Could a property devalue between placing deposit and draw down?

K

karlod

Registered User
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65
Hi guys

I bought an apartment in may '06 in Hampton Wood in Finglas. Im still waiting to move and have been told that it will be towards the end of the year. Im just wondering, is there a chance that the apartment is worth less than the price i signed for?

Cheers
Karl
 
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Re: Is there a chance it could be worth less?

It could be if it was at the height of prices, check myhome to see how much other appartments in the area are selling for?
 
Re: Is there a chance it could be worth less?

yes, probably...as May 2006 was when prices hit an all time high.
 
Re: Is there a chance it could be worth less?

Only a FTB could buy it from you without paying stamp duty. That factor also tends to hold down 2nd hand prices relative to new builds.
 
Re: Is there a chance it could be worth less?

Oh err, not really what i wanted to hear. Would there not have been some growth between may and december last year. The "Slowdown" didnt really happen until early this year?
Now i think i know the answer to this but are you tied in for the full amount?
If i was to go 100% will the bank give an amount on what i signed for or do they generally do a valuation and lend based on that?
 
Re: Is there a chance it could be worth less?

Banks lend on the lower of the valuation or contract price so if the valuation comes in at less than the contract price the banks will lend 100% of this.
 
Re: Is there a chance it could be worth less?

Karlod

Please read the Posting Guidelines and edit the title of your post to make it meaningful.

Brendan
 
Re: Is there a chance it could be worth less?

GeneralZod said:
Only a FTB could buy it from you without paying stamp duty. That factor also tends to hold down 2nd hand prices relative to new builds.
Click to expand...
If you have not closed yet and the contract is transferable then I am not sure if this will apply.
 
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