Drop in house price: can approach the bulider for some sort or reduction/compensation

L

LadyK

Guest
Guys,

Have a quick question for you...

I put a deposit on an apartment in Feb 2008, the gave my 10% etc...

Other apartments beside me have now dropped by €100,000 each...
i havent moved in yet and will be snagging next week..

Does anybody think i can approach the bulider for some sort or reduction / compensation??

All adivce much appreciated

X
 
Re: Drop in house price

Hmm. It's an interesting one.

Not sure but...You could try to tell the builder that you simply do not have the funds now as you can't get a mortgage anymore given the credit crunch.

You could also tell him you can now only get a lesser mortgage than originally anticipated and will only be able to pay that amount.

At which point the builder could try to sue you for the remainder.
If you have it through other assets then he would quite possibly be successful if he went to the trouble of suing you.

However if you genuinely do not have it then he can sue you all he wants but he would be left with your deposit and an unsold house which he probably would not be able to sell.

So in a nutshell - if you call his bluff he may just give you a few quid off just in case he is lumped with the thing.

Worth a shot anyway.
 
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