Price Reduction

D

dublingirl11

Registered User
Messages
61
Does anyone know what happens if the price of your affordable house goes down sinec you picked it.

When I picked mine and got it valued it was 327,000
Was re-valued today and it is valued at €280,000
They are charging me €260,000 for it - is there anything I can do to get it reduced - its Dublin City??
 
im buying with SDCC and i got an independent valuer to value mine from valuations.ie. they were great and as soon as it was done they submitted it to the Council. I was able to re negotiate the claw back amount then.
tho it seems there is not much difference in reduction, i would rather buy on the open market for that price.
 
on the open market they seem to be selling for 299,000 for the 2 bed I am getting for 260,000 but still
 
just get ur clawback reduced.....that way ur still getting a bargain, but you are less in debt to DCC.

If you buy on the open market you'll have to have a massive deposit, u dont need this with DCC. If you love the apt, and location etc...then just go for it. Ur still gettin it 20 grand cheaper. And u have to go WAY back to square one of u decide to pull out.
 
Hi DublinGirl11,

On the open market they're going for 299 and you're valuation came in at 280.....so for arguements sake the true open market value is the average of the 2. If the affordable purchase price is only 30K less than the current market value I would let it go by. In 3 months time the market value may be what you're thinking of paying....Im no economist but prices are only going one direction and it's not up! :)

I'm buying an Aff apartment and the difference between market value and aff purchase price is about 100k...plus its in a location that suits me for work, socialising, being close to family etc....if all these 3 boxes weren't ticked I wouldn't even give it a second thought.

Bear in mind for a 30k reduction: you're tied into the claw-back, lose your FTB status and given a bit more time could purchase the same property on the open market where it's 100% yours.
 
i am so confused by it all - am now trying to get them to reduce the clawback -
it ticks all the other boxes close to work home everything lovely apartment its just i am ensure about it now that only getting 20,000 off
 
there was only 40 k in the difference of the apt we got and the value price, not even. i think its the fact you dont need to give a huge deposit, plus you are actually getting in cheaper than it would normally cost you in the open market.
 
I agree with helen. If you love the apt, location etc and u plan to be there for at least 5 years then just go for it.

Dont get bogged down with all that ****e....theres ALOT of people out there in ALOT worse situation that paid 390,000 for their apts and are crippled with mortgagees. Think of the positives, your still getting it 20,000 cheaper than MV, u dont need a deposit, ur inches away from closing the deal.

Could you honestly deal with going right back to sq 1?

Get ur clawback reduced and then got for it girl!
 
Hi DublinGirl11,
one question.....are you buying with DCC? Did they carry out the valuation that was reduced from 387 to 280 or did you get an independent valuation done?
If youre buying with DCC I know for a fact they re-valued ALL the apartments on their books in November/December. I got my apartment MV reduced by 40k and claw-back was reduced also HOWEVER when they sent me the letter they had my original claw-back on it!!!!

If the MV has been reduced then so should your claw-back....they go hand-in-hand. It may be that they forgot to update your confirmation to lender letter.

I know, it's REALLY confusing....I've been through it only in the last couple of weeks myself but am now at snagging stage so if none of this makes sense feel free to PM me.
 
Dublin city council will always overvalue the property,
I was offered a property from them last feb and they had it valued at 460k

an indapendant valuation came in at 270k.
 
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