We are In the process of buying a house, we had the property we are wanting to buy surveyed (home buyers pack) and the bank (barclays) value the property £13,000 less than the asking price we initially agreed.
I think it is fair to say that the bank think the house is over priced, hence the lower value and amount they will lend to us.
So, the ball is in the sellers court, does he have to lower his asking price to match what the surveyor said?
I guess he doesnt and could put the property back on the market but that means he starts from scratch.
Are the banks being cautious considering the current market conditions?
The overall question is:
I take the surveyors report to be credible and valid, this is my bargining chip, does the vendor have to agree that the house is worth what the bank will lend us?
All answers gratefully recieved.
2007-12-14
21:36:11
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17 answers
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asked by
char1ie_brown_74
2
in
Renting & Real Estate