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  • FIRST POST
    • outertux
    • By outertux 13th Jun 17, 9:22 AM
    • 2Posts
    • 0Thanks
    outertux
    When in the process of buying a new build is the property's price negotiated
    • #1
    • 13th Jun 17, 9:22 AM
    When in the process of buying a new build is the property's price negotiated 13th Jun 17 at 9:22 AM
    I am new to purchasing new builds and I am not able to find a clear answer on the MSE forums regarding the timing of price negotiations during the new build purchasing process. My question is: at what point in the purchase process is the price for the property negotiated.

    Should the price be negotiated before the plot is reserved or after?
Page 1
    • Cazza
    • By Cazza 13th Jun 17, 9:24 AM
    • 1,130 Posts
    • 946 Thanks
    Cazza
    • #2
    • 13th Jun 17, 9:24 AM
    • #2
    • 13th Jun 17, 9:24 AM
    Before you reserve.
    • AnotherJoe
    • By AnotherJoe 13th Jun 17, 9:33 AM
    • 7,671 Posts
    • 8,286 Thanks
    AnotherJoe
    • #3
    • 13th Jun 17, 9:33 AM
    • #3
    • 13th Jun 17, 9:33 AM
    Since you only reserve a plot once you've agreed a price, it can't be afterwards !
    • outertux
    • By outertux 13th Jun 17, 9:38 AM
    • 2 Posts
    • 0 Thanks
    outertux
    • #4
    • 13th Jun 17, 9:38 AM
    • #4
    • 13th Jun 17, 9:38 AM
    Thank you for your replies AnotherJoe and Cazza! What would happen then if the lender's surveyor values the property at less than the agreed upon price? I am now referring to the stage that comes after plot reservation and before exchange of contracts / paying the deposit.
    • kingstreet
    • By kingstreet 13th Jun 17, 9:56 AM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #5
    • 13th Jun 17, 9:56 AM
    • #5
    • 13th Jun 17, 9:56 AM
    Possible challenge to surveyor's valuation.

    Possible request to apply to new lender.

    Possible reduction in price following the above.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • AnotherJoe
    • By AnotherJoe 14th Jun 17, 8:52 AM
    • 7,671 Posts
    • 8,286 Thanks
    AnotherJoe
    • #6
    • 14th Jun 17, 8:52 AM
    • #6
    • 14th Jun 17, 8:52 AM
    Add to that "Possible loss of holding deposit when you pull out if you can't afford it and none of those three work out. "
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