RedRow have changed the price ? Can they ?

iwearahalo

Hi There , me and my fiance are buying a house with homebuy , we got the letter of approval yesterday and I thought everything was fine , today Redrow phone and say they have made a mistake with the price of the house and its £7000 more , can they do this ? Is this normal practice , they say its an error on their part and are sorry , my fiance is seeing them tomorrow and stated on the phone that we want all the upgardes as they knew of this for 4 weeks , we paid £500 top secure (reservation fee) it and have done everything they have ask ! Is this all we can hope for ? ie the scraps that they may throw on , say the valuation comes in well down , what can happen then ?


Many Thanks .

andys15

I would threaten to pull out and demand your £500 back. you should at least get £7000.

Marsh_Samphire

andys15 wrote: »

I would threaten to pull out and demand your £500 back. you should at least get £7000.

Do as andy suggests - call their bluff. If they really want you they'll offer incentives. Don't forget mortgage rates are creeping up again so I wonder if they are inundated with purchasers (not likely!) or just desperate to squeeze more £££ out of you. If they think they can get more money from another purchaser, let someone else be the sucker that pays more.

Unless this is your absolute dream house and you'll never find another one like it, get your £500 back and walk away. All the big house builders just throw up these bog standard newbuilds all over the place and they're all overpriced, even taking the current market into account!!!

DVardysShadow

Bottom line is that if you don't want it for £7000 more, they have no reason to hold onto your deposit.

iwearahalo

You see they have got me by the balls , the garden is the selling point for me , two garages are behind and we get that space as well added onto it , they simply state its a mistake on their part , I do think its still a bargain , can they do this legally ? It will be sold again by Saturday if we pulled , all the other houses are sold and waiting lists to get onto the next phase , a brick has not even been put down yet !

gaz737

houses are starting to sell . after all the sites i work on closed , now there building selling and prices have probly just been put up . And passing it to you now . Tell them you will pull out then . They dont just make mistakes like that . big boss men telling sales to put em up NOW !!

gaz737

OH it wont take em long to build i was on a site 3 weeks ago nothing ready just started today 5 to be plastered . And they want em finished asap all 5 . they rush em out .

iwearahalo

We live in Liverpool and they dont have any other land around to build on ! This is also in a nice area (cressington/garston) and it will take us forever to get a deposit at the moment , we could wait if they only wanted 10% but they dont and by the time they will offer them the prices will go up ! In short we got a semi detached with garage and a garden twice the size of the others for only £2,000 more , I thought it was too good to be true !

DVardysShadow

iwearahalo wrote: »

You see they have got me by the balls , the garden is the selling point for me , two garages are behind and we get that space as well added onto it , they simply state its a mistake on their part , I do think its still a bargain , can they do this legally ? It will be sold again by Saturday if we pulled , all the other houses are sold and waiting lists to get onto the next phase , a brick has not even been put down yet !

So they tell you. But then they want you to panic ... You'll have to check it out for yourself, but there are indications the housing market is actually poised to slip back.

Marsh_Samphire

Who told you it would be sold by Saturday and there was a waiting list for phase 2, the sales person???

And there's always somewhere they find to build on, even in built up areas! Tell them you've decided to wait for phase 2 and watch their reaction. To them, a real sale now is worth 10 possible sales next week.

You say it's the last one on the first phase, have other people moved into any of the other houses? Check out if any of the properties show up on any of those websites that show sold prices (nethouseprices or houseprices etc)? Then you can compare what you're being asked for to what other people have paid.

Or wait for someone who's already bought on phase 1 to sell up after a while when they find they've overstretched themselves and can't make the payments - then they'll be competing against phase 2 newbuilds and you could make an offer. That happened to several properties on the newbuild site where I live over the last couple of years.

OP, if you really want this exact house so much and truly believe you're not being had, then it's a decision only you and your OH can make.

iwearahalo

Well its the only one with a largish garden , all the others are mid terrace that go for 163,000 end terrace 165,995 (thats what we thought we had) with either two parking spaces or a garage , they say they have put the ones with the garages up to 172,995 as they made a mistake , I think they know about the size of the garden and are speculating .