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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.
owl
@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?