You are reading a single comment by @Fox and its replies.
Click here to read the full conversation.
-
Yeah that happens. Have been told it's more an issue with first time buyers when it's all the mortgage company's money on the line (we're putting in just under 50% of our own equity from our current place) but... you got the place right?!
Fox-
you got the place right?!
yep. we felt a bit cheeky having to go back to the vendor and tell them, but at the end of the day it was out of our hands. in the end, i think we ended up coming to a deal where we paid a bit more than the mortgage company said it was worth and covered that gap by increasing our deposit...
fizzy.bleach
ANECDATA
The house we just bought (in manchester) seemed underpriced, so it attracted i think 4 full-price offers on day 1 (ours included). they went to best and final bids, and we bid a fair whack over (c. 10%), because even at that price, it was still cheaper than another house we'd offered on and a nicer property. we ended up with the winning bid.
then the mortgage company surveyed it and decided it was worth 10k less then we'd bid (and would only lend the lower amount) so we had to negotiate back down with the vendor.
fun and games.