Advise needed on Mortgage Valuation £100,000 lower than asking price
After posting letter through doors in our perfect location, We found the perfect house for our family. The house is being sold by the daughter of the deceased who owned it and originally advised us she wanted £600k. We knew the local estate agents has quoted 475 to 500k so offered 485k with the incentive of not going through agents. This was dismissed out of hand and then offered £540 which was accepted. We were so happy but the valuation report for the mortgage has come back at £420000!!!! We have sent the details to the vendors who called us to say they will be putting it on the open market at £550 in january and are sure they will get huge interest and a sale of 525 or more. How can a mortgage valuation be so different to the estate agents marketing price??? I can understand 10 - 20k but this is ridiculous. Someone assured me that the valuation will come back as the same as people start going through the process so they will never reach the price they are looking for..is this true?
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