Any advice here would be appreciated.
We are moving from Surrey to Norfolk (my wife coming from there and really wanted move back, plus really good oppurtunity came up, not good to a mountain biker though).
We have already lost out on one house up here after the vendor pulled out a week before completion and are about to lose out on another property that we really like a lot due to what seems to be exaggeration of the properties worth by the estate agent.
Essentially the property was on market for £180.00, my wife wants to live in certain school catchment area, so restricted to one of five villages. Having lost one property and having completed on our Surrey property and currently living with in laws, we made a quick offer on the house of £176,000 and had it accepted and the purchase was going through fine until our mortgage lender had survey done and the surveyor valued it at £165,000. Lendor will now only lend us 85% of £165,00 and we don't really have the extra to make the difference up.
We did a Google search and it turns out property was purchased by vendor in Jan. 2011 for £140,000 (although they have fitted expensive kitchen and bathroom since).
We don't want to take a mortgage against the £165000 and pay £176000 for it, as if we will effectively be stuffed if we came to sell in 2-3 years and we are £10k+ down.
Our trouble was that the property is huge compared to ours in Surrey and not knowing the market in Norfolk the property seemed priced right.
Sorry to ramble, but anyone had experience of trying to get vendor to come down on a previously agreed price as estate agent seems to of given inflated value?