DCC - Market Value Drop ,

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pinkgirl

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Anyone bought a property through DCC and found out the market value is less than what an independant valuer said it is
Basically theyre saying 250000, and getting it for 200,000
On my home.ie there valued at 220000 which is what the independent valuer has quoted me , which means in order to get an affordable mortgage from any lender I need 20% off 220,000 which is 176k , but they won't budge ,what should I do any ideas ? thanks in advance
 
Hi Pinkgirl,
I had the same problem.....MV was being quoted at 50k more than my lenders valuation. I told DCC I wanted to get an independent one, other than the lenders one and they said "Don't bother, we're re-valuing all our developments". This was back in Nov.....they came back with a second valuation but it was still over-valued so I then pushed them for a price reduction in Jan. This all happened around the time it was all over the news about all the vacant properties DCC had etc etc and how they were going to reduce the prices by about 25%.

They finally reduced the price by 15k but I needed it to come down by another 8k to secure my mortgage....in the end they wouldn't budge any further so I've had to come up with the difference myself.

If I were you I would ask DCC when they last valued the apartment, if it was more than 6 months ago then I'd ask for another one to be done by them. I would also ask who is doing there valuations and if they are seeking independent valuers as opposed to DCC personnel. I'm starting to hear more and more stories about inflated valuations and I'm wondering if the DCC valuers are just people in their office with no work to do or are they actually members of IAVI.


Best of luck
FTB1975
 
Thanks so much for your reply

Today they said the apartment was worth 230k not 250 but there not budging on the price there giving it to me at which is 200k so basically they have just altered their price !! Waste of time - and I just can't believe they didn't reduce the price !!!!!!!!!!!!!!!!!!!!!!! I need it to be brought down to 176k which is 20% of 220k which is what they are on the open market , I sent them in the same apartments on my home .iefor 220k yesterday and thats what they came back with , I have just been to the local tds tonight!! I am livid , ...
So basically the reduce their own price on paper but did nothing for me .. thanks again ..
 



May I ask also how long this process took going back and forward with DCC ? Couple of months ??hopefully my tds will help , I really like the aptartment ..
 
Hi Pinkgirl
It took about 4 weeks I think.....to be honest I think the timing was just right for mine as this all happened in Jan/Feb when it was all over the news about DCC being left with loads of apartments that no one was 1) interested in buying 2) being able to secure a final mortgage offer on due to the over-inflated valuations.

Is the valuation of 250k DCC's valuation or the valuation your lender has come up with? DCC will value it at far more than its current market value to ensure they get a nice big claw-back. So DCC have now dropped the valuation to 230K, am I getting this right?

How much are you actually approved for? If it's 80% of MV then you're approved for a max of 184,000 so effectively you're 16k short? I'd go back to DCC and ask them if they dropped the price back in Jan when all developments were being reviewed for price reductions? if they say yes, ask them for written evidence of what the price was pre-reduction.

Where are you buying if you don't mind me asking?
 
Hi FTB Thanks again for your response
The valuation by dcc 2 weeks agao when I put the deposit down was 250 k dcc , friday they said its droppped and its 230 k however they didn't drop the asking price it stayed the same 200,000, no drop on that !!!!! or the clawback I am baffled . Its in Finglas , Hampton. I was approved for 240 orginally however as the valuer for the motgage co. only valued it at 220k,80 per cent loan to value is 176 k and thats all they will give as those are there guidelines and the deal they struck with council .ie 20% discount .. I am fairly stressed to be honest as I do like the apt and it the first oppportunity I have been given .. the builders have sent me a letter to snag also
 
Hi Pinkgirl,

If the MV changed from 250k to 230K then you're clawback should've changed....200,000/230,000 x 100 = 86.9% so you're getting a discount of 13%. So if they sent you a new confirmation to lender letter your new MV and clawback should be 230,000 and 13%.

Get back onto them as when my MV changed they sent me the same letter as the original one, with the same clawback and never re-calculated it based on their new valuation

Also Nathan210705, I think Pinkgirl is buying to begin with and not trying to buy out the council so not sure if the situations are similar. I think Pinkgirls issue is trying to secure her mortgage based on inflated valuation.
 
Hi pinkgirl,

Can take up to 3 months to get the revaluation carried out by an independent valuer approved, and by that time the apartment ends up dropping further in value.

Hampton Wood is quite far out and there are a lot of properties around there - if the same property is valued as 220K on myhome.ie, you could get it for far less.

Why aren't DCC dropping the sale price when the market value has fallen so much - it's not an affordable house then, if you can buy the same house on open market without clawback.
 
Thanks FTB , your right I am starting to try n get on the ladder !! If I pay for another valuation I can have it in three days .. so I might try that again and compare the two I also have my td working on it . Thanks for your help , will let you know how I get on .Many thanks .
 
Hey FTB , how are ye ??I got the valuation today and its now in line , dcc have dropped the price too so I am sorted , I am now on to the next stages ! looking at some of your posts your nearly there !! Well done , may I ask did u get someone to snag u apt /house or did u do it yerself ??thanks
 
Hi Pinkgirl,
That's great news....well done!!!
I got a guy to do it as I wouldn't have had a clue...found him on the internet. I can PM you his details if you want.
FTB1975
 
FTB1975 said:
Hi Pinkgirl,
That's great news....well done!!!
I got a guy to do it as I wouldn't have had a clue...found him on the internet. I can PM you his details if you want.
FTB1975
Click to expand...


If your could that would be great thanks !!! have a good weekend
 
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