Hi, We're in the process of negotiating a private sale for a 3bed residential property in Brisbane (PPOR), and early discussions with the vendor had us talking similar ball-park figures. Things were looking promising so we arranged for a private valuation from one of the big firms so we could start meaningful negotiations. This is where it all fell apart... Having lived in the same area for some time, and also through extensive DD we believed we knew the property was worth somewhere in the early $600's, and when the val came in it was probably $20k under where we expected. This wasn't unreasonable we thought. During this same time, the vendor has approached a number of real estate agents and done their own research to establish their price range. With the valuation in hand we started negotiations. It turns out their expectations (as guided by the RE) were closer to $680k so didn't even want to consider or negotiate our offer in the early $600's. So where to from here? How do I go about managing the vendors expectations? Am i stuck now since the bank will only lend up to the valuation figure? We've tried showing them comparable sales, and of course they show us comparable sales in their price range. It's disappointing as we liked this place a lot!