Offered 3% more than asking price - morgage valuation

Knward3 · 14 May 2021 at 10:40PM

Hi!
We’ve been looking for our first family home for 18 months. We’ve really struggled the last 4 months to even get viewing. We were outbid on 4 properties that we weren’t willing to pay more for but this week we’ve found a perfect property. We put an offer in of asking price which was rejected. We put a second offer 3% over asking price and was accepted.

I’m just worried about the valuation. Properties have sold for the same in the area. When they give the valuation do they give an exact amount eg. £200,000 or £200,000-£210,000 etc

thank you

snazzlebee · 14 May 2021 at 10:52PM

Try not to panic. We put an offer in on a house which was on at OIEO at almost 6% over the base price. We felt it was a reasonable offer in the current market and compared to others.

Our homebuyers survey came up with a valuation almost 5% below the base price, so nearly 10% below what we’d offered & I started to panic... then then mortgage offer came in and it turned out I was stressed over nothing.

I have no idea how the lender valued it, but as long as there are comparables, which you say there are, then it’ll probably be fine.

We had a 15% deposit which may have helped, but since we’ve not seen the bank’s valuation I guess we’ll never know what tipped it! But all the panicking I did was totally not worth it, I got myself into a state over something I had no control over.

Hope it works out okay!