Help Needed!!!

GTB7

Me and my wife are in the process of buying our 1st home.
We found a property we liked and made an offer of the asking price of £140,000. Main reason for offering the asking price straight off was we really liked the property and interest in the property was high, someone had second viewing booked.
The vendor agreed if we offered the asking price he would take off the market and cancel any further viewings.
We appointed a mortgage advisor who advised us to take out a homebuyers report on the property rather than a standard valuation. We agreed to this and paid for the homebuyers report.
Here is where the problem begins!
When the bank carried out the survey they made the mistake of only carrying out a standard valuation, valuing the property at £128,000. £12000 under valuation.
My mortgage advisor soon realised they hadn’t carried out the survey we had paid for (homebuyers report) and instructed the bank to go back and carry out the correct survey.
The homebuyers report has now been completed and returned to ourselves BUT wait for it, valuing the property at £140,000!!!!

After the 1st valuation we quickly reduced our offer to £128,000 but now the vendor is asking to see a copy of the 2nd valuation.

My head is in pickle. Any advice would be greatly appreciated.

Doozergirl

What's to be in a pickle about? Your 2nd valuation places it where you placed it initially.

If £128k was the price of similar properties, you'd probably not have offered. You said yourself that interest is high. That doesn't suggest an overpriced house.

GTB7

So the fact that the mortgage lender has carried out 2 valuations with a 12k difference between them shouldn’t cause me any alarm?

ACG

The vendor has no right to see the homebuyers report, but at the same time you are asking them to knock £12k off the price so I can see their side.

Presumably the property is done to a high spec inside or has been extended or something that was not visible from a desktop/curbside valuation.

I see no issue in offering the price originally agreed to personally. The only reason you are thinking otherwise is because of a valuation that did not look at the property thoroughly enough.

steampowered

I don't think you should get too stressed over the valuations.

Valuations are often a 'finger in the air' exercise and are not very precise - as you've found out! It is very possible that two different valuations would be £12k apart. Very often the valuer will write the value you gave the bank if it seems in the right ballpark.

The more important thing is to decide whether you are prepared to raise your offer, or not. That will decide your strategy for getting back to the vendor.

You could try offering £134,000 - bang in the middle of the two valuations?

If I was the vendor I'd insist on £140k, but don't ask don't get.

juniordoc

Yeah I would increase from 128k but still decline to share the homebuyers report with them.
Good luck in your negotiations.