Warning - tricks sellers play with "mortgagepaid" gimmicks

[Timbo]

Just read about this case of a house for sale in Cooraclare, Co. Clare.

The seller whacked the price up €20k, then claimed they were offering an "AMAZING DEAL" by paying your mortgage for 12 months. I think the price has since come down, but still €10k above where it started.

Buyer beware.

http://www.thepropertypin.com/viewtopic.php?f=4&t=20738

 

[tiger]

Yes, anytime a gimick is used best to beware.
In this case I'm not sure how a bank would look at a mortgage. Will they lend 90% of the contract price or 90% of the price - the discount.
Also from a contract point of view, what happens if a couple of months after you move in the seller stops paying the mortgage?

 

[Timbo]

Yes, anytime a gimick is used best to beware.
In this case I'm not sure how a bank would look at a mortgage. Will they lend 90% of the contract price or 90% of the price - the discount.
Also from a contract point of view, what happens if a couple of months after you move in the seller stops paying the mortgage?

I was wondering how careful the seller is with the terms and conditions. A 5 year mortgage anyone??