New Build - Mortgage Valuation lower than purchase price!! PLEASE HELP

natman

Hi Claire.
I have kept a close eye on your situation as one I am intrested in the current housing trend / making sure we arnt ripped off, also I work with a lot of builders who build new houses and they are in a bit of a mess also. Its like a massive game of poker -
If the builders dont make money, they wont build
If the customer feels they are getting ripped off and paying for something that is not worth the money they wont buy.......
If no one is building and no one is buying........................
This is a real situation for many people


But yeah have you any up to date news??

clairey22

Hi all,

Firstly thanks for everyones opinions and advice. It has been really appreciated.

The latest is that our offer of the valuation less incentive has officially rejected but we have now been offered a 9K drop from the agreed price which makes it approx 205K (still waiting for the exact figure which I will get on Monday. I am happy with this outcome and am going to proceed. The house is still on rightmove.co.uk being advertised for 260K.

Clairey

poppysarah

You'vbe got as few quid off in the space of a week.

Read the news.

You're the only person thinking it's a good deal.

Seriously. Don't sign anything for another week.

MORPH3US

Care to provide the link Clairey, sorry but i'm nosey and like to see nice new houses and compare to my dump...

That said, if I were you (and I know you must be fed up of hearing this) I would keep pushing for £200k plus incentives MINIMUM or walk away...

Thats easy for me to say, I own my own house and all of the comforts that having your own place comes with it... but its just the way the market is at the moment.... its financial suicide to buy now and could take 10 years before your're back to where you started... anyone can say "i'm not moving in 10 years so i'll ride it out" but in reality even my 5 year fixed rate mortgage seems long 2 years in...

geoffky

please read this.......http://www.moneyweek.com/file/42998/advice-to-home-buyers--dont.html

Kez100

Please don't think you have a good deal because they are still marketing it at 260k. You haven't - you've got a bad deal because you are paying more than it is worth. While the market still falls your bad deal is getting worse by the day.

BettiePage

This many people can't be wrong.


If it was a friend or relative of yours, what would you be advising them to do? Don't let your heart rule your head. The house is not 'worth' £260k, it's worth what the surveyor says, if not less by now.

If you must do it, please sit back a bit and really think through all the sums before signing anything.

AMILLIONDOLLARS

They are marketing it at £260K the Surveyor says its worth £200k and your willing to buy it at £205k could you please explain why this is a good deal especially as the Halifax predicts that house price are going to fall by 9% by the end of the year:eek:

AMD

ps. you're the first person I know, who is staring in the jaws of negative equity and willing to step in!

Good luck its gonna get messy!!

BlondeHeadOn

!!!!!! wrote: »

Thanks to http://www.realarmorofgod.com


It stems from Roman times

How to gird your loins:

This was accomplished by pulling up the fabric of the knee-length tunic so the length in front stopped at your upper thigh, and collecting the excess material in your front. (You pull the material forward so the back of your tunic is snug against your backside.) Next, you tuck the extra front material down between your legs and gather it behind you. At this point, you collect half of the material behind you evenly on each side of your back (left and right). The final step involves wrapping each side of the material around your waist and tying it together in front.

This is going to be so useful.......

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

natman

Hi Clare.
I just wanted to say well done.............
At present your emotions must be shot to bits!!! should i shouldnt i. is it a good deal or not............... what a head masher!!!
Keep your spirits up gal - but just be careful........good luck.

I have been on a new building site this morning and spoken quite frankly to the builder about the current market.
The builder highlighted that he has made not a single sale in June, and he was worried.
the houses there were on for £230,000 and he highlighted they would now be going for around £180 - 190,000.................20% drop
Perhaps holding out a bit is worth it. News on the BBC today highlighted for every 15 homes for sale there is only one buyer. so you are in a very strong position.......