Hi
I have been offered a new 2 bed in Crrington under the affordable housing partnership. Everything has gone so well that I'm just waiting for something to go wrong. One are that Im concerned about is the value. Fingal sent me the clawback letter saying the marker value is €358,000 and I am paying €272,000. I spoke with an estate agent friend who said that he wouldnt pay more that €315,000 for any 2 bed in the area. I know selling prices and market value may not always be exactly the same but the valuation by Fingal seems very high.
IIB are lending me 100% assuming the loan is below 85% of the value. I heard on the grapevine they since lowered this to 80%. If I factor this in, I need a value of €325,000 (if it's85%) and around €339,000 if it's 80%. The girl in Fingal told me that IIB were always disputing the valuations (probably with merit). I could be forced stump up the difference if the valuation comes back very low. As I dont have much cash this could mess up everything. Did anybody else have a similar experience???
Any comments would be appreciated
I have been offered a new 2 bed in Crrington under the affordable housing partnership. Everything has gone so well that I'm just waiting for something to go wrong. One are that Im concerned about is the value. Fingal sent me the clawback letter saying the marker value is €358,000 and I am paying €272,000. I spoke with an estate agent friend who said that he wouldnt pay more that €315,000 for any 2 bed in the area. I know selling prices and market value may not always be exactly the same but the valuation by Fingal seems very high.
IIB are lending me 100% assuming the loan is below 85% of the value. I heard on the grapevine they since lowered this to 80%. If I factor this in, I need a value of €325,000 (if it's85%) and around €339,000 if it's 80%. The girl in Fingal told me that IIB were always disputing the valuations (probably with merit). I could be forced stump up the difference if the valuation comes back very low. As I dont have much cash this could mess up everything. Did anybody else have a similar experience???
Any comments would be appreciated