Valuation on my affordable house (AH) at Phibblestown Wood, Ongar.

This overvaluation of affordable housing units is a scam, a rip-off and a big fat brown envelope all rolled in to one.

It is in the interests of the Council to inflate these figures as, has been outlined above, if a clawback arises in the future due to the buyer selling before a certain time period it will be at the higher figure.

It is obviously in the interests of the developer to inflate these figures and in the case where these discounts are being given in exchange for sites elsewhere then this is doubly so.

http://www.askaboutmoney.com/showthread.php?t=36615
http://www.askaboutmoney.com/showthread.php?t=39059

The only people who this is not in the interests of is the consumer. A genuine rip-off.
 
Managed to get a viewing of the Duplex in Phibblestown & I'll say we're very impressed with the size & layout of it all, obviously not yet completed but next 2mths & it'll be flying, have a few pix aswell
 
I viewed it during lastweek a kinda un-offical viewing through construction contact, loved it & can't wait to get moving with it.
 
eimsRV said:
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
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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?
 
Hi PaulaC,
Theres a good few us of us discussing this over the last few weeks...we intend on persuing it further with the ahp. If you want to know more info please pm me and ill be happy to include ya on what we plan on doing!:)

PaulaC said:
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?
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I've been told by Fingal that the legislation states that the market value 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. Are they covered?
 
i haven't signed anything yet at all, i was offered a cancellation over the phone and everythings going through at the moment, in that case it should be based on the value at the moment but they can't do that either because they can't charge people two completely different prices for the same house!
 
drapper said:
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.
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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 illegality.
 
WE WERE ONLY OFFERED THE HOUSE IN jUNE SO THE PRICE SHOULDN'T BE BASED ON MARKET VALUE LAST YEAR
 
Howitzer said:
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.
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I did and 3 smaller 3 beds in Castlegrange started at 406k so I thought mine was grand........... €360 seems like a fair drop! OP 2-3% would equate to €411k on the €420 price which would be 1% on the clawback........
 
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%!
 
PaulaC said:
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%!
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WEll I see it as a home, when do you intend to sell yours? I concentrted on the affordable price, thats what my mortgate is. Negative equity only kicks in when it drops below the affordable price of the mortgage.

But if you bought in June you will get a June Market Value us poor sods will get the Market value at time of purchase............ i.e. signing

Op, I'm sure the vlaue were ok in September October, we saw the comprables used.......
 
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.
 
PaulaC said:
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.
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ahh right....... but I doubt they will reduce the affordable price........ thats not market driven............ that is based on construction cost plus profit to the builder....afaik.............. that tends to be fixed........ from my mate who've bought from Fingal ..........
 
they finally got back to me from fingal, they said the same thing that they won't reconsider valuations
 
PaulaC said:
they finally got back to me from fingal, they said the same thing that they won't reconsider valuations
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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.
 
Howitzer said:
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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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.
 
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