Mortgage valuation £25k below offer: worth paying for second valuation?

[StrawberryElephants]

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 😪

So the lender thinks it is worth 100k more?

Were in the process of buying it now. Santander have accepted the appeal and another surveyor is going out next week to value it, so fingers crossed 🤞

Bank will look at sold, and add their predictions for interest rates etc.

If they've agreed with the appeal I'm assuming they think it's worth more than what the initial surveyors have valued it at. Weather they think 100k more I dont know.

The second valuation has literally come back today. Just trying to get hold of the broker we've gone through to find out what it is. Were currently on holiday in Spain.

What is your best guess?

Hi everyone - glad this post is still getting some traction and helping other users talk through their valuations headaches.

Another update - we moved into the house 6 weeks ago and im so so happy! I just keep staring at parts of my house thinking how happy I am with the purchase 🥰 looking back on my original comments on how upset and stressed I was it never seemed that we would get to this point but I am so glad we have. I wish anyone else luck who is going through the same thing x

Thanks for the update and delighted you are loving your new home.

Aw that's a lovely update. Glad it all worked out in the end @StrawberryElephants

So pleased it all worked out for you - moving is always so stressful, so many things to come together, but worth it when you get the keys to your fabulous new house. Enjoy!!

Sorry just seen this. The second surveyors valued it at 520k. Seller countered at 535k but we stuck to our guns and the good news is he accepted 520k! Hopefully move in by the end of August.😁

Thinking of raising a complaint with Santander regarding the first valuation of 450k as it was way of!