Hello property people,
Recently my girlfriend and I submitted an offer on a property for £490,000 with the asking price being £500,000. Rather expensive I know but it is a really nice house and we can see ourselves living there for years to come.
However we have since had an independent free valuation with our mortgage company. They value the property at £475,000. We plan on renegotiating our offer but we have a dilemma.
This is a private sale as we somewhat know the people selling the house. They have either deceived us knowing that the property is not worth 490/500k or they are oblivious to the fact that this property is not worth what they have been led to believe to sell it for by estate agents.
When renegotiating the price, do we disclose the number £475,000 that the property was valued at by our valuation or do we keep it under wraps as a negotiation tactic?
This will be the first time we are buying so excuse any neivities!
Any advice would be great 😊