Spray foam roof insulation.

[Bobtail4x4]

I have dealt with a few foam removal jobs over that last year,
it seems to be a problem for mortgage companies,
about half of the ones removed find the timbers are rotten.

 

[gaz1]

I have dealt with a few foam removal jobs over that last year,
it seems to be a problem for mortgage companies,
about half of the ones removed find the timbers are rotten.

it makes me wonder how long it will take before the same issue arises with the new stuff thats also being fitted into roofs and other areas

i bet it will be the same issue

 

[Bobtail4x4]

at least thats never fitted snugly as it should

 

[minimutly]

it makes me wonder how long it will take before the same issue arises with the new stuff thats also being fitted into roofs and other areas

i bet it will be the same issue

Solar pv is a prime example -!it's allready started. I was talking to an installer who said a lot of their work is correcting poor installs that have boogad up the roof integrity. My daughters was a prime example - roofwork carried out by a pair of kids in trainers - using shed rafter screws into lightweight roof trusses.

 

[Morrisman]

I've seen the guarantee papers, it's for 30 years, installed in 2009, and the company is still in existence from what I've seen. Our solicitor is now leasing with the buyers mortgage company to see what the next move is.

Lots of fingers crossed.

 

[Morrisman]

Estate agent called earlier, the result of the survey today is that the roof is perfectly good. I went and took some pics, the whole thing is not sealed, just the back of the tiles basically.

However, despite the good results the EA then tells me the mortgage lender has 'devalued' the house to 220k, and the buyers are asking if we are prepared to renegotiate. (I'm sure someone predicted this on either this thread or my other one about secret auctions)

No, we aren't prepared to negotiate. The idea of an auction is not to toss a high bid in, to win, and then see if you can get the money together.

If the value of the house is decided by the mortgage broker why do EA's offer to give 'valuations'??

 

[addjunkie]

How much difference is there between their offer and the 220. A house is only worth whats someone will pay….I fear things may be slowing, so mortgage companies are being cautious.
Keep the agent sending viewers….guess it all depends how big their deposit is

 

[Morrisman]

How much difference is there between their offer and the 220. A house is only worth whats someone will pay….I fear things may be slowing, so mortgage companies are being cautious.
Keep the agent sending viewers….guess it all depends how big their deposit is

£20k. They won the sealed auction with a £240k bid. And supposedly only needed a small mortgage....

I'm hearing all this through the EA, so who knows what is really going on.

Do not trust anything that comes out of an estate agents mouth!

 

[addjunkie]

How many other bids? Are they still interested?

 

[Morrisman]

How many other bids? Are they still interested?

Depending on tomorrows EA conversation we may well be looking into that.

 

[gaz1]

the question would be are you willing to take there bid of 240 and lose the buyer or take the 220 and go before the housing market may collapse

this is up to you on how much of a hit you want to take and like earlier you was interested in getting rid of it and let them sort the roof out in the end

the 20 sounds more like the buyer over bid and the lender wont pay out on the house as its being over valued

is it worth losing that buyer then have to relist it back onto the auction again something you need to ask yourself

seller im aware of did the same wanted near on 40.000 over its true value even got bosey with estate agent who then pulled it from there listings

as i heard the lot

 

[roofman]

£20k. They won the sealed auction with a £240k bid. And supposedly only needed a small mortgage....

I'm hearing all this through the EA, so who knows what is really going on.

A new roof would only cost 7 to 10 grand...that's a lot less than 20K

 

[Morrisman]

A new roof would only cost 7 to 10 grand...that's a lot less than 20K

And, as evidenced by the surveyor they themselves engaged and paid for, the roof is stout, no problems.

 

[8ob]

Seems odd that they are trying to get a mortgage on a house that they won on a sealed bid auction, the estate agent needs rogering with the rough end of a pineapple for not vetting the applicants.

Bob

 

[angellonewolf]

£20k. They won the sealed auction with a £240k bid. And supposedly only needed a small mortgage....

I'm hearing all this through the EA, so who knows what is really going on.

im supprised te morgage company are that worried if they realy need a small morgage there normaly only worried if there spending lots on a property
eg house worth 250 000 person putting up 20 000 so they want the house to be worth the 230 000 if they are realy putting in a lot so say there asking for a 50 000 morgage they normaly look is the house worth the 50 000 we are lending

 

[gaz1]

Seems odd that they are trying to get a mortgage on a house that they won on a sealed bid auction, the estate agent needs rogering with the rough end of a pineapple for not vetting the applicants.

Bob

@8ob ive sent you a link the auction sale is interesting to say the least

Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid, both the starting bid and reserve price can be subject to change. Terms and conditions apply to the auction,

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.20% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property

 

[addjunkie]

Im assuming the “auction” in this case was run by the EA, as in your best bid in an envelope by 12.00 ona set day, often used if there are multiple offers.

basically your gambling loosing the buyer and the others no longer interested,and 5he market crashing while it drags on

You could call their bluff and knock-off 5k for quick completion.

 

[roofman]

And, as evidenced by the surveyor they themselves engaged and paid for, the roof is stout, no problems.

The surveyors don't lend the money so its not there risk...In my game, foamed roof spaces are frowned upon from an estimating point of view as until the roof is stripped its an unknown quantity...this is how the lenders are leaning too as until the property or mortgage is paid for then they own it.

 

[gaz1]

Im assuming the “auction” in this case was run by the EA, as in your best bid in an envelope by 12.00 ona set day, often used if there are multiple offers.

basically your gambling loosing the buyer and the others no longer interested,and 5he market crashing while it drags on

You could call their bluff and knock-off 5k for quick completion.

theyve lost the other interested clients and they may question why its being put back onto the market again

any other viewers that have seen the previous advert may think the same even if its down to the lender refusing to lend that amount which in this case maybe the reason why

from a link i have on an auction sale as above reference as well

This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

 

[Morrisman]

Seems odd that they are trying to get a mortgage on a house that they won on a sealed bid auction, the estate agent needs rogering with the rough end of a pineapple for not vetting the applicants.

Bob

I'm happy to dump them if I see any sort of philandering going on. They specifically steered us towards these particular buyers, by the wording in the list of bids they sent us. Every other bidder needed a 'normal mortgage'.but these guys needed a 'small mortgage'. I still have the email.

Its not like this is our own home for sale, with a chain involved, and we're desperate to move on. I'd appreciate the coin in my bank account, but I'm loathe to play whatever game is going on.