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The house was overvalued. As it was subject to a Shared Appreciation Mortgage, the shortfall of £28,000 will have to be covered by the beneficiaries of a will. The Bank will not lose out at all. There were twelve viewings fairly quickly, but Prospect had known on the impending house sale for some time. Prospect were happy to ask us to take £35,000 less than their valuation. That valuation, surprise, surprise, was exactly the same as the Bank's. We pushed, and got the offer up £7,000. We took this offer because no chain is involved, and even more compound interest may be applied by the bank if the sale is not completed before a certain date.... Read more
18th Apr 2024 (2 days ago)