I am scared the flat I’m buying will be valued at less than what I’ve offered

[Liv1990x]

The flat was on the market for £105,000 and I offered £112,000 because I really liked it and thought it would make it more likely that my offer would be accepted if I offered more than the ‘round’ number of 110k. The valuation is booked for Friday and now I’m anxious that we’re going to be told it is worth less than 112k. If this happened would I be able to go back to the vendor and try and renegotiate (to whatever the valuation amount is)? I have looked at two online valuation websites and one is saying £118k and the other £92k!

For context it’s in Manchester ☺️

I did this, with similar sums, and they valued it as the same as I’d offered. You may well be ok.

You can of course try to negotiate but no guarantee that they will be happy to do so and might just put it back on the market. Fingers crossed it’s not a problem!

Yes, you can renegotiate.

But don't be scared - it is a good thing that you will get some more objective assessment of value, it helps to protect your money.

It is a scary process though!

It’s a rising market. If you want the flat, sit tight and hope the valuation comes out okay.

If you need a mortgage then the mortgage company have to be happy with the loan to valuation ratio, which may force your hand unless you have sufficient deposit to cover the difference?

Yes of course you renegotiate! Tbh you shouldn't have offered over the asking price in the first place.

Okay thanks everyone! Sorry I am totally new to this whole process as you can probably tell. Fingers crossed it comes back okay and if it doesn’t I will hope the vendor is able to renegotiate…

Happened to us with both our sale and purchase.
Our house was valued at £10k less than the offered price so we met in the middle and they paid £5k under their initial offer.
The house that we bought was valued at £100k less than we paid for it… we went with a different mortgage company and they valued it at the original price so we went with them!

The only way I could get an offer accepted was to offer well over asking price. The mortgage valuation was £4.5k lower than my offer but still a bit over original asking price. When valuation came back it mentioned damp. Vendor agreed to accept my BS valuation and dropped her price to match.