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I think the bank valuer is a different issue though. Effectively it's limiting the mortgage and the amount that people are going to pay.
Trying to knock off £10k because the windows are knackered, boiler will need replacing soon, etc is a bit more difficult. Although if you're far enough along it may happen rather than starting it all again.
aggi-
I think the bank valuer is a different issue though. Effectively it's limiting the mortgage and the amount that people are going to pay.
Yes, I guess you are right. In our case the bank would still have lent because we were putting down approx. 50% in cash, but we didn't feel comfortable going ahead without some kind of reduction.
pjay
I think it depends on the circumstances. We got £10,000 knocked off the price after the bank valuer said the flat was worth £20,000 less than we had offered. I think their valuation was plucked out of thin air as there hadn't been many sales on the estate recently. The estate agent had a long meeting with the vendors and explained our situation to them. We would have walked away if we hadn't got a reduction.
We have just completed the purchase today after four months of (unrelated) legal complications.