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Possible unmortgageable property

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  • 15-01-2013 2:38pm
    #1
    Tranceypoo
    Registered Users Posts: 1,531 ✭✭✭


    I inherited a house over 10 years ago, in 2005 I got a small mortgage on it through my bank, who I had been with for quite a few years at that stage, I was working full time on a good salary, paperwork went through as normal, got an estate agents valuation etc etc.

    The house has been for sale for about 3 years, in that time not much interest, however I've a potential buyer who has literally just phoned me and made me an offer on the phone, they've only been on the grounds and outside the property, not seen it inside (aside from peering in the windows) as I don't live there, I've been totally upfront about what's good and bad about it. They want to get an engineer/surveyor to look at it next week. I have a BER report already done on it.

    However, due to the fact it's a family built home from many years ago, combined with the fact I always look on the down side of things, I have a slightly bad feeling that it might be unmortgageable, although I couldn't say for sure and there's no major problems with it I'm aware of, I lived there for 7 years with no problems. But if the worse happens and it is, I'm wondering if I have any comeback with my bank who gave me the mortgage (which I'm still paying), they never instructed me to get a survey done or anything, presumably because I was still living there (and it was 2005 when mortgages were ten a penny!!), it's difficult enought to sell houses anyways but what are the chances of a cash buyer coming along and I'm struggling to pay the mortgage and bills on an empty house as it is.

    Any suggestions/thoughts/experiences would be much appreciated!


Comments

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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    your making no sense. Why would it be unmortgageable ?


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    #3
    Tranceypoo
    Registered Users Posts: 1,531 ✭✭✭Tranceypoo


    Maybe structurally or something? Like I said I'm not sure but aren't there all sorts of reasons for houses being unmortgageable? When I first put it on the market a horrible estate agent came round to value it and knocked one of the walls and said 'did you get a mortgage on this?!', rude. I guess it planted a seed in my head!


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    #4
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    I'd get it checked over then. Peace of mind and all that...

    Full structural will cost about E500, but stand to be corrected on that.


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    #5
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    YOU COULD rent it out ,or reduce the price ,
    bank might refuse mortgage if there.s lots of repairs to be done,or theres a structural fault .
    I would not make an offer on a house with out looking inside it,seeing ,walls,ceilings, etc
    Many old houses ,have little insulation, no double glazing .


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    #6
    Tranceypoo
    Registered Users Posts: 1,531 ✭✭✭Tranceypoo


    riclad wrote: »
    YOU COULD rent it out ,or reduce the price ,
    bank might refuse mortgage if there.s lots of repairs to be done,or theres a structural fault .
    I would not make an offer on a house with out looking inside it,seeing ,walls,ceilings, etc
    Many old houses ,have little insulation, no double glazing .

    I can't really reduce the price by much less! I know I found it odd that she made an offer over the phone and I said to her 'Why don't you have a look at the interior first'!!
    The thing is I did put insulation in the walls, attic, put new windows in and new fascia boards outside etc
    Hopefully I'm just worrying uneccessarily!


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    #7
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    It wasn't up to the bank to advise you to get a survey carried out day one, they do their own valuation which is not a survey, it is more likely your solicitor might have advised it but as you already owned the house what difference would it have made?


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    #8
    Tranceypoo
    Registered Users Posts: 1,531 ✭✭✭Tranceypoo


    phormium wrote: »
    It wasn't up to the bank to advise you to get a survey carried out day one, they do their own valuation which is not a survey, it is more likely your solicitor might have advised it but as you already owned the house what difference would it have made?

    But they didn't do anything except tell me to get an estate agents valuation, which I did, the e.a. literally just walked round for 5 mins and said 'yeh it's worth x'!!


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    #9
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    But that is all the bank is interested in, the marketable value of your property, once there was sufficient value for the loan they are covered.

    If you still have a copy of that valuation you will see plenty disclaimers on it telling you it is not a structural survey.


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    #10
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Around 40%of all purchases last year were cash buyers, you have a chance. Lower the price and entice them in.


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    #11
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Tranceypoo wrote: »
    But they didn't do anything except tell me to get an estate agents valuation, which I did, the e.a. literally just walked round for 5 mins and said 'yeh it's worth x'!!

    In fairness, it's Caveat Emptor. The bank does not have to tell you anything. All they want to know is 'Is the property worth the money we're lending for it?'. They got their answer (via the Estate Agent). The rest of it is down to you. The borrower is free to carry out further checks i.e. a structural survey if they wish.

    IIRC the bank will usually advise that you make further checks anyway. A lot of buyers will ignore that and press ahead anyway.


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