Mortgage value less than offer price for house

[Aj2612]

WWYD? Any tips please? We had an offer accepted (asking price) of £300,000. Mortgage valuer have said the house is valued at £265,000 (based on vendors purchase price of £197,000 in April 2017 - they’ve put new kitchen & bathroom in). I don’t have the £35,000 cash to fill the deficit between what the estate agent advertised it for and what our mortgage provider valued it at. I’m waiting for the results of our home buyers report and that should include a property valuation. I’ve asked the vendors agent if they will consider negotiating over the price due to the considerable difference in price but they want to see my homebuyer report findings first?! Please help! TYIA

And from what I’ve seen locally house prices are coming down over the last 12 months, only by a little but it’s a nervous market at the minute. So no idea how it can increase that much unless it was a total wreck when they got it.

What about the houses around it, what have they sold for.
Saying it's based on what the vendors paid before adding a new kitchen and bathroom makes no sense. What if they paid little for it as it was bought from a family member who gave them a great deal, or an inherited property where they just bought out another family members share.
The value of the house is what it is worth in the area it is in and the value of similar properties around it in similar condition.

scribblegirl - You claim that your property is now '''worth £325k''... but you then go on to say it wouldn't shift at that price.

Can you not see the illogical and irrational nature of that comment?

Yep sall, but when nothing is mining in the market you have to have an arbitrary barometer. Frankly nothing is worth anything around here at the moment if you take that view. Luckily my mortgage company doesn't.

*movinh not mining