Huge drop in property value + contracts signed months ago, anyone?

E

Elbuyer

Guest
People who signed contracts for a property "to be finished" months ago is finding now, that after a final valuation report, there has been such a big decrease in the property value that the lender won't release the funds as per the letter of offer and is forced to:
1) re-negotiate the price of the property with the agency / seller down to what the final report estimates.
2) get out of the contract and lose a few K.

Anyone can comment on this?
 
This has been discussed multiple times before, please use the search facility.
 
Thanks, I found some results, but didn't find anyone telling how the story ended. Just wondering how many are facing a similar situation and how flexible the builders are.
 
I'm working on a case at the moment where the client's solicitor has successfully renegotiated a 90k price drop where signed contracts have been in place since 2007. Due to close at the lower price now in a few weeks, so it can be done - first one I've come across where price has been succesfully renegotiated.
 
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