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Old 30-01-2017, 04:57 AM
Junior Member
Join Date: Jan 2017
Posts: 1
Unhappy Estate agents have over-valued a house we want to purchase

Hi everyone. I'm new to this forum and would appreciate some advice/comments regarding our current situation to either put my mind at rest or give me any further ideas on this.

We found a property in a relatively out-of-the-way town in the UK which is perfect for us and we have immediately fallen in love (more fool us).
We had an offer accepted at 267,000 (the estate agents valued it at 270,000) and all was going well... until the mortgage valuation.
This unfortunately came back that the house is only worth (or they will only lend for the asking price of) 240,000 - Obviously a substantial difference in price.

This was devastating news both for us and the sellers as we want to buy the property and call it our own as soon as possible and they are going through a separation and quite honestly despise each other.
We are first time buyers, therefore we have no chain and are eager to move in as soon as possible, whilst they are eager to leave as soon as possible.

I advised the vendors and their estate agents of the results as we have become relatively close to one of the sellers and have been in regular contact. The husband's response was basically, "you will have to find the other 27,000 in cash" and I'm sure this is a massive shock to them as Purplebricks have valued their house as so much more.
We would be happy to give them the value of their home plus the money we would have saved with the deposit and stamp duty so 243,000 roughly in total but cannot afford any more than this.

We cannot appeal the decision as the lender need examples of 3 houses that are similar within the area that have sold in the last 6 months. However, all the houses are completely different (i.e. more/less bedrooms, detached/semi-detached) and they are rarely on the market.

I have managed to get another valuation booked in with a different lender in the desperate hope that they will come back with the all clear and state that the house is worth the accepted offer. My question is however: If they also state the house is worth 30,000 less than the estate agents have convinced the vendor that their house is worth, what should we do?
Obviously if they still want the asking price the only people that would be able to buy the house are cash buyers/those with a spare 25,000-30,000 (Plus the 32,000+ for the deposit, stamp duty and other fees) which I don't think will be very easy for them to find unless they wait for a very long time!
Has anyone else been in a similar situation? How did it turn out?

Apologies for the essay - just wanted to cover everything.
The short of it is: the estate agents have over-valued a property we want to buy by 30,000 - what should we do?

Thanks in advance for any help - it's much appreciated.
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buying, estate agents, new home, over-valuation, under-valuation

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