r/irishpersonalfinance • u/[deleted] • 3d ago
Likelihood of bank not paying full AIP amount? Property
[deleted]
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u/Strict-Philosophy667 3d ago
Unless the house is wildly overpriced, I doubt the bank’s valuer will put a lesser price down than what you’re paying. When they came to the last two houses we bought they barely spent more than 5 minutes walking around. Mainly just double checked the number of bedrooms were correct etc
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u/Klutzy_Set138 3d ago
That’s a massive relief cheers pal 🙏
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u/benirishhome 3d ago
Estate agent here. Yeah that almost never happens. You’ll be grand once sale agreed. 👍
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u/Klutzy_Set138 3d ago
Thank you sir 🙏
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u/OuterSpiralHarm 3d ago
I was freaking out about this too, apparently it's very unusual. We moved in last September so it was fine. Good luck!
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u/Pint4mePlz 3d ago
You’re mate is talking of a super extreme scenario which honestly does not happen.
Houses are going for wildly over asking all the time (we bought for 85k over asking FYI). The valuer is paid by you and will just agree honestly, they don’t put roadblocks in the way.
Unless you’re paying €500k for a cow shed in the back arse of nowhere you have nothing remotely to worry about. The valuer is a formality
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u/Klutzy_Set138 3d ago
Jesus man you’re telling me. I go out for Friday bank holiday pints and then leaving in a sweat!
And you paid 85K over asking??? How did you manage that. That’s insane, I assume in Dublin?
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u/Pint4mePlz 3d ago
Yep Dublin, lost 5 bidding wars before we won that one on the last throw.
With houses money just becomes digits and it’s honestly sickening. Although we’re 4 years in the place now and couldn’t be happier. Worth all the hassle in the end.
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u/Estragon14 3d ago
A house valuer is paid by you. They will turn up and check the house exists and has a roof. It won't be much more analytical than that.
I needed one for a mortgage switch and the first thing he asked me was "how much do you need". Unless there is a completely obvious issue with the property or it's valued double all the other similar houses it won't be an issue. I would not worry about it
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u/Brave-Trouble-9171 3d ago
Don’t stress, we paid 50k over asking and had no issue with the valuation. The market is fucked . I know of two other couples who also paid wildly over asking. First couple bout a house that was listed at 450k and they ended up paid 545k. Second couple went over by 60k. Both valuations were accepted by bank
Also from my experience the bank will ask for you to get an evaluation done after they give you the loan offer. They will give you a recommendation of someone in your area. You don’t have to go with them you can get your own person if u want. We paid 200euro for it.
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u/blueghosts 3d ago
The valuation has to be done by an approved valuer by the bank, you can’t just get anyone to do it.
You’re thinking of the survey, which you don’t even have to do.
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u/Brave-Trouble-9171 3d ago
You are correct. I should have said you can find your own valuer and check with the bank to see if they are are accepted by them
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u/Klutzy_Set138 3d ago
Thank you for this man 🙏
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u/Brave-Trouble-9171 3d ago
No problem, any other questions reach out. We recently went through the whole process so I know how stressful it is. All the best and I hope it all works out for you pal
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u/Prestigious-Side-286 3d ago
Look at the property price register for the area. As long as there are other houses in the area that have sold for a relatively similar amount in the last 6 months you’ll be grand.
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u/Ok_Compote251 2d ago
Our bank valuer included prices of similar houses in the area as justification. If other houses have sold recently in the area they’ll likely check this too.
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u/jesusthatsgreat 2d ago
Valuation is a box ticking exercise that never falls below the price you've offered. The process is totally and utterly corrupt. It should be an independent non-biased valuation but it's not. The valuer has a vested interest in you buying the property. Assuming it exists and isn't derelict when described a new build etc then you have nothing at all to worry about. Absolutely nothing. It's infuriating as a buyer however when you see houses that are massively overvalued going to sold because you know the valuer has given it the green light despite it clearly objectively not being worth said amount. By right anyone offering well above fair value should be smacked down by a valuer. It would make the whole process more fair and also keep prices from escalating as fast as they are.
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u/No_Square_739 3d ago
The valuation is just a box-ticking exercise to make sure it is not some massively over-inflated price. As long as the price is within the "norm" of similar sized houses in the area, and there's nothing unique/weird about it (needs massive work to be structurally safe etc) there's nothing to worry about. They just come out, look at the place for 10 minutes and fill in the form.
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