surveyor has valued the property at 50k less than the asking

[boggis]

What is your advice? I thought the property was richly valued compared to others in the area and is marketed by an estate agent known for its 'high' valuations.

Do we meet halfway or just under and see if the seller accepts it?

Well if your mortgage is based on the valuation - do you have enough cash to cover the difference/a shared difference? Do you like the house that much and how quickly/slowly is the area's property selling?

I would go back to estate agent and say its been valued quite a lot lower so that means you will knock £50 000 off. Only do this if you are prepared to lose the property. If not start to negotiate and settle somewhere in between. The vendors may face the same situation with any other purchasers so it is better for them to stick with you. That said surveyors and surveys vary from one person to the next, so they could take a gamble.

Hi, I suggested we go back and meet somewhere just under half way. I don;t love it, but we need to move for the catchment in the next two to three years, although if this falls through we will lose our sale.

Has the surveyor listed things which affect the value? Eg needs new roof, needs rewriting etc. If so it may be possible to put a value on those things and come to an agreement with the seller.

If you're getting a mortgage this will impact on the loan to value ratio and may put them off.

Ultimately you pay what you think it's worth and the surveyors report is part of this. If this doesn't match what the seller wants then don't buy - you risk bring stuck in negative equity.

There are some things you can't put a price on which mean you might want to pay more than the going rate to secure this house, but unless you can afford to take a potential financial hit then be very wary.

thanks I agree. Like I said, I can walk away because it needs an extension anyway and I didn't want the headache