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What happens if market valuation is lower than offer accepted?

(2 Posts)
christinarossetti Wed 19-Mar-14 11:47:17

Just thinking ahead, as we're likely to be in this situation in a week or so.

We accepted an offer over asking price (we're in London........) and survey/valuation is being done next week. I imagine that the surveyor will say that it isn't worth the accepted offer, although the EA reckons that he can haggle with them over limited supply/rising market factors.

We'll see - we haven't found anywhere to buy yet (we're in London....), but I would like to know what we can realistically expect to get for our house to know exactly what mortgage we might need/what we can offer etc.

What are the likely outcomes in this scenario does anyone know? (Survey should be fine, we bought 8 years ago with good survey and have only improved the house since).

TIA

Monkeymummy1 Wed 19-Mar-14 17:16:17

Hi - this happened to us in London a few years ago. We had 2 asking price offers on our house, accepted one and the valuation from the buyers mortgage value survey put it at �50K (!) lower than the accepted offer. We tried to reason with them since we had 2 offers, several valuations from estate agents etc. but they would not change it. There were not really any similar properties in the area so it was really hard to prove the value. Eventually, the buyers agreed to meet in the middle and we were also able to negotiate a �5K reduction in the place we were buying since we were all some way through the whole process and no one wanted to see the chain fall down. It was a bit of a nightmare but it worked out OK. Good luck!

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