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We've had our house downvalued by our mortgage lender by 30k (~5%) - do we play hardball and just say thats our maximum offer?
To be blunt, fuck off, no.
Although the bank's valuation has the effect of reducing the affordability of the house, your offer is your offer, not the bank's.
That the bank won't lend as much as you want is your problem - from a 'moral' perspective you should not be asking the sellers for anything here, you should find the money. If their position is so weak that they will be willing to meet you somewhere you are then exploiting their position (yeah that old chestnut).
Practically speaking they might meet you somewhere or they might tell you to do one and go to the next buyer on the list, your gamble.
Personally I'd be getting the money together to meet as near to my offer as I felt comfortable with (cash, another lender?) so that when I went back cap in hand they got the impression that I tried and had as few excuses as possible to refuse.
Edit: The implied context here is that you want the house. If you don't want the house, all bets are off.
Howard-
How about if i told you that at the new price its still the most expensive property sold in the area (with 4 beds) and they're still making 165k on the price they bought it for 4 years ago?
@greeno and you advise is the opposite of what our mortgage broker and our estate agents have told us to do, which makes it interesting.
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Bit out of order, he’s here for advice, not abuse. I know it’s the internet but how about not being such a cunt?
rogan
TM
We've had our house downvalued by our mortgage lender by 30k (~5%) - do we play hardball and just say thats our maximum offer? we could realistically add 5-10k of cash if we needed to.
They're a husband and wife (with kid) who are living in separate countries until the house exchanges so they should be keen to get moving..
My worry with just reducing straight to the valuation price is that they will know that 30k less price = 5k of deposit funds less so they would know that at the very least we would have 5k