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HELP!! New Build Under Valued!
Comments
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Any new build will have a lower value on resale (in a static market) when the "brand new" element is lost. It appears that is what the bank are valueing on. Which seems pretty sensible.0
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Most new build is valued at second hand prices now especially apartments so the developer will negotiate or loose the sale the sales staff are told what to say thats why they ask u to use their F.A they know where to place the deal the flat is only worth what someone will pay so walk away the mortgage company is right.my bark is worse than my bite!!!!!!!!0
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The salesman said other flats have been valued higher
I'm afraid salesmen will tell you anything.
If you really want the place then write out an offer of £190K and say this is based on the surveyors report and is the maximum you are prepared to pay. Put your address and 'phone number on it, hand it over and walk away.
Leave the ball in their court and don't chase them. let them chase you and stand firm if they try to haggle.
It's just the way the game is played.0 -
This is what I'm going to do on my lunch break! Cheers!
I think I was overwhelmed buy this one because of the Mrs, because I'm usually a very Shrewd Mr lol! Its a lovely flat but honestly asking price 18k over valuation :exclamati
Put on your best poker face and don't act like a FTB! The seller would have seen you coming. Be confident. You will get the deal if you promote your ability to proceed - make sure you have finances in place and, if so, tell the seller this.
Unless the seller is intellectually-challenged, he'll accept a realistic offer.Everyone is entitled to my opinion!0 -
I spoke to the sales man at the site, he was there when the valuer attended.
He didn't have a nice word to say about the valuer, obviously lol.
He also mentioned that he has sold 37 flats and all of them were valued at asking price or above and they have all exchanged. He did keep saying that prices won't be negotiated as they have had no problems in selling, and as mine is the last 2 bed 2 bath, with the best lay out in the development he doesn't believe it will remain unsold for long...does sound like pressure selling.
He advised me to speak to Allensons mortgage brokers and get some impartial advice on Monday. I don't understand how this is going to help my situation because I don't really want to change lender.
I just dont understand how all other lenders have nicely valued it at asking price and I'm the only one with this situation.0 -
He could be lying to you. No, he is almost certainly lying to you! LOL. The last property may well sell for a good price. It doesn't change the valuation.
A couple more rules for buying a property.
Rule #3 of buying a property: never use the seller's mortgage advisors
Rule #4 of buying a property: never, ever, ever use the seller's solicitors for buying a propertyEveryone is entitled to my opinion!0 -
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Rule #4 of buying a property: never, ever, ever use the seller's solicitors for buying a property[/QUOTE]
Looking back, when I bought my property from Barratts in the late 90s, I think they insisted that we used their solictiors and I can't believe that I did, but it was my first house purchase and I didn't even think about it.0 -
Have you had a look at house prices on the net in that area, see if he's telling the truth?
Yes I have. New builds (around 8-10 years old) 2 bed 2 bath behind this development are on the market for 180-190k. But the development where I wish to purchase, the flats in my opinion are significantly better simple due to the structure, which was office buildings (flat has huge windows and high ceilings) lay out and fittings (including smart boiler system)0 -
He could be lying to you. No, he is almost certainly lying to you! LOL. The last property may well sell for a good price. It doesn't change the valuation.
A couple more rules for buying a property.
Rule #3 of buying a property: never use the seller's mortgage advisors
Rule #4 of buying a property: never, ever, ever use the seller's solicitors for buying a property
Just out of curiosity...why shouldn't the sellers solicitors be used?0
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