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Sam | Can I drop the offer I've made on a property? |
if we've agreed 150k and my lender is giving me say 95% mtg 142500. Can I then offer say 140k.
PS the mtg has been agreed in writing with valuation of property completed etc. |
 |
 
Twinkles
 |
Assuming you are in the UK you can drop your offer or pull out at any time until you have exchanged contracts. However, you could lose the property as the vendor does not have to accept your new offer. The money you've spent on the valuation and any solicitor fees will then be lost. If the valuation on the property has come back at £150,000, the vendor and estate agent are likely to be very unhappy about it and if the vendor pulls out and you see a property you like through the same agent you may find you are not taken very seriously.
I may be stating the obvious but just in case thought I'd better mention that just because the lender has given you an offer for £142,500 doesn't mean that if you offer £140,000 you can have all of that money on the mortgage. The lender is still likely to only lend 95% of the purchase price, £133,000. |
|
Landlord
|
A 10k drop is a huge amount, especially in low end housing.
The seller does not have to agree.
Also, you do realize that you have to redo the loan? The will only pay 95% of the 140k now. The original mortgage agreement you have is based on the 150k sales price and will no longer be valid if the sales price changes. |
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thenemo12003
|
You probably can withdraw but it may cost you. |
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Butternut27
 |
yes if in England yes you can do this.. |
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Nicki
 |
If you signed anything, No. If you did not sign anything, Sure, they won't like it, but it's legal. |
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scottsdalerealty
 |
Depending where you at in the offer process. If you have a signed contract, you'll have to read the contract and see what it says. You can always talk to the seller and if you both mutually agree, then do it. If not.......
Is there a clause that allows you an inspection period for you to cancel the offer if you find disapproved items?
If it is a financing issue and you cannot qualify, there should be a clause written into your contract that will allow you to cancel without loss of your earnest money.
Once you cancel the contract, you may then attempt to offer the seller a lower amount. |
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leambi
|
As long as you haven't exchanged contract or anything like that, if the vendor does take to lower offer you will still only be able to get 95% of what you are paying and it may mess up your mortgage as the lender may see this as a 10% vendor gifted deposit, i would speak to your mortgage lender if the vendor agrees. |
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leonardhomes@sbcglobal.net
|
If I understand what you are trying to ask in your questions is correct. The lender is only going to aprove only 95% of the purchase price. So It won't make a difference if you can purchase the home for less or not they will still only loan you 95%. |
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bundygil
|
You can do what you like until the contracts are complete. Vendor won't be happy, however, US property values are dropping like lead. Get legal advice before you do. |
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Expert Realtor
|
Ok...if your offer has already been accepted by the seller, then no....not without putting your earnest money at risk (this is for a written contract only).
If this was just a verbal agreement, then yes.
Be sure to not only put a financing contingency in the contract, but the LTV and maximum interest rate that you woud be willing to accept...financing contingencies are not "blanket" contingencies. |
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