Bank valuation?

[goingforastroll]

We are in process of buying a house and the bank valuation has come back at 8.5% below what we offered. The bank are ok with this so not causing a problem with mortgage. However should we be looking at reducing our offer? Not had survey done yet, we are due to have done over next few weeks.

Bumping for help!

It depends, did you lose out on any properties before this one, how long have you been trying to buy? If it's been a struggle to get an offer accepted, with the market the way it is, and the shortage of properties, I imagine the seller won't have any issues getting another offer and may tell you to jog on.

If you're in an area where there are dozens of suitable properties and no problems finding something else, you might want to risk it - but just think, will that difference of £xxxx make much difference to you 10 or 20 years down the line?

Did you offer more than the asking price of the house? If you knowingly overpaid then the sellers might be reluctant to reduce the price, but if you paid asking price or less it might be worth asking :)

thanks all - we offered lower than the asking price but not much lower and the vendors asked for a bit more.

The survey is booked to go ahead in next few weeks but we believe it does need some work such as new boiler, kitchen and electrics at least.

It's being sold through one of those companies that buy property from someone else who doesn't want to break their chain and lose their sale.

I've recently found out that searches were done in February so looks like at least one other sale has already fallen through v recently.

Does your survey include a valuation too? That might be a good idea to get, a second opinion on how much it's worth, and more evidence to use to haggle with :)