RedRow have changed the price ? Can they ?

iwearahalo

It must happen all the time , say they value it at £172,995 with a rise from yesterday of £7,000 but say the valuer thinks its worth at £160,000 , is there compromise even though we are on homebuy ?

chickaroonee

It's up to Redrow what they'll accept - I just don't understand why you would pay more for a property than an independent valuation says it is worth! You'll be in negative equity from day one.

iwearahalo

My point is this this must happen an awful lot , a company values something at one price and the buyer another , is there compromise ? Because if we walk away then this will be repeated again and again and homebuy finishes in September , they surely can not be holding out forever .

ItMightBeUsefulOneDay

If Redrow think you'll stump up the extra, why should they lower their price?

New builds, like new cars, lose value the moment you take ownership and step over the threshold. The mortgage valuers will value the house at the price they think it will SELL when no longer new. Considering the market we're in, this can be a lot less than you think and the bank will only lend up to that value. If you still want to pay Redrow's price you will need to make up that shortfall with cash without eating into your deposit.

Don't overpay and end up in negative equity.

iwearahalo

My Fiance has just got back and they stated they will now put the price to £169,995 as a goodwill gesture for the mix up , it actually £173,995 not £172,995 ! So I am happy in a way and can only hope when the "impartial" valuation comes in they will be prepared to drop the price (or meet halfway) between £169,995 and ? .