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

Doozergirl

No good quoting comparables when the valuer already knows that the house that they're expecting to be valued at £225k the buyer is only paying £214k for.

SO how much did the other buyers really pay when those comparables are also loaded with incentives?

geoffky

This is the trouble of buying now what will it be worth next year or the year after ( i hate to think) but you really should at the end of this send the valuer a big thank you card as he is trying to save you getting in a right mess...why not rent a bit longer in the same estate as you say......madness to move now if you think about it...

clairey22

poppysarah wrote: »

When they say they've sold every other property on the development what they mean is they've sold 3 of them to some dodgy landlord geezer.

Ask when and then look up land registry figures

Yep one of the dodgy landlords is my landlord who bought atleast 3 houses on the site (I rent at the same development!).

unfortunately the prices are not on the land registry site yet (as I think they were only sold in the last few months).

We are waiting on the head office to get back to us at the moment

Claire

clairey22

geoffky wrote: »

why not rent a bit longer in the same estate as you say...

I could easily rent at where I am now (the same development) but my rent is 1050 a month and that money is just going down the drain. Plus i've been renting for about 10 years now and I really want to buy a place.

Claire

Snooze

clairey22 wrote: »

thanks guys for your reply. I am thinking about going in tomorrow to see what thay say. The trouble is I think the mortgage company have valued it too low. I think it is a good price at 214K. There is nothing in this area anywhere near as good for that price. There have been other houses sold in the development but I can't seem to find out the sold prices as they are not on the land registry site (or other similar sites) yet as they were all sold recently.

plus I if I pull out I will lose my 2K reservation fee.

thanks
claire

:rolleyes: :rolleyes: :rolleyes: :rolleyes: Oh dear, oh dear, oh dearrrrrrrrrrr......... <buries head in hands>

Someone grab my soap box off me quick before I start pleeeeeeeeease. :mad:

Rob

dopester

clairey22 wrote: »

I could easily rent at where I am now (the same development) but my rent is 1050 a month and that money is just going down the drain. Plus i've been renting for about 10 years now and I really want to buy a place.

Claire

Well the £14K (or whatever) it's just been valued under is like around 12 months+ of free rent is it not?

clairey22

dopester wrote: »

Well the £14K (or whatever) it's just been valued under is like around 12 months+ of free rent is it not?

Yes so i'm definitely not going to pay the original figure. I only want to pay what the valuer has valued it at (200k) or less.

thanks
claire

clairey22

Snooze wrote: »

Someone grab my soap box off me quick before I start pleeeeeeeeease. :mad:
Rob

Its okay Rob, I wrote that last night and i'm over that now...i realise I have more to lose than 2K by paying over the odds for the house. So will try to get the price down..

thanks
claire

Snooze

clairey22 wrote: »

Its okay Rob, I wrote that last night and i'm over that now...i realise I have more to lose than 2K by paying over the odds for the house. So will try to get the price down..

thanks
claire

Good!!!!!!!!

Like others have said, you're the one holding them by the bollox so don't be afraid to squeeze them a bit to get what you want. Personally I wouldn't be buying at all right now because in 2 years time all house will be worth £2.50 but if you insist on going through with it then - based on the mortgage valuation - I'd offer £180k and work up (to £200k max) from there. The longer you hold out, the more the value will drop, so don't forget that and if they mess you around keep knocking a grand off (quoting the rapidly declining market) until they accept.

You probably think this approach is taking the !!!! somewhat but it really is the best way of going about this and I'm sure others on here will agree too.

Rob

brit1234

Hi, Just woken up and started reading this thread from beginning to end in 10 mins. Its got more tension than the final episode of 24. There are a few facts you should be aware of.


1, Lots of buyers are walking away from offplan properties and losing their deposits. Just looking at any of the building company stories in the last few days.

2, Newbuilds are losing value fastest in the market and you are likely to see a 3% price drop in the value of the home this month alone (about £7K in June).

3, If you buy now you are committing financial suicide, you are effectively self harming your self.

4, You may lose £2K on the deposit but in the long run you will save tens of thousands. Just rent another 6 months and you will see what we mean and then have a look at prices.

5, Walk away, you won't be the only one, lots are now.

£75,000 loss

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v

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£2,000 loss

:exclamati