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.
I agree with you. In those cases it really is a case of buyer beware.okay I can see an arguement if the valuations were inflated at the time of signing of the contracts, but if they have since fallen in price why should they be revalued?
Interestingly, there was a poster on here recently who did just that. Due to the fall in the value of the property they wanted to buy, they were no longer able to get a 100% mortgage for the original price. In the end I think that the developer agreed to let them buy it for its current valuation (which was around 35k less than the price off the plan).this surely is the way all property is sold, if you had bought a property off the the plan on the open market last year, the price would have been fixed last year and if house is only ready to complete now, you couldn't argue that the consideration be reduced to today's market value, so why should affordable housing be different?
Thats the point! The prices are inflated! Yes thats been the case for the housing market for ages...but if an independent valuer comes back..within a matter of weeks and says the properties are worth nowhere near what the AHP are saying theyre worth, why should we pay inflated prices...affordable housing or not. As i said previously, i havent signed a contract..if i had and had agreed a price on signing, of course i wouldnt argue the price now, but im not about to sign off on property thats worth nowhere near its market value. The AHP are more than aware of this situation at the moment and are stating they are undertaking a review of the valuations. They wouldnt say this if there wasnt a sufficient enough reason to do it.okay I can see an arguement if the valuations were inflated at the time of signing of the contracts, but if they have since fallen in price why should they be revalued?
Hopefully it won't be long now
Let us know how you get on with the valuation
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