Survey has come back at £2k under agreed price.

[HarrietJones]

They've found damp( covered by damp proof guarantee), roof needs some work, needs rewiring.

My parents are the vendors & flapping about it.

What happens next?

Hello,

My flat(that I'm selling) was valued £10k less than the agreed price ( which pee'd me off as I had 3 potential buyers all wanting to pay that price, but anyway). He originally came back and said that he'd meet us halfway (we agreed), then just before exchange he came back and said he won't pay more than the valuation price, we asked to see the valuation, he never produced it, but we were in a position that everything could have fell apart, so we agreed to give it to him for that price. We (Inc the agent) thinks he pulled a fast one, and the agent said it's common for buyers to play tricks like that :(

I would never agree to lower the price without seeing the valuation or survey. I think you were very badly advised .

That is very common for surveys to value it slightly under. Your parents don't need to do anything unless the purchaser kicks off. Personally if I were the purchaser it would not worry me and I doubt a mortgage lender will care when the diffence is nominal.

It really depends on your buyers, people moving up the ladder with a good deposit may not quibble over 2k. If it's more a first time buyer sort of house then even 2k can be crucial in terms of getting a mortgage and the loan to value. In the current climate banks are very cautious.

FTB. EA has arranged another survey to check it.

OTOH - house we had put offer on came back £15k under what we'd offered, we lowered our offer to £5k above valuation, vendor said no. We pulled out, house took nearly 2 years to sell - for £5k under what we'd offered

I don't really understand why the EA has arranged another survey, surely the bank only care about the figure that's written on their valuation survey?

not sure but parents aren't paying so it doesn't matter to them.

It's just as a buyer I wouldn't take any notice of/trust a valuation that came from a survey the estate agent arranged. Estate agents are not impartial.