We put our house up for sale in July and had lots of interest- house prices near us have gone crazy recently and houses sold in nearby streets have been well above asking price. We accepted an offer of £30k (13% if thats relevant) over asking price in the end from FTB. We also had another offer at same price but they were in a chain so we went with the other offer. Everything has been going smoothly, if slowly, with the searches/contracts etc but now we’ve hit a problem.
The buyers had their home buyers survey done with the same company as the mortgage valuation, and the surveyor came out to do both reports at the same time.
The mortgage valuation came back fine and they’ve had their mortgage approved at the full offer price. However, the buyers have now come back and said that their survey has valued the house at £25k less than their offer price.
Has anyone else been in this situation with different values given in the reports? We could understand it if they were done by 2 different people, but it was the same guy that did them both!
They’ve also been advised to get further surveys done to check possible damp and condition of the cable wall ties, and we’d be happy to reduce price based on the cost of the remedial work, as we expected that due to it being an old house, but we expected our starting point to be the full offer price, not a lower figure that the surveyor seems to have plucked out of thin air! What would other people do in our situation? Would you refuse to lower the price to the survey valuation and pull out if the buyers wouldn’t pay that? Or do we just have to accept that we’ll have to drop the price? We’re so confused with it all!