Today we got the word from the house valuation—a crucial step in getting the mortgage approved. The maximum mortgage you can get in the Netherlands is not just determined by your own finances but also by the value of the house you’re intending to buy. If you bid over the market value of a house, you have to pay for that difference out of pocket. Alternatively, if you’ve underbid and the valuation shows the house was worth more, you can still only get a mortgage up to the actual bid. Apparently, the regulations are both to protect buyers, sellers, and the market in general as well as to combat money laundering through real estate.
So, today, we got the house valuation report which confirmed that our bid matched the value of the house; i.e. we should be able to get a mortgage that covers the buy. Another hurdle passed! The only thing left is to get the actual financing, and the rest is paperwork!