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Independent Valuer

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  • 12-09-2013 8:27pm
    #1
    Lou1984
    Registered Users Posts: 27 ✭


    Hi just looking for some advice.
    Buying a house from a couple who are separating not an ideal situation they will be in negative equity. We are buying it for a lot less than they paid for it. After three months of waiting the bank have finally moved things along and are sending out sn independent valuer I am just worried that they might say the house is worth more thsn the price agreed.

    We are first time buyers hoping to finally get a house.

    Any input appreciated.


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Lou1984 wrote: »
    Hi just looking for some advice.
    Buying a house from a couple who are separating not an ideal situation they will be in negative equity. We are buying it for a lot less than they paid for it. After three months of waiting the bank have finally moved things along and are sending out sn independent valuer I am just worried that they might say the house is worth more thsn the price agreed.

    We are first time buyers hoping to finally get a house.

    Any input appreciated.

    Valuer won't value the house at higher than the sale price. Even if they did it makes no difference to your sale price as the vendors don't get a copy of the report. Your lender wouldn't have an issue either as their Ltv is based on the lower of either the purchase price or valuation report. You're worrying over nothing here...


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    #3
    Marcusm
    Registered Users Posts: 10,328 ✭✭✭✭Marcusm


    killers1 wrote: »
    Valuer won't value the house at higher than the sale price. Even if they did it makes no difference to your sale price as the vendors don't get a copy of the report. Your lender wouldn't have an issue either as their Ltv is based on the lower of either the purchase price or valuation report. You're worrying over nothing here...

    I assume it's the bank who has lent to the existing owners who might well, depending on the circumstances, value it differently. The EA will want the sale to go through and needs to be gingered up to provide supporting evidence to the "independent" valuer who will likely be a local competitor EA.


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    #4
    Lou1984
    Registered Users Posts: 27 ✭Lou1984


    Yes its a another local EA in the town, thanks for yer input. First time buyer so just wasnt sure.


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    #5
    Lou1984
    Registered Users Posts: 27 ✭Lou1984


    Just wondering what is the next step, do they have to have more meetings in the bank.


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