M
I don't understand how a Soltr let you sign the contract without having funds in place to complete the purchase?
Are you saying that the original loan approval is no longer an option?I had previous loan approval however, I've opted for a new broker and lending instituation who will only lend me the value of the property as laid out by the independent valuer. I wouldn't expect the original lender to be any more generous.
The house is off the plans so unless it's over 125sqm or the original poster is an investor then SD is not an issue.Are you liable for stamp duty.? If so wonder will Revenue accept current valuation rather than original price in ascertaining liability?
I don't think it matters if the builder is a millionaire or not, OP signed contracts and the price is held within, would you let a house go €35,000 less simply on the back of one valuers estimation.If I were in your shoes and he expected me to pay way over the market value, his bloody greedy ears would be aching for a month...I'm sure he's made plenty of dosh over the years
It has now been valued at €35K below the purchase price
It wasn't possible to get a valuation on a property that was not complete
The house is off the plans so unless it's over 125sqm or the original poster is an investor then SD is not an issue.
One of them is to put the property back on the market, sell for whatever he can get, and bill the OP for any difference.
mf
Hi guys,
I purchased a property off the plans 18 months ago. It has now been valued at €35K below the purchase price.....Yes, the property bubble has well and truely burst.....
My solicitor advises me that I have a legally binding contract with the developer. I had previous loan approval however, I've opted for a new broker and lending instituation who will only lend me the value of the property as laid out by the independent valuer. I wouldn't expect the original lender to be any more generous.
I could just leave my deposit, however, the builder can still take me to court over the full value of the property.
The builder will not budge on the purchase price.
Do I have any options???
Thanks
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