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Bank valued the house lower than the asking price - what to do?

I'm in this whole "buying" situation at the moment and need some advise. We set our hearts on a 3-bed chalet bungalow in the Caterham Avenue, Clayhall (IG5) and offered the full asking price. Legal process started and the bank valued the property way less than the asking price. We actually didn't have any problem with the price, even though none of the properties in that area were sold even any close to the asking price (and the third bedroom was also not a proper bedroom) ever, only if the bank could justify the price. But the seller doesn't wannna negotiate at all and now listed by another estate agent for 25k lower as guide price. The property was previously sold for 240k a year ago and it's extended and refurbished since then but dose it really worth that much in one year time in that area? Does anyone have any insight? The most important thing: Should we start with property technically in "negative equity" paying that price? Any suggestion/advise would be greatly appreciated.

Asked on May 31 2014, House Prices in Ilford | Report content

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  • No! carry on looking until you find a property that does not start off underwater. Do not be emotional about houses. The easiest way to snag yourself a bargain is to look for a repossession or a refurbishment. good luck

    Answered on Jul 3 2014, Report content
  • It’s a ‘head or heart’ situation. The head would never buy it! You pay a surveyor for advice, in my view you should take that advice.

    Answered on Dec 8 2014, Report content

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