Property down-valued by surveyor

PJD

I have agreed a price with the seller, - solicitors instructed, mortgage applied for and has been accepted, however, the mortgage lender's surveyor has valued the property at about 6% less than our agreed price.

I have now asked the obvious question to the EA, - ie, will the seller accept the 10% reduction and i am awaiting for a reply.

Now, surely the buyer will be weighing up whether to take hit for a sake sale, against the gamble of putting it back on the market. I am wondering if the EA will ring other people who were also interested in the property when it was on the market, to see if they would be interested, in order to gauge if it's worth the seller gambling? Is this typical of EAs?

I am half expecting the seller to make me a counter offer, maybe meet me halfway... - not sure how I am going to react to that either... - but for the moment, I am just sitting and waiting for an answer.

brit1234

Stick to your valuation it will help you remortgage in the future.

This is Money saving expert, you don't want to over pay.

Most likely the seller will back down.

G_M

and to see it from the other side......

ukcarper

Property valuing is not an exact science so who really knows what the true value is. Why would you expect him to accept 10% off when the surveyor valued it at 6% less? I suppose whether he is willing to accept less depends on his personal circumstances. I think you were right to make a lower offer and only you can decide what to do when he replies.

PJD

ukcarper wrote: »

Property valuing is not an exact science so who really knows what the true value is. Why would you expect him to accept 10% off when the surveyor valued it at 6% less? I suppose whether he is willing to accept less depends on his personal circumstances. I think you were right to make a lower offer and only you can decide what to do when he replies.

Ooops. Sorry, - that was a typo, not sure what i was thinking.

I have offered exactly what the surveyor has valued it at, - which is a 6% reduction.