Warning - tricks sellers play with "mortgagepaid" gimmicks

T

Timbo

Registered User
Messages
65
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
 
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??
 
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