**value changed on home report**

dippy

istabraq wrote: »

The general consensus i'm getting is that if a house is valued at 250k there is almost no chance of anyone paying over that for the property. Am I correct on this??

There's always a chance that a mug will come along and offer £255K.

It depends how badly you want the house and how badly you don't want to overpay (a little risk).

If you want to get a good price, you have to be prepared to walk away.

googler

somethingcorporate wrote: »

Depends on who does the valuation but only very rich (or very foolish) people would pay the extra SD.

The valuation's already been done, and it's £250k. The Home Report is provided to your lender (or that of any other buyer) and will determine what they can borrow from the lender. If they pay £6,000 over the valuation, they need to have £6,000 in the bank or coming in in equity from their own sale in order to buy. Also;

Buy it for £250k and pay £2500 in stamp
Buy it for £256K+ and pay £7,680

Only those with deep pockets will pay £256k, as they'll need the £6k over the valuation, plus £7,680, making £13,680 in cash or equity.

However, you need to know how much interest there was in the property before you offered. Were there other notes of interest? Did you offer at a closing date, or without one being declared? When your offer was accepted, was it accepted straight away, or did the sellers then declare a closing date?

All this should be discussed with your solicitor or conveyancer with regard to revising your offer.