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has anyone had their AH valued themselves before buying?
I'm just concerned that I'm definitly getting it at the current market value. I'm sure the apt's have dropped in value since last year when the newsletter came out?
I'm a bit confused about what happens if the market value drops. If for example I buy an apartment valued at €400k for €200k I get a 50% discount. If subsequent to buying from the council the market value drops to €300k, the way i understand it I then owe the council €50k in clawback if i have to sell in the first 10 years. But how does this work out, do you have to give them a cheque for €50k? Because as I understand it you wouldn't have built up enough equity in your house to get that amount of cash from a sale. i'm really not good with figures and am obviously a first time buyer, could somebody explain this to me please? Also what happens if the apartment market value actually drops below the original discount price of €200? I'm so confused and the people I call in the council are consistently vague.
I got Empire Consulting to do a valuation on my affordable home. They are based on Morehampton Road, Donnybrook. They seem to be property market analysts and their valuation report was very effective, clear and concise. I forwarded their valuation to DL RD Co Co and I believe their valuation report helped push the council into putting a realistic valuation on the property.
Banks valuers are under an obligation inflate valuations to allow the bank lend money and are seldom objective and their valuations rarely correct. I have been told by auctioneers than they generally ask what the last property in the development sold for and put that price down as the valuation.
I have no connection with Empire Consulting.
DCC's valuation of my apt is 370,000. I think thats way too high!
anyway...I was onto the bank where I'm getting my mortgage and one of the things I've to send them is a draft for 130 euro, and thats for their valuer to go and value the apt. So it'll be interesting to see the results...and even more interesting to see if it makes a blind bit of difference.
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