Mortgage lender valued £292,000 on £295,000 property

[Fuckedoffat48b]

So, we have just heard that our mortgage lender has valued the house we have had an offer accepted of £295,000 on at £292,000.

Our deposit is £70,000.

What does this mean in practice? Thing is the broker is saying the bank still have to review other documents before they make a decision, so it isn't an outright no.

So what does this actually mean in practice?

But how can they be so accurate is what I don’t understand. How can they state someone would pay 292 but not 295. I’d understand if they devalued by 10 k or more but not 3 k

Well initial 'valuation' by the EA is really a best guess and EAs are rarely chartered surveyors with valuation experience. Assuming the surveyor has knowledge of the area, then he's more likely to be accurate.

Well after all that, it was a typo.

The mortgage broker finally got back to us after I asked for the valuation report so I could go back to the sellers to ask for a price reduction. It has actually been valued at £295K, not £292K. Her mistake. Just as well I waited before informing EA or sellers, huh?

Thanks for all your help, that is a Friday evening I will never get back etc...

Flippin' heck, but at least things are resolved.