I'm feeling a little annoyed with all the banks in this country today. All banks declined my bond because of the state of the house I want to buy. You would think that the least they could do is give me an amount they would be prepared to lend and a list of the faults that made them decline it.
So are they now expecting me to apply for 20 million more bonds for this house, dropping a bit each time to find out how much they will give me? Or maybe a bond application per bank for a variety of houses that are up for sale, when I have absolutely no idea what their criteria are in terms of fixer-upper type houses.
Has anyone here ever bought and bonded a house in really bad condition and had to fix it up. If so, how do you go about it as I'm finding that I just don't know where the fuck to start. Or maybe I'm supposed to buy one of these tiny bloody boxes in good condition since I cannot afford a large house in good condition. Eish - makes me want to cry.
My seller is prepared to drop the price. But since I don't know how much the banks will loan - how on earth do I know what to offer.
So are they now expecting me to apply for 20 million more bonds for this house, dropping a bit each time to find out how much they will give me? Or maybe a bond application per bank for a variety of houses that are up for sale, when I have absolutely no idea what their criteria are in terms of fixer-upper type houses.
Has anyone here ever bought and bonded a house in really bad condition and had to fix it up. If so, how do you go about it as I'm finding that I just don't know where the fuck to start. Or maybe I'm supposed to buy one of these tiny bloody boxes in good condition since I cannot afford a large house in good condition. Eish - makes me want to cry.
My seller is prepared to drop the price. But since I don't know how much the banks will loan - how on earth do I know what to offer.
I've went through one of those bond companies. All they can tell me is that is not approved because of the valuation. They cannot give me a figure of how much they will loan me.
Answers ranged from "property not suitable for mortgage purposes" to "insufficient value found"/
And when I asked for more details, I was told the bank doesn't give full details of how much they will loan me and what exactly are the various issues with the house that make a house "not suitable for mortgage purposes".
So even shopping for another house - I have no clue what price I should look at and how much damage the house can have before the bank will write it off as "not suitable".
Answers ranged from "property not suitable for mortgage purposes" to "insufficient value found"/
And when I asked for more details, I was told the bank doesn't give full details of how much they will loan me and what exactly are the various issues with the house that make a house "not suitable for mortgage purposes".
So even shopping for another house - I have no clue what price I should look at and how much damage the house can have before the bank will write it off as "not suitable".
And I really want one of those old country houses that needs some TLC. I want to turn my house into a home that fits me and my lifestyle.
No comments:
Post a Comment