Affordable Fairview Close

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cheops

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Hi,

I've got a deposit on a 2 bed apartment in Fairview close. Recently the advertised prices dropped by 40k approx. I've emailed DCC and they said they'd get back to me on their valuation, meanwhile I've got a new valuatioin done(but no figures yet). Is anyone else in this situation with DCC/fairview close?
 
cheops said:
Hi,

I've got a deposit on a 2 bed apartment in Fairview close. Recently the advertised prices dropped by 40k approx. I've emailed DCC and they said they'd get back to me on their valuation, meanwhile I've got a new valuatioin done(but no figures yet). Is anyone else in this situation with DCC/fairview close?
Click to expand...

If it has anything to do with the estate agents then good luck. They were an absolute nightmare!
 
Hi,
Just wondering if you had any luck on DCC taking your new valuation seriously? I'm in the same boat with Richmond Hall....2 -bed ground floor MV quoted as €375k....my solicitor was astounded and reckons the valuation is ancient!!!
Spoke to DCC and they seem happy enough for me to get an independent valuation done especially when I told them Sherry Fitz have 2-beds on from €350k.
Let me know how you fair off as we're only down the road from each other so I doubt the valuations should differ that much really.
Thanks,
FTB1975
 
Its been a long road. I did get an independent valuation coming in at 350k and DCC said they would revalue the property. The original DCC valuation was 397K and they came back with a new valuation of 380K. I'm still not happy.
I asked them did they take into consideration all the documentation I sent in:
1. The independent valuation that I commisioned- 350k
2. A newspaper advertisement from the developer for a similar property at 355K.
3. A private seller ad from daft for 350k.

Obviously this is a dealbreaker for me. On the plus side DCC are taking another look and when I am dealing with the affordable housing section they are very good to work with and are receptive to my concerns.

If you think your property is overvalued re:clawback do get some supporting documentation and do push it forward with the affordable housing section.

Best of Luck
 
Hi Cheops,
Thanks for the heads up...I'm surprised with the documentation you had to support your query that they came back with €380k, a reduction of 17K!!!!....if the EA and a private seller are selling for less than that again and your vauation is considerably less how can they justify their evaluation ??? I know they've had a good few people look at my apt and no interest by the sound of things so you'd imagine they'd want rid for whtever they can get for it...according to my solicitor the MV in that locality is only going down for the forseebale future.

Like you if DCC don't come in with an agreed valuation of approx 340-350k it'll be a deal-breaker for me.

Thanks again....best of luck, let me know how it all goes :)
FTB1975
 
Hi,

DCC have got back to me and they are sticking to their valuation of 380k, this is incredible considering the documents I have submitted.

I heard today from a reliable source the 78% of people who are offered affordable homes are turning them down!! Think I might be joining them.

Cheops
 
Hi cheops,
I don't believe it!!!!! I'm actually stunned....is there anything you can do? How are they justifying a price-tag of €380K when the developer is advrtising them at €350K??? It's an absolute disgrace.
I was speaking to my solicitor and he advised me to give the AH up as a lost cause....he reckons the same property on the open market could drop to AF prices by the end of Quarter 1 next year.
I have to say I'm inclined to agree with you on the point that most AF properties are being turned down at the moment.

I was just onto DCC and they're re-valuing everything apparently...funnily enough the re-valuation of mine was even sent in before I received my Confirmation to Lender letter so why didn't they just get it re-valued beforehand?? Why are they offering properties where the valuation is 6 months old????
I'm going to see what they come back with but I was told it'll take a while as 27 develpments have been submitted for re-valuation....by the time they get round to mine it'll probably be out of date again....it's a bit of a joke really....although it does bide me more time to save some more as well as keeping an eye on any movement on the open market.
Sorry to hear the bad news....hope things turn up for for you.
FTB1975
 
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