Homebuyer valuation vs Purchase Price

[Tanya03]

Hi, New to mumsnet. Just wanted to find out your opinion about homebuyer valuation against purchase price.

I am a first time buyer and had accepted offer and proceeded further with Building and structural valuation in addition to banks free valuation of the property. The banks free valuation came close to the purchase price of the property but the independent building and structural valuation came 25k shorter than the purchase price.

Now we are in dilemma whether to proceed further with buying the house. Really confused would appreciate your comments about it.

The valuation will be different to purchase price. It will never show as the same. I’d go for it! Remember surveyors are not there to look at market prices and are there to advise on the actual structure/build of the property.

You should decide in how much you think it is worth.
Do a bit of research. Check how much neighbouring houses have sold for recently. You can check for House prices on Zoopla and Rightmove. They will give sold prices and an estimated price for houses that have sold fairly recently based On how the market is doing. But beware, these estimated prices are not always accurate.
Now that you’ve paid for the services, you can always ask the surveyor for their opinion and whether the house is worth what you’re paying. You can ask the mortgage advisor for their advice. I have had a homebuyers survey, and there was a point that was quite terrifying in the report, but when I enquirer about it, I was told that it was actually nothing to worry about, and was a common problem in houses of similar age.

Good luck with the process

It’s hard to say without knowing approx house value.
If you put in an offer of £75K then clearly a £25k drop at valuation would be a reason to panic. If it’s a £750K property then that kind of variation wouldn’t be alarming.