Homebuyers survey down valuing property

33 replies

hoagybar · 04/09/2023 20:41

We’ve had an offer accepted on a house for £680,000 but had the homebuyers survey and valuation back today and it’s been valued at £615,000. We love this property but obviously this is concerning. The bank has agreed to lend but we are fortunate to have a quite decent deposit so I think are less of a risk to them if we pay over the odds.

Eeek. What do we do?! We’re considering getting a second opinion survey. We would be prepared to pay a bit over the value as we love it but that’s an awfully big disparity in a falling market. Is this common? Could the surveyor be wrong or is it more likely the estate agent and seller?

I’m so gutted 😞

OP posts:

CrashyTime · 06/09/2023 21:13

seafronty · 05/09/2023 06:40

If you love the house and you want the house then the price of the house shouldn't be relevant. If the house is an investment and you are looking down the line then whatever.

Unfortunately for most people negative equity or a large loss when selling in the future is very relevant, most people would ask the seller to reduce their price.

CrashyTime · 06/09/2023 21:15

C4tastrophe · 05/09/2023 21:27

@hoagybar “We’ve offered to meet half way which I thought was pretty reasonable but that’s been rejected so we’re currently “thinking”. I kind of feel we've been fair and doubt we’re prepared to go higher.”
They will put it back on the market at the original price. It won’t sell. They’ll then chase the market down, and in 6 months will regret not accepting your very generous current offer.
Eventually it will go for under 600k.

"Eventually it will go for under 600k."

I tend to agree.

sueelleker · 07/09/2023 10:12

And then they'll contact you to ask if you're still interested!

CrashyTime · 07/09/2023 13:32

Exactly.

Davybhoy · 08/01/2024 21:39

What was the outcome??

CrashyTime · 09/01/2024 15:22

Are you allowed to link to the property?

Dmc1988 · 11/01/2024 22:00

I need my late father’s house valued at the lower end of market valuation would appreciate any advice given. Thanks in advance

CrashyTime · 12/01/2024 21:03

Valuer will just value it at what they think it is worth, down-valuations (in other words - realistic valuations) are happening in most cases now though.

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