I think the confusion here may be assuming that the "asking price" is the same as a market value.
If a house sells for more than the estate agent lists it for, that does not mean that the lender will not agree that the price paid is a market value.
Five to ten percent over the asking price will be fine. If mister big balls pays twice the asking price then they may not agree.
Excellent, that's a much better way of wording it than i had. Cheers
@mashton started
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I think the confusion here may be assuming that the "asking price" is the same as a market value.
If a house sells for more than the estate agent lists it for, that does not mean that the lender will not agree that the price paid is a market value.
Five to ten percent over the asking price will be fine. If mister big balls pays twice the asking price then they may not agree.