AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valuation

Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

hi again

i wonder does anyone else who is thinking of buying in Marrsfield through Affordable Housing agree that certain people working in Pierse Homes are extremely rude and unhelpful and are possibly treating us 'affordable homes buyers' as second class citzens?

latest update on a price reduction with Marrsfield is that Pierse Homes are still not budging on it and the Affordable Homes Partnership are still trying on our behalf. I have now made up my mind for certain that i am going to pull out of the deal if the price is not reduced. i have been actively looking at other apartments and we can buy on the private market for a lower price than 275,000 and it will be our own. i will lose my 8000 deposit but in the long run, i would rather lose that much than end up paying a mortgage way over the odds for an 'overpriced supposedly affordable apartment'!!!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

hard candy, were in the exact situation as you, as i said before only thing we have on our side is time as our place hasnt even been built yet. (spring 09) we were told. its the first block as you come in.
we are really thinking about doin the same thing, whats 8 grand in the long run, houses around here are selling for less than what thay want.
let us know how things are going for yous
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

hey rondon

i don't know if you have seen my new thread but there is a meeting this tuesday with AHP and Pierse Homes so have your fingers and toes and everything else crossed for a positive outcome :) these apartments are just not affordable and have to be made affordable for us - thats the whole point of the affordable homes scheme!!! will keep you updated
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

F**k the budget, at the end of the day were still goin to be ripped off,
with this new thing from our great government now going to be put into place maybe it means a change in my contract, which in turn mite mean i can now pull out and get my 8 grand back. :)
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Dublin City Council's Housing Committee is meeting today at 2:30pm in city hall to discuss problems with the Affordable Housing scheme.

I am a reporter from RTE who will be covering this. A report due to be presented to the committee has stated they have over 600 unsold affordable units and are planning to reduce prices further, but I do not know if this could be applied to existing contracts.

Anyone who wants to help me find out more about the issues involved from a buyer's perspective please call me on (086) 2765292 or email at [email protected].

If we are going to do a story on the scheme I would like to get someone to talk as a representative. But I am also interested in just hearing what the situation is and how people want the problems with mortgage approval sorted out.

Regards

John Kilraine RTE
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Dublin City Council's Housing Committee are meeting today at 2:30pm to discuss the Affordable Housing scheme. From their perspective the council say they have been left with over 600 unsold units, they have borrowed money and are liable for management fees. They are considering offering more discounts but I do not know if this applies to existing contracts.

I will be covering today's meeting and would like to hear a buyer's perspective. I notice the postings date from some months ago, so how have things worked out and how do people feel about their affordable housing deal?

Anyone interested can email me at [email protected] or telephone (086)2765292

Regards

John Kilraine
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Hi babesireland,

I was in the same boat with a different development, as are loads of people were in the process of buying on the AH scheme. You need to gather as much evidence of the current market value, along with your banks valuation and re-submit it to DCC. I've read various posts on here where people have sent in their banks valuation, an independent valuation and ads from Myhome.ie and have successfully got DCC to reduce their valuation in line with the current MV.

In the end there was a difference of 10k between my lenders valuation and DCC and they wouldn't budge on it.....but they did lower the asking price by 15k.

Best of luck with it
FTB1975
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Did any of you see the ad in the Metro today offering 2 bedroom apartments in Marrsfield from €204,000?

That's some drop.

DCC were selling them for €280,000 last year. I should know I paid it!

Anyone know what market value and clawback % DCC are giving with these units?
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Hi,
I bought a private appartment off the plans. It was completed in late '08. Since then I cannot secure the mortgage I was previously promised by the bank due to the economic downturn. I am now being threatened with legal proceedings. Anybody else in the same boat?

Thanks
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

babsireland said:
Last word with DCC is they valued them at 250K. EBS told me 220k. The apt. prices for 2 beds, when I went were 204k ground floor and went up by 4k per floor. that ad. in the metro is through affordable housing scheme only, they'll still make people join the scheme to buy at that price. Sorry you paid so much but I thought I'd have no problems with prices dropping but pretty much still in the same boat as this time last year.
Click to expand...

Please tell me you are not going to purchase an apartment for 250K though AH when the value is 204K or maybe 220K?
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Jerry you are not the only person in this position. i have carried out a detailed examination of the planning permission relating to clongriffin and believe that if a person does not wish to proceed with a purchase they can not be forced to do so. in some cases they may be entitled to a refund of their deposit. look up [broken link removed] for more details.
 
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