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Buyers Surveyor undervalued our house

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Posted 17th Aug 2017Edited by:"borat1234"
Hi,

we advertised our our house for £216,000 and after a couple of counter offers accepted £220,000. We did have an offer that was £3k higher but felt the £220,000 buyers position was better.

Their survey has been out yeatersay and valued at £210,000. They've reduced their offer to that much and refused to offer a penny more.

i appreciate where they're coming from, but I know how strong the market in my town is especially as we had a higher offer.

My understanding is that as long as the buyer has enough equity in their property and can get a decent mortgage they can still continue with the sale? But their mortgage and ltv would only go against the banks price. So in effect £10k of their equity would go into the 'extra' they're paying for our house. Is that correct?

what are people's thoughts? Our estate agent is contacting the couple who placed the higher offer to see if they're still interested but it may well be that we end up in the same position after their survey comes out.

Thanks in advance for any advice given
Dan
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