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

swordshead said:
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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Supply and demand 101. If people start withdrawing from purchases the sellers will be forced to lower their price. The "discount" has created an artificially high demand for these properties.

I don't think there's very much good advice that can be given to people in this scenario. This scheme would have seemed like a no brainer last year. I guess people now need to take stock and make some real decisions.
 
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? 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?
 
Card said:
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?
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I agree with you. In those cases it really is a case of buyer beware.

Card said:
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?
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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).
 
Card said:
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?
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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.
 
Hi Guys,My Valuation has come back at 350,000 which is 60,000 in the difference, has anyone heard anything new about reviewing the valuations?Am not going to go ahead with this if they dont.
 
i bought an apartment in feb here, It was valued at 234 by ahs and council and my valuer from ebs valued it at 324 its 2 bed and there are only 3 like it in the development... I dont see myself going anywhere for at least 10 years, maybe the AHS aint such a good idea for houses and its better value for purchase of apartments??????
 
Hi Nsara

If you have concerns you can email the AHP with your valuation. I'm also buying in Phibblestown Wood, my valuation was also different but not to the same extent as yours. When I contacted the AHP about my valuation they got another valuation done by an independent valuer and found that their market value was correct and aren't going to adjust the market value or clawback. I'm still happy to go ahead with the purchase.
Feel free to pm me if you wish.

Eims
 
Thanks eimsRV but its hard to believe that 2 different valuers could come back with such a difference???So they definitley told you that they would not reconsider, i dont intend on moving either but you never know what can happen.Do you have any idea when these houses are going to be ready for completion?
 
I've heard from several sources that the houses are pretty much ready to snag now. Fingal are waiting on clawback details from AHP before they send out our contracts. AHP say they will be sending those early this week. Once Fingal have those they'll be sending contracts to our solicitors. Not sure how much work the solicitors will have to do before they call us in to sign.
Apparently snagging will start in the 1st week of September for those who have already signed contracts. I presume they will only bring in a few people per week to snag? I guess people will start movingin from end Sept/Start of Oct but it might take longer depending on the status of your snag and contracts.
But hopefully we will all be in before Christmas ;)
 
Hi I spoke to AHP and they told me that some houses are ready to snag but they will be releasing them in blocks.They told me to send in my valuation report from ebs into them so they can have a look at it.Fingers crossed.
 
By the way guys....think it was earlier in this tread there were questions re: the TV etc..
I rang Liberty this morn, and its going to be NTL (which I'm gathering from everyone is a good thing!?)
 
Ntl is great to have now there is a way of getting it very cheap

Standard package of phone TV broadband is 23.99 per month first 3 months and 50.00 after 3 months
So for 6 months 221.97
After 6 months 50.00

Now if you take out TV and broadband only you get it for 9.99 for 6 months (45.98 after 6 months) and you can cal them and get the phone added after one day and get 6 months line rental free (4.02 after 6 months)
Total price for 6 months 59.94
After 6 months 50.00

Even there sales people say it’s the best way to go
 
has anyone been in to see the houses since the showing a few months ago? or even in the estate to have a look round?
 
Had a very quick look last night - starting to really come together, grass is growing well etc..(well, what with all the rain this Summer!!)

Shouldn't be too long now, fingers crossed!
 
I've Tried To Get Into The Estate To Have A Look Myself And I Was Told No One Is Allowed In At The Mo How Did U Manage It?
 
Yeah I was inthe estate a while back but I went to look at it through the railings last week, coming together
 
I went round the back way....near the village end, down the dirt track - has the best view of our house ;) ....had a goo through the railings - haven't tried to get on through the main thoroughfare!

A few months back, there was a gap in the fence, used to be able to get in that way, but I think its harder now....
 
All dressed in black in the midst of night crawling through the hedges
 
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