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I read your previous posts about loan to value shortfall, we're currently on the other side of the fence where our buyers mortgage valuation is £40k less than our accepted offer. Did you find a resolution with the seller or walk away in the end?
Yes we found a middle ground.
I offered the middle point between value and agreed price £X20K
They said they had a private offer of £X10 and so in order to make it worthwhile going with us and via Foxtons to cover fees they needed £X30.
I said £X25 or we walk and it was agreed.I can cover this £25K shortfall in my deposit, but that's the problem for the buyer I guess.
Your problem would be the bank valuation should/would be consistent across lenders so you may have this problem if you were to go with another buyer.
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We had exactly this, our mortgage provider got a valuation done that came up £40k short.We were buying at the height of the madness last year so there just weren't the comparables available to justify what houses were going for. We met in the middle, which I'm enormously grateful because it turns out we bought at the peak and things have now slowed down, the price we ended up paying was probably fair all round to be honest... but, yeah, common sense prevailed I think.
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mands
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@inchpincher
@mands
I read your previous posts about loan to value shortfall, we're currently on the other side of the fence where our buyers mortgage valuation is £40k less than our accepted offer. Did you find a resolution with the seller or walk away in the end?