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If the buyer has gone to the length of putting an offer in, they have prob done their research and know that specific market (size, location etc) at that exact point in time, as well as, or better than anyone else.
When ours got downvalued, I knew we still wouldn't find anywhere that we liked and had the same amount of space in a similar location for that amount - and hence we borrowed and made up as much as we could.
Similarly, when we got downvalued I knew the valuation was nowhere near what the houses were actually selling at, so I put together a pack of comparable houses and asked the valuer to revalue at our offer price which they did. (I did have the cash but the new valuation would have put me on a higher LTV and therefore a higher rate)
That was in a very hot market though. I'd only do that if I was absolutely convinced the valuation was wrong.
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brokenbetty
@greeno
If the buyer has gone to the length of putting an offer in, they have prob done their research and know that specific market (size, location etc) at that exact point in time, as well as, or better than anyone else.
When ours got downvalued, I knew we still wouldn't find anywhere that we liked and had the same amount of space in a similar location for that amount - and hence we borrowed and made up as much as we could.
Ultimately you know how far you are comfortable going, but if renegotiating there's no harm in starting low until you get to that point. In rogan's position, sounds like they've got an extra 5 from the downvalue, and can find an extra 10, so maybe it's some where around the halfway mark.
Ours took 9 months from start to finish, i continued looking in that time and didn't find anything that persuaded us to back out. Have another look what's around and see if you can find anything you prefer first maybe.