Survey valuation lower than offer

monty-doggy

I offered £167500 on a house up at £169000
Survey was done Friday and had nothing much other than the usual get electrics checked and a possible damp patch.

The surveyor valued it at £164000 not subject to any work being done, that's a final figure. They will now only lend based on £164000. What happens now?

AFK_Matrix

You either adjust your offer accordingly and hope the vendor accepts or you find £3500 of your own money to make up the difference.

sirmosh

Was this for the mortgage company or your own surveyor? If it was for the mortgage then you can tell the vendor they need to come down and if they won't budge you can try and demonstrate to the mortgage company why the property is worth what you've offered.

If it's your own surveyor then it's really down to you, do you feel the property is worth what you've offered? You can try and use the survey as leverage to reduce the price but if the mortgage company will lend one the agreed price then it's entirely down to you.

monty-doggy

It was the mortgage company. I have rang EA and they are going to,contact the seller and see what they say. I hope they come down because otherwise I will have to pay less deposit, increase borrowing to find the extra cash!

I do think its worth the money, but it does need updating so if I get it reduced then its a bonus

monty-doggy

The EA just called, vendor happy to reduce to 164k! Brilliant news!