Valuation down - advice needed

millipede120219

recently our valuation was done and they said it is overvalued for what we are paying in the current climate with brexit etc. we agreed to pay £542,000 but the valuer has said it's only worth £475,000. i am not sure what we should do because the seller has said he won't take less than what we offered. he also said that we should get another valuation because house prices haven't gone down. i believe this costs yet more money. a few houses on the street have been reduced in the past week, they aren't identical, but it makes me think this is a stubborn seller, or the agent is lying. i am not sure. can you please help as this is becoming very stressful.

-millipede :beer:

kinger101

The agent just wants the property to sell. They'd rather you paid £475K than walk away, but the final decision is their clients.

I'd be reluctant to pay the full price (even if I could) with that valuation. You can ask the lender to give another valuation unless you have strong groups (which might be three very similar properties selling for a higher price nearby).

So you'll be needing to get a different lender to do the valuation, though it should be noted some of them all use the same surveyor (though might provide slightly different instructions).

You might ask the seller what they're likely to do if your next valuation comes back below your offer. Personally, I might be looking at other properties by now.

Crashy_Time

millipede120219 wrote: »

recently our valuation was done and they said it is overvalued for what we are paying in the current climate with brexit etc. we agreed to pay £542,000 but the valuer has said it's only worth £475,000. i am not sure what we should do because the seller has said he won't take less than what we offered. he also said that we should get another valuation because house prices haven't gone down. i believe this costs yet more money. a few houses on the street have been reduced in the past week, they aren't identical, but it makes me think this is a stubborn seller, or the agent is lying. i am not sure. can you please help as this is becoming very stressful.

-millipede :beer:

:rotfl: He would say that wouldn`t he, just walk away.