Down Valuation

MWT

This is one of the (few) areas where I think it is done better in the USA, as the buyer, the EA is not your friend and is not acting in your best interests at all times.

I think you have made the right choice in letting your offer stand and not be sucked into more expenditure simply to try and end up paying more than the valuation indicated for the property.

bannanna

@willmanz I'm in a similar position to yourself and would be interested to know what your outcome was? 
Thank you  

springmagpie

Even if they went with another buyer the chances are it would be down valued again with their lender 

hopeitwill

Some sellers are just very adamant that the price they want for their house is what it is worth and won't be persuaded otherwise. It's a shame really.

willmanz

bannanna said:

@willmanz I'm in a similar position to yourself and would be interested to know what your outcome was? 
Thank you  

Estate agent came back 15 days later proposing £440k but at that stage we were already bidding on another property. 

It’s still listed today in Rightmove so I guess they chose poorly.

brownbagsFTB

This happened to me, 20k down valuation. But it was actually the 2nd valuation I’d had on the property but with a different lender. The first valuation came back okay. Had to switch lenders and that one was down valued, so annoying! I ended up switching to a 90% LTV mortgage so I only have to stump up an additional £7K. I didn’t want to negotiate on price as the market’s very competitive in the area i’m buying. They’d have just told me to jog on.