Urgent advice needed before tomorrow morning....

M1977

Hi all,

I find myself in a difficult position and was wondering if any of you can help but it has to be quick!!!!

I am on the verge of getting a mortgage offer through Royal Bank of Scotland (RBS) and unfortunatly someone in thier mortgage dept cocked up. When the valuation came in (New Build originally valued at £245k but reduced to £220k on haggling) someone told my broker that it had come in bang on 220k. Unfortunatly the real figure was 210k. To that end my broker went back to the builder (who is a huge outfit on a national scale) and tole them of this.

They got the hump as it came across that the lender (RBS) had down valued it but it was infact the survayor. They have dug their heels in saying that they will not sell for 210k but I have explained to the sales manager that it was infact the surveyor who down valued it.

Looking on the bleak side (which is the way it has been going for some time now) how can I say to them that the house isn't worth what they say it is. I have heard that the sales director says that they cannot move below the 220k mark....

Any advice would be great as I am speaking to the manager at 08:00 tomorrow morning....

Regards,

M

M1977

Too tired to wait up now.... if anyone does offer advice then I very much appreciate it!!!!

minimike2

Tell them they should be grateful that they can sell it for anything, so take the £210k or have it sat there empty for years like the rest of the empty new builds across the country....

poppy10_2

M1977 wrote: »

They have dug their heels in, the sales director says that they cannot move below the 220k mark

Tough titty for them. The house has been valued at £210k, they can try to sell for £220k if they want but no-one will want to buy it and even if they wanted to, noone would lend them the money to do so.

mrs_deadline

Have you considered pulling out of tomorrow's meeting as you're not very happy at the unprofessional way they spoke to your broker and their dismissal of the valuation?

You don't need to go through the hassle of convincing them what the house is or isn't worth. You've had a professional valuation done! Just send them a copy of the report, it will get the message across far more effectively than Chinese whispers with the sales staff.

Ian_Griffiths_Halifax

I agreed with the other posts.

getmore4less

With little info,

I am with the rest call their bluff and offer £200k if you think it is worth that much.

Some factors

Is there anything special about this house against the others on the site, bigger plot, better location etc, that make it special.

What have the other sold at how many are still to sell.

Is it finished and ready to move in, is the site close to finishing.
(the builders could go belly up or just delay finishing)

How quick do you need to move

I hope you have not spent any non refunable money with the builders yet.