Hi all,
Just got the valuation on my affordable house back from the surveyor. The house is in Phibblestown Wood, Ongar.
He has valued it at 380K, whereas the council has valued it as 410K.
Anyone else got their valuations and challenged it with the council or the AHP?
Thanks,
Eims
i just heard back from my broker too and the surveyor valued the house at 360!! is there anything that can b done about this?
I've been told by Fingal that the legislation states that the market vlaue is taken on the date of signing the contract and not closing. If you signed (agreed to purchase) last October then that is when the market valuation is taken not the day of the closing, it is a point to note and it covered under the act Section 9 b ii.
Did anyone, anyone atall, get a valuation done when the contracts were signed?
According to the Permanent TSB / ESRI index prices fell by 2.6% in the first half of this year
http://www.rte.ie/business/2007/0810/houses.html
A fall in valuation from 410 to 360 would be a 12% fall. This would only have occured if the initial "valuation" was inherently inaccurate, possibly to the point of being legally misleading.
But If They Value The House At 410 And Its Worth 360 Or 380 They Are Giving Us A Discount Of Lets Say 20% But Then If We Sell We've To Pay Them Back 28%!
i am focusing on my mortgage, if they were to give us a 28% discount on the market value of 380,000 then we would have to borrow 273,600 and not 295,000. This would make a difference in your mortgage payment.
they finally got back to me from fingal, they said the same thing that they won't reconsider valuations
Theres quite a few of us in this boat at the moment whereby the AHP are not reconsidering valuations on properties they have offered us. Now im not talking about valuations that were done months down the line here after the properties were offered to us, im talking weeks! What i thought was a fantastic deal turns out to be not quite as good as i thought. I havent signed a contract yet, therefore should be entitled to buy at the current market price, which is €25k less than the AHPs stated price. I dont know whats going on with them as they have fobbed alot of people off over the last few weeks. They say they are undertaking a review of all valuations at the moment so lets hope they come back with something positive for us.That seems like a very risky position to be taking by the Council. If you were to walk away from the deal then they would surely have to offer the unit to someone else at todays valuation, by their own logic. I would have thought a compromise would have been best for all concerned.
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