Valuation of house lower than agrred price

kevsteele

2 weeks ago I agreed a price for my 1 bed flat for £65k. Today a valuation has come in saying it's worth £60k, and even if it was in top condition it would only be worth £70k. I know this is wrong as other flats exactly the same have gone for over £80k very recently!!


I'm not prepared to sell for £60k but the buyer won't pay above the valuation.
Has anyone got any suggestions as I'm sure the valuation is wrong.

holly_hobby

The valuer may agree to re-consider (and may refuse as is their perogative), if you can supply recent (last 6 mths) comparibles for identical/near identical flats in your area, that have sold for the price you want.

However, if the value is due to a falling market, there's really no scope here, and you either agree to reduce, they meet the difference or you re-market (and hope the new buyers survey comes in at value, or they have the extra pennies to meet the shortfall and continue with the pch)

Sorry, I know it must be incredibly frustrating and will disapppoint.

Hope this helps

Holly

Dave_Ham

I would firstly ask to see the valuation (if not done already) and check the price they put.

Not unheard of that buyer and complicit Estate Agent would engineer this scenario