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Advice on mortgage offer and approval.

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  • 01-02-2011 8:09pm
    #1
    onlyrocknroll
    Registered Users Posts: 750 ✭✭✭


    Hey.
    I have two questions, I hope someone can help me with.

    I'm thinking about putting in an offer on a house in very good location in a desirable suburb in Cork. The asking price is E220,000 but the house does need some work but it is liveable at present. It is a basic three bed, semi d, with one bathroom.

    1) I have been approved for a mortgage with one bank, but this has expired and I'm interested in getting approval from a different bank. Can I put in an offer on the house without mortgage approval?

    2) How low is it wise to bid? I've had advice that a house in a good location like this may get its full asking price but I'm sceptical of this. What would you recommend?

    Thanks in advance for any replies.


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    #2
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    1) Get mortgage approval first. Times have changed and what a bank said they'd give you months ago bears no relation to what they may give you now. Of course you can put in an offer without mortgage approval, but you're wasting your time and the sellers if you can't get approval for that amount.

    2) You should feel embarrassed putting in the bid due to how low it is. Who did you get the advice from? Not the estate agent I hope? Bid low, you can always increase it if you want/need to, it's a buyer's market now so take your time and above all do not become emotionally attached to a house you are thinking of buying. View it as a business transaction, because that's what it is.


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