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Banks valuation LOWER than accepted offer from estate agent

  • 05-02-2019 3:50pm
    #1
    lucast2007us
    Registered Users, Registered Users 2 Posts: 801 ✭✭✭


    Hi gang hoping can get some info on this
    Basically as title says we had a offer accepted on a property with the estate agent.

    The accepted offer was 155k.
    The paperwork was sent to solicitor but nothing signed yet.

    The banks valuation came back today and they value the property at 150k.

    They therefore are offering less of a mortgage it's not much difference like 3k altogether but it's what we were putting aside for a few bits to do around the house.

    My main question is should we go back to the estate agent and tell him the bank value the property at 150k so we are reducing our offer based on that?

    Or should we just stick to the agreed offer of 155k?
    as there was alot of viewing of said property I would hate for them to reject that and put it back on market.

    Bit of a pickle I know but any advice would be awesome thanks.


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,159 ✭✭✭✭L1011


    If the agent thinks they can get the same or more they will probably tell you to get stuffed. Unless you're somewhere where the market has completely stagnated they may well think they can get more


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