Advice needed on buying.

hethmar

Dont do anything

Jorgan_2

bubblesmoney wrote: »

looks like they are desperate to get it off their hands. so sit tight and let them drop the price by 25% and even then think very hard whether the deal is worth it. any links to the development and property, others in the know might be able to comment

Find out when the builders year end is, it may well be December. If you can complete by the second or third week of December, ask Wimpeys what the best price they will sell the property for, make sure you tell them you can complete to tie in with their year end. You may get that 25% off after all. I know of one site, different builder, that is asking £144,950 for houses, but are actually selling at £94,950.

silvercar

I can see the attraction of buying a long term house before the baby is born. I can see that the builder is desparate to sell. I'm a bit concerned about this loan but if you can afford it and you love the house then I can see its a solution.

One thing to be wary of. You need to make sure that either you have a long term mortgage deal or the loan is not secured on the property. A secured loan will make it difficult to remortgage if you wanted to move deals. It would also make it difficult if you ever wanted to borrow more on the existing mortgage. I would also want to know what would happen if you fell behind with the loan repayments and couldn't afford to clear it at the end of its term. What happens if Wimpey insist you buy the other 25% and you have no money to do so, can they force you?

geoffky

you will get this house for a lot less if you soit on your hands and wait.....do not sound keen otherwise they will stitch you up...wait and wait and wait

pia

Hi,

Did u buy the house or r u still waiting?

I have a similar deal with George Wimpey too, so I m eager to know ur outcome.

let me know soon, also pm me on inputs to negotiation.

Thanks

pia

I m still waiting, I have been putting the builders off, but they have now called up to say that the house maybe gone, as it is a very good location, pls let me know ur outcome!

Guapito wrote: »

Just got off the phone to Wimpey to give them the bad news and they asked me to speak to the IFA to find a better solution.

He told me that the 25% DOES increase/decrease in value to the property, so if we make a loss so does Wimpey it's not fixxed to the purchase price. He also suggested that we use our initial deposit to pay back part of the 25% to Wimpey to decrease their share.

I dunno.

poppy10_2

Guapito wrote: »

what I don't get is the how do developers manage to sell these deals if they are so dodgy?

They don't. That's why Wimpey's share price is down 98% since last year.