Contracts signed- House price reduced

[mercman]

In fairness the market has come from a boominf 5 years and very few foresaw what is happening now or what is goin to happen. Best bet is to speak with the Builder to reduce, as although a gamble, cannot see it goin to court especially if you can show that you are unable to get mortgage approval.

 

[Afuera]

Best bet is to speak with the Builder to reduce, as although a gamble, cannot see it goin to court especially if you can show that you are unable to get mortgage approval.

I agree, with the current state of the market the buyer holds all the power in practise. If the media picked up on poor unfortunates being dragged through the courts to complete on a property they can not afford by the big bad builders, it is hardly going to encourage any new punters to buy off the plan. Tom Parlon would have a fair job trying to spin that one!

 

[Thomas22]

In fairness the market has come from a boominf 5 years and very few foresaw what is happening now or what is goin to happen. Best bet is to speak with the Builder to reduce, as although a gamble, cannot see it goin to court especially if you can show that you are unable to get mortgage approval.

I think it is the best plan.
If the developer kicks up a fuss talk to Joe Duffy!

There is nothing to change a builders mind than an avalanche of bad publicity when they are already finding it difficult to sell what they have.

 

[John Rambo]

I think it is the best plan.
If the developer kicks up a fuss talk to Joe Duffy!

There is nothing to change a builders mind than an avalanche of bad publicity when they are already finding it difficult to sell what they have.

I'm no fan of the builders but is this kind of nonsense what we're reduced to? Kicking up a fuss about someone insisting a contract is honoured? An earlier contributor made a salient point...would the OP pay a higher price if the builder asked? This "Talk to Joe" mentality is worrying to say the least.

 

[Thomas22]

I'm no fan of the builders but is this kind of nonsense what we're reduced to? Kicking up a fuss about someone insisting a contract is honoured? An earlier contributor made a salient point...would the OP pay a higher price if the builder asked? This "Talk to Joe" mentality is worrying to say the least.

In some ways I agree with what you are saying.

But IMO the OP has made a big mistake and they should do what ever they can to get out of the contract or at least get a reduced price,.
It is just making the best of a very bad situation, it may not be honurable but it may work.

 

[mercman]

You are buying a house to live in - not to simply make a profit. Have you found out why it is taking so long to finish - it was second fixed in October, so at that time there should not of being much more to do. In fairness to you and the poster that suggested Joe Duffy, this is mad. The builder is not months or years behind and in fairness he is entitled to make a profit. As already suggested talk to the builder and work out something. Otherwise you could be pickled.

 

[ben10]

Builders will shaft you at the first oppertunity they get in my opinion! Though it may be from personal experience. I bought an appartment in Dublin 18 from a well known builder almost 2 years ago. The contract is up a few months now & I have not yet snagged due to the fact I have noticed the builder has forgotten to installa window in the bathroom which was on the plans. After months of denying that this was supposed to be part of my finnished property they have finally admitted the error but it is 3 months since then & all of my solicitors phone calls, letters & fax have been ignored. What they seem to be doing is trying to wear me down until i give up. This just makes me more angry at what they can do. In my opinion I hold all the cards as they are definetly in breach of contract & a sympathetic judge should side with me so i have issued a summons. I know these things do not work out the way you want but if builders keep getting away with it they will continue to swindle every penny they can!!!
....oh, its 4 weeks since the summons was issued & we have still had no contact!!

 

[And76]

Yes I meant Kilcoole, we're the same have signed the contract in full as you say to get on the ladder although didnt help that at the time the estate agent told us it was the only house left and now there's 15houses on the row that are unsold. Made mugs of us or what!

 

[MrMan]

WOW. For me, signing contracts means i am handed a key. Dont use that solicitor ever again - he wasnt looking after your best interests anyways.

That would make you the exception rather than the rule, I don't see how the solicitor has done anything wrong.

I agree, with the current state of the market the buyer holds all the power in practise.

This buyer holds no power though thats the problem.

If the media picked up on poor unfortunates being dragged through the courts to complete on a property they can not afford by the big bad builders, it is hardly going to encourage any new punters to buy off the plan. Tom Parlon would have a fair job trying to spin that one

Hows about this for 'spin' Did you agree a price, yes we thought it offered good value and we may have even seen a short term gain in value but now the markets changed so we don't want to honour our end of the deal and instead the builder should suffer in this gamble.

There is nothing to change a builders mind than an avalanche of bad publicity when they are already finding it difficult to sell what they have.

How can it be seen as bad publicity, the builder has done nothing wrong, he has provided a product and agreed a price on it, nothing under hand about it.

But IMO the OP has made a big mistake and they should do what ever they can to get out of the contract or at least get a reduced price,.

they might learn from this mistake, or even treat it as a home, live in it and forget about how much its worth for the next 3/5 years.

Builders will shaft you at the first oppertunity they get in my opinion!

A builder shafted you, not all builders and they are all in in for profit, highlight the bad ones, but this one doesn't seem to have done anything wrong. It is the builder that would be getting shafted in this case if the price was reduced.

although didnt help that at the time the estate agent told us it was the only house left and now there's 15houses on the row that are unsold. Made mugs of us or what!

That could have been through and others may have pulled out before signing because of cold feet which would leave him with 15 coming back on. Either way it doesn't help your predicament

 

[Trustmeh]

That would make you the exception rather than the rule, I don't see how the solicitor has done anything wrong.

I pride myself in being the exception to the rule. It means im generally ahead of the game. Now ask yourself who is the mug here? The idea that people enter into a contract before they have the finished goods is ridiculous.

If im the exception to the rule (ive bought 4 houses in this country) then good luck to the rest of the market - im not going to change!

Please disclose if you are a solicitor.

PS Incidentaly, the last property I purchased went down this path. Builder delaying. Tried to get me to sign contracts before the gas was even hooked up! I never budged for about 6 months. I actually had to reapply for my mortgage because the builder delayed so long. I didnt blink an eye. Once I signed - no heat was going to be MY problem. Funny enough there are still properties not completed in this last development - so i sure am glad I stuck to my guns.

 

[nai]

yankinlk - i guess you weren't buying houses that there was a lot of interest in then - try your tactic in some of the newer developments that went up in high interest areas over the past few years and your tactics wouldn't have stood up. builder would have just passed you back your booking deposit when the 3/4 week cooling off period finished and given the house to the next person on the waiting list.

 

[MrMan]

I pride myself in being the exception to the rule. It means im generally ahead of the game. Now ask yourself who is the mug here? The idea that people enter into a contract before they have the finished goods is ridiculous.

If im the exception to the rule (ive bought 4 houses in this country) then good luck to the rest of the market - im not going to change!

Good for you.

Please disclose if you are a solicitor.

For what it's worth no.

The reason its the exception is that most people want some sort of alteration to a house and a builder is not going to make changes when the 'purchaser' has not committed. I still don't see how the solicitor was in the wrong when they were only operating according to standard Irish practices.

 

[Trustmeh]

builder would have just passed you back your booking deposit when the 3/4 week cooling off period finished and given the house to the next person on the waiting list.

Madness.

That sounds similar to the way gazumping was common practice only a few years ago. Now maybe its the time to change this "standard Irish practice".

I still dont believe that it is/was standard practice all over the country...3 of my 4 purchases were in "hot areas" at the time...maybe not hot areas of dublin...

 

[MrMan]

Madness.

That sounds similar to the way gazumping was common practice only a few years ago. Now maybe its the time to change this "standard Irish practice".

I still dont believe that it is/was standard practice all over the country...3 of my 4 purchases were in "hot areas" at the time...maybe not hot areas of dublin...

The standard Irish practice was my quote so I don't think you can attribute that to nai's post, but I can back up their assertion as to handing back deposits when purchasers don't sign. Even in the current climate we have handed back deposits to people that drag their heels when it comes to signing, it hasn't happened of course on a development that is struggling, but there are usually incentives in place i.e sign within certain period and receive cashback, appliances etc etc.