Hi All,
I was hoping someone could help. Myself and my other half are selling our home to my sister and moving to a bigger place. We agreed a purchase price by completing an online valuation (compares to 3 similar properties in the area) about 3 months ago, it looked inline with asking prices for similar properties on myhome.
Fast forward 3 months we're ready to sign contracts and she needed a valuation from the banks approved list of properties for the mortgage. The valuation has come back €70k over the agreed price. The reason for the high valuation is that my neighbor sold his home about 2 weeks ago for that price. To me it seems to be an anomaly, the other property used for comparison was just €20k over what we had agreed which I guess would be reasonable enough given the rise in the market over the last few months.
We don't want to charge my sister above odds because of a valuation we don't agree with and she couldn't afford more so the sale would fall through anyway if she were to pay the difference.
Is this a problem? I presume it's good news for the bank but could it give the impression of a gift or could we argue the market changes since agreement and point to the online valuation?
Thanks for your help!
I was hoping someone could help. Myself and my other half are selling our home to my sister and moving to a bigger place. We agreed a purchase price by completing an online valuation (compares to 3 similar properties in the area) about 3 months ago, it looked inline with asking prices for similar properties on myhome.
Fast forward 3 months we're ready to sign contracts and she needed a valuation from the banks approved list of properties for the mortgage. The valuation has come back €70k over the agreed price. The reason for the high valuation is that my neighbor sold his home about 2 weeks ago for that price. To me it seems to be an anomaly, the other property used for comparison was just €20k over what we had agreed which I guess would be reasonable enough given the rise in the market over the last few months.
We don't want to charge my sister above odds because of a valuation we don't agree with and she couldn't afford more so the sale would fall through anyway if she were to pay the difference.
Is this a problem? I presume it's good news for the bank but could it give the impression of a gift or could we argue the market changes since agreement and point to the online valuation?
Thanks for your help!