House valued at less than offer - what to do?!

Westminster

Excuse my devils advocate position, but this would be a big warning flag for me.

Remember that the agent is paid by the vendor to secure a sale and as such they are not working for you. Everything they say should be taken with a healthy dose of scepticism.

The valuer however is ultimately working for the bank and is protecting their interests which are not dissimilar to your own

How do you know their were other interested parties and what their position / offers were like.

Have you been on sites like mouseprice to see what similar properties in the same postcode have actually achieved in the last couple of years. You can adjust those prices somewhat for inflation using the nationwide house price index website.

Is it your absolute dream house in a perfect location after seeing loads of other places. Or are you being manipulated into spending more than an independent valuer thinks you should?

Grenage

Given that you offered over asking, it's safe to assume that there were other interested parties. Unless the buyer would accepts less (unlikely give other interested parties), you will need to pony up the difference, or take out a mortgage with a higher LTV.

Given the economic uncertainty of the UK, I would be hesitant about paying that much over the evaluation. If I was planning on living there for 10+ years, I wouldn't be too concerned.

bmthmark

I was in a similar situation but I was selling a flat, offer accepted at £174k. The new buyer had a mortgage valuation carried out but they valued it at £164k.
I was in no rush so I told new buyer that they need to get it valued again, maybe try a new mortgage lender. They did and it was then valued at £174k and the sell went through with no issues.

If you really want the property I would either try to get the seller to lower price (may work) otherwise go with a new lender.

GLM71093

This happened to me a few months back, and we went back to the seller hoping they might lower the price by a few thousand pounds. ended up dropping it the whole way to what it had been valued at with a condition that we exchanged on a date that suited her.

May be worth an ask

KRB2725

I would ask if they would meet me halfway, but if it was refused and I was intending to live there for a few years then I would buy it at offer price still.