Need to raise offer but what about valuation?

[Carlitawantsababy]

Hi, we've found out dream home and had an offer accepted. We are almost ready to exchange (maybe one more week) and the bank (we're buying a repossession) has accepted a higher offer from a cash buyer. We need to get a higher offer in quickly as he may be able to get his conveyancing done in a matter of days. The bit I don't understand is what we do about the survey valuation. The house was valued at the price we were paying (as they usually are) now we are going to have to pay more do we need to get a new survey?

What a shit pain!

So as its a repo I am presuming you know exactly homw much they have offered so you can offer more?

Have you used a mortgage advisor? Contact them or the company directly ASAP and see what they say depending on how much more you need it maybe ok. I know on our mortgage offer it says if the amount we need to borrow changes we can within a certain percentage so I hope it is for you as well.

Good luck

We can get the mortgage offer raised no probs, it's the valuation of the property I'm concerned about.

But isn't the only reason why the valuation is important because it affects the mortgage offer? It's been a few years since we went through this (about to go through it again) but I don't think the surveyors will give you a valuation for the house if it's more than they estimated it to be in the first place. Otherwise what would the point be of them giving their assessment in the first place..?

I have no idea though whether if you have enough cash down whether that makes the valuation irrelevant. Will be interesting to note because I am wondering what will happen in our case if the valuation comes back at less than the price we offered. We have about 65% LTV.

My valuation came in lower because of an administrative error on behalf of the bank and the surveyors, only by £4k though, and they wouldn't revise it for the reasons that londonlottie said. It didn't affect the mortgage offer though, so annoying though it is, I've just ignored it (for the moment, though vendor dragging their feet so might revisit it and actually find it quite helpful!)

Thanks for all the replies. We have now been able to speak to the lender who have said that it isn't an issue.
We are putting in the additional £6.5K in cash (from the renovation budget ) so not asking them to lend us anymore and because we are 'only' borrowing 70% it doesn't really matter to them as if we didn't pay our mortgage and our house was repossessed the valuation covers way more than they have lent us.
If you were borrowing with a different loan to value it may be problematic, of the amount valued did not cover the amount you were borrowing.
They also said our mortgage offer can still be used as we're not borrowing any extra, just paying extra. I wasn't worried about that bit as they had already said they would lend us three times the amount that we actually needed (mental).