Redrow - Varying Prices

davidmcn

joel77 said:

Would anyone recommend advising mortgage company that valuation is incorrect?

What would be the point in doing that? I assume you've already completed your purchase rather than in the process of buying it?

eddddy

joel77 said:

Just another note when valuation came in it was valued at 300k, should of refused to complete until they reduced price.   Just also means that now house is worth 20K less, as people have seen what others sold for.  Leaving me in a difficult position while trying to sell.
Its strange as other developers house prices within short distance have been increasing and this site prices reducing. 
Would anyone recommend advising mortgage company that valuation is incorrect?

TBH, perhaps the best plan is to stop worrying about this, and just enjoy your new house.

There's nothing you can do to change the situation - so maybe avoid asking other people what they paid, and avoid looking at the latest selling prices, or 'LR sold prices'.

(And other people might fib about how much they paid anyway - to impress you or annoy you.)

RelievedSheff

eddddy said:

joel77 said:

Just another note when valuation came in it was valued at 300k, should of refused to complete until they reduced price.   Just also means that now house is worth 20K less, as people have seen what others sold for.  Leaving me in a difficult position while trying to sell.
Its strange as other developers house prices within short distance have been increasing and this site prices reducing. 
Would anyone recommend advising mortgage company that valuation is incorrect?

TBH, perhaps the best plan is to stop worrying about this, and just enjoy your new house.

There's nothing you can do to change the situation - so maybe avoid asking other people what they paid, and avoid looking at the latest selling prices, or 'LR sold prices'.

(And other people might fib about how much they paid anyway - to impress you or annoy you.)

Why would anybody "fib" about what they paid for a property when the information is there for all to see on the Land Registry?

AdrianC

joel77 said:

Just another note when valuation came in it was valued at 300k, should of refused to complete until they reduced price.

Except for the minor detail that the price was agreed when the plot was reserved.
A demand to change the price after that may well have seen the reservation fee lost.

And once contracts are exchanged - often WELL in advance of completion on a new-build off-plan - there's a legal obligation to purchase at the price in the contract.

Just also means that now house is worth 20K less, as people have seen what others sold for.  Leaving me in a difficult position while trying to sell.

No, not a bit of it.
Previous selling prices are irrelevant - especially when they were the price for a new-built property. It's all about what else is on the market at the time of trying to sell.

Its strange as other developers house prices within short distance have been increasing and this site prices reducing.

Is the other developer selling at those prices...? If so, why are people buying on that dev, and not on this one?

Would anyone recommend advising mortgage company that valuation is incorrect?

Why on earth would anybody give the lender an excuse to regard the mortgage as being at a higher loan to value, and either back out or lend at a higher rate?

eddddy

RelievedSheff said:

Why would anybody "fib" about what they paid for a property when the information is there for all to see on the Land Registry?

As I say, the reasons for lying might include to impress you ("I'm better at negotiating than you, because I negotiated a price £20k less than you did") or to annoy you (because some people enjoy saying things that annoy other people).

The fact that the real price paid will eventually be reported on Land Registry won't necessarily deter some people. Lots of people tell me lies which are easy to check on and disprove.  (And some people even tell lies in these forums, which are easy to disprove.)  I guess it's just human nature.