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contesting an undervalue
Comments
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Im confused :S
You're buying a house, but want to pay more for it??Faith, hope, charity, these three; but the greatest of these is charity.0 -
Can you explain why you WANT to overpay for a house....have you money to throw away?
tell the developer you can give him that and no more otherwise you have to walk away with a lesson learned...haggle on prices very hard at the beggining,,,i reckon you have acted like a nodding dog..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
A house is only worth as much, as a buyer will pay.0
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Can you explain why you WANT to overpay for a house....have you money to throw away?
tell the developer you can give him that and no more otherwise you have to walk away with a lesson learned...haggle on prices very hard at the beggining,,,i reckon you have acted like a nodding dog..
Totally wrong and you cannot make a judgement on that as you do not know the whole situation. When we were negotiating I went in at £105k while the property was on sale for £125k and we met somewhere in the middle. He pushed a hard bargain and so did I as he would not offer an extras, but in the end I got carpets and a few other things thrown in for £114k, so I have already got £11k knocked off. When I spoke to the owner of the company he maintained that he would sell it for the price we had agreed and to be fair he has sold the houses for that price. I could tell from his attitude that he is in no way shifting the price.0 -
It has been mentioned in this thread already, but just in case you missed it.
New build houses attract a premium, similar to new cars - I believe the average is circa 10%, but it does vary. If you pay £114,000 for the house today, in 2 months it will likely be worth £102,600 because people like buying new houses off developers. All the bank are doing is making sure THEIR money is safe and they don't end up in negative equity.
Other buyers were most likely able to buy at the inflated prices because they weren't at the limit of borrowing. If you wanted to borrow 50% to buy the house at £114,000 and the valuation came back at £105,000, the bank would still lend you the money you need, the LTV would just be higher.
If you want to pay the premium for a new build you need to find the money for that yourself (bigger deposit).0
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