House overvalued in 2008

sirmosh

You see it a lot of new build developments, some people negotiate extras buy pay the asking price, some get money off instead. The last houses left often go cheaper since the developer just wants to get it all over and done with by that point. Some people are in a better position and therefore can drive a harder bargain too.

InMyDreams

Gemjoemaxmia wrote: »

they have to do there valuations using comparables and the comparables would all have been lower, so wasn't sure how ours was passed at the higher value.

You said they were all bought at the same time. (I'm assuming therefore give or take a few months.)

So the actual sold prices may not have yet been available (or even decided) when you agreed your price.

brit1234

Sorry to here about your story, you are yet another victim shared equity scam. I don't think there is much you can do, you have simply overpayed for the property and not done your research.

I would advise anyone considering shared equity/ownership or newbuy to do their research and preferably keep at arms length or further.

gazfocus

brit1234 wrote: »

Sorry to here about your story, you are yet another victim shared equity scam. I don't think there is much you can do, you have simply overpayed for the property and not done your research.

I would advise anyone considering shared equity/ownership or newbuy to do their research and preferably keep at arms length or further.

Do you not get bored of spouting the same old cr*p on every shared ownership/equity thread?? Geez!!!!!!!!!!!

The reason the OP supposidly 'overpaid' is nothing to do with the fact that it's a shared equity property otherwise the mortgage lenders valuation would not have agreed the value. The other buyers probably negotiated a better deal, that's all.

LisaW123

Sorry OP but there is nothing you can do. You should have done the haggling at the time you bought. No consolation, but I'm sure you're not the only person in this situation. Sounds like you bought when the market was still pretty good and prices would have started falling soon after.

brit1234

gazfocus wrote: »

The reason the OP supposidly 'overpaid' is nothing to do with the fact that it's a shared equity property

Strange how it is a recurring theme time and again again with shared equity. Also no I don't get bored of spouting the same stuff on these shared equity threads because it may prevent other victims like above. After all this is money saving expert. I'm sure the new build developer, the onsite mortgage advisor/solictor for these shared equity schemes will give the customer a balanced view of the scheme, isn't that right Gaz. They are thinking solely on the buyers welfare and care little for the shareholders. Yeah right, they are sales people, they just want their sell no matter what the consequences to the buyer.

adindas

brit1234 wrote: »

Sorry to here about your story, you are yet another victim shared equity scam. I don't think there is much you can do, you have simply overpayed for the property and not done your research.

I would advise anyone considering shared equity/ownership or newbuy to do their research and preferably keep at arms length or further.

I have been doing a lot of deskworks, reasearching. I could just confirm that many properties offered through shareaownership are overprice,

Peple who do not believe that you just need to spend less than one hour to prove it. Look at the same types properties in Zoopla, rightmove, find a property, compare that properties with those offered through shareownership. You get the answer ......

Gemjoemaxmia

Thanks for everyone's replies, I've read alot how this a problem for lots of people and spoke to a property lawyer specialising in this area who said the valuer is allowed a 10% margin of error he wanted to know more but said the figures didnt seem workable he suggested I try and get a retrospective valuation if possible. Seemed like a great idea at the time no deposit needed, legal fees paid, mortgage arranged by there broker, all White goods thrown in - we were naive but you live and learn, fingers crossed the Market picks up and we break even one day soon