We just put an offer on a house - over the bloody moon it was accepted. The house is chain free and vacant - we are first time buyers. The property was top end of budget at £350k but we honestly felt like after lots of looking around anyway- we had found a £370k house for an absolute steal.
However, the bank just did their valuation and listed it as £325k - £25k less than we offered. I am stunned. Estate agents are stunned. Bank obviously wont lend us the amount we requested because its not valued high enough.
The valuer said in their report that there wasn't enough evidence of similar properties selling for the same price nearby. It doesnt appear this way to us - but what do we know right!
I can pay £180 to have a second valuation done. The seller wont drop £25k off the asking (its inheritance for teenagers - sad situation, apparently they won't budge). Ive asked the estate agent to tell the sellers what happend and she suggested asking them to pay £90 (half each).
I guess what im actually asking is - any chance the valuer is wrong and have you had experience of having a property valued a second time round and getting a different awnser. Or - maybe it is what it is... Help 😪