t be worth £235,000 – I can guarentee it will be less.
There is nothing you can legally do but I would talk to the developer and TELL him to reduce if he won’t then honestly? Walk away – its not worth £247,000. Valuers research the area and they know their stuff, don’t pay over the odds else you could find yourself in negative equity shortly.
I doubt, in this market that the developer will let you walk away. Its time to dig your heels on and play hard ball!