How often does a lender valuation come back under offer price?

LadyL2013

I've seen various threads were potential buyers are having their potential properties come back at being valued under what the offer accepted was, but how often does this happen? Are there any official figures on this? Google comes up empty.

Victor_the_Gink

27% is the latest.

LadyL2013

eggha wrote: »

how long is the bit of string in my hand?

why would there be "official" figures on that given that "asking price" has no official standing therefore the variance between it and a surveyors opinion is also irrelevant. The only "official" figure is what the mug who is buying the property finally agrees to physically pay.?

I meant more if there is any general trend, rather than official figures per se, or if anyone in the industry could shed some professional light on it.

always_sunny

LadyL2013 wrote: »

but how often does this happen?

Usually when buyers offer too much! Why are you worried?
If it does happen (I was worried too) you can lower your offer, foot the difference or walk away.

LadyL2013

I put in an offer I thought was fair based on how much I liked the property and what the going price was for similar. Land Registry says my offer is about 10k under going price for that type of property in the area. It's going through valuation at the moment.

It just got me thinking is all.

Thrugelmir

Once put an offer in on a renovated property cira 1900. Looked picture box. Due to age decided to have full survey. Valuation came back £57,000 lower along with 9 pages of issues that needed addressing. Due to the poor standard of workmanship. Even the EA's were sucked in. In the end they fully reimbursed our survey fees.