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Trying to buy with Redrow
Atirez
Posts: 27 Forumite
Hi all, I am a first time buyer but I am having an horrendous experience at the moment with Redrow. I was just wondering if this is normal and if anyone can give any help/advice with handling them as I progress through the process.
To give you a little background. We are trying to buy a property which is only a plot and has not even begun development. The problems started with the sales staff telling us we could put our names on a list for properties and we would be contacted. This list is bad. One minute we are told we have every chance, the next that we have no chance. Eventually however after being told the list was a queue we recieved an email and promptly responded. After this we were told that recieving the email does not improve our chances and lots of people had responded. Now we have been given the option to do the Early Bird deposit, because we answered before other people who were before us in the list. This up and down, back and forth has been happening for around a month. The sales staff do not have a clue and everyone you talk to has different ideas about how the lists work.
Anyway, awesome! We thought. We now have a house we want.
Next. During the process we were informed the last house of that type was sold a few months ago for 255k. Other houses some a little larger are now being sold for 291 and 295 and some a little smaller for a bit less. We were told the expected price would be around 260k, which sits the house correctly in there houses. Now, we happily go in with our reservation money and get told the guide price on the house is an astonishing 295k! 15% more than the other house in less than a year and while they are selling houses which are much larger for a similar price as of today. I am shell shocked - how?
Sorry for the long introduction but I am wondering:
The new massive and based on current prices on there development over priced guide. Is this in peoples experience what they are actually going to try and get us to pay? Or in a couple of months when we get to the reservation stage are they going to come back with a more realistic price?
If the price they come back with in reservation stage is really high what, if any, chance do I have to get them down?
Or do I have to go through the process of paying for the valuation and other fees before this can happen. As what scares me here is that they will continue to say it may not be that pay £x and we will talk about it. Then a few grand down the road I am in the same position.
What are peoples experiences of the reservation process and guide prices on Redrow homes?
we have also been told that they like to have everything sorted our 42 days after reservation which is still before the house is built. This includes us handing over the deposit! Is this standard?
In fact if anyone has any experience of buying a new home and can help me understand what I can do and what to expect that would be greatly appreciated.
This whole experience so far has been a roller coaster and I have not even started talking to solicitors yet...
Thanks in advance.
To give you a little background. We are trying to buy a property which is only a plot and has not even begun development. The problems started with the sales staff telling us we could put our names on a list for properties and we would be contacted. This list is bad. One minute we are told we have every chance, the next that we have no chance. Eventually however after being told the list was a queue we recieved an email and promptly responded. After this we were told that recieving the email does not improve our chances and lots of people had responded. Now we have been given the option to do the Early Bird deposit, because we answered before other people who were before us in the list. This up and down, back and forth has been happening for around a month. The sales staff do not have a clue and everyone you talk to has different ideas about how the lists work.
Anyway, awesome! We thought. We now have a house we want.
Next. During the process we were informed the last house of that type was sold a few months ago for 255k. Other houses some a little larger are now being sold for 291 and 295 and some a little smaller for a bit less. We were told the expected price would be around 260k, which sits the house correctly in there houses. Now, we happily go in with our reservation money and get told the guide price on the house is an astonishing 295k! 15% more than the other house in less than a year and while they are selling houses which are much larger for a similar price as of today. I am shell shocked - how?
Sorry for the long introduction but I am wondering:
The new massive and based on current prices on there development over priced guide. Is this in peoples experience what they are actually going to try and get us to pay? Or in a couple of months when we get to the reservation stage are they going to come back with a more realistic price?
If the price they come back with in reservation stage is really high what, if any, chance do I have to get them down?
Or do I have to go through the process of paying for the valuation and other fees before this can happen. As what scares me here is that they will continue to say it may not be that pay £x and we will talk about it. Then a few grand down the road I am in the same position.
What are peoples experiences of the reservation process and guide prices on Redrow homes?
we have also been told that they like to have everything sorted our 42 days after reservation which is still before the house is built. This includes us handing over the deposit! Is this standard?
In fact if anyone has any experience of buying a new home and can help me understand what I can do and what to expect that would be greatly appreciated.
This whole experience so far has been a roller coaster and I have not even started talking to solicitors yet...
Thanks in advance.
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Comments
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Hi,
Your post is not entirely easy to follow, and I am not sure you have understood the reservation process, although I appreciate it may be the case that Redrows staff have confused the issue. The early bird should give you first refusal on your chosen plot, and, you should have a form provided to confirm that once you have paid the reservation (earlybird) deposit.
As for the price, well, that needs to be clear and definite. There is of course always a possibility that a price can increase between the time of early bird and signing of contracts, but it should be proportionate and reasonable.
My own experience of Redrow has been pretty good in the main, but I do understand it will depend on staff at given sites.0 -
So you want to buy on a development which is in the very early stages - but where demand is already outstripping supply... and you're hoping for a reduction in the price?
Yeh, good luck with that.0 -
Now, we happily go in with our reservation money and get told the guide price on the house is an astonishing 295k!
The answer is simple then. Are you prepared to pay this price or not. Your view is irrelevant. The developer expects to be able to sell properties at this price. Factoring in that the build is months away from completion. If aren't willing to pay the price walk away.0 -
So you want to buy on a development which is in the very early stages - but where demand is already outstripping supply... and you're hoping for a reduction in the price?
Yeh, good luck with that.
Thanks for taking the time to respond but I think you have misunderstood. I don't mind paying more than the last one they sold - which was 255k. However an overpriced valuation of 295k, 15%, is them trying to do me over.0 -
makeitstop wrote: »Hi,
Your post is not entirely easy to follow, and I am not sure you have understood the reservation process, although I appreciate it may be the case that Redrows staff have confused the issue. The early bird should give you first refusal on your chosen plot, and, you should have a form provided to confirm that once you have paid the reservation (earlybird) deposit.
As for the price, well, that needs to be clear and definite. There is of course always a possibility that a price can increase between the time of early bird and signing of contracts, but it should be proportionate and reasonable.
My own experience of Escrow has been pretty good in the main, but I do understand it will depend on staff at given sites.
Hi thanks for taking the time to respond. It has been very confusing and I thought this would be the easiest part.
As for the price, it just seems so unusual especially as they have a much larger house for sale right now for 295k and they are now expecting that value for this one where the price is to be agreed in about 2 months time. So overall the price they last sold one for and the price of 295k is a 15% increase in less than a year.
I suppose I just found that shocking. And wondered if they are actually going to try and sell it to me at that price or if this is standard and will come down. Obviously if it is there sale price I should just buy the larger one now.
I think a lot of this is down to the sales staff they have another office down the road and they have been much nicer to us.0 -
Where are you looking at buying Atirez.?0
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makeitstop wrote: »Where are you looking at buying Atirez.?
Northamptonshire.0
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