No - the €250K figure comes from here:The op stated that they had agreed with vendor to drop another 60k therefore only have to make up 40k plus 5% of valuation from savings. I assume the 250 K figure your using is from the house across the road.
I missed the bit about the further €60K discount:The price seemed appropriate 6 weeks ago but a house acrossthe road has not sold after being on the market for 2 months and theyve dropped their asking price by 250,000 since coming on the market-need to sell.
but surely since the shortfall is still €40K + 5% of the valuation price the original poster is still overstretched and cannot obviously afford this property?have agreed a lower price with vendor saving ourselve 60k on agreed price.given that originally she felt the house was worth 200k more than the agreed price I think weve done ok. again thanks!
I suspect that your vendor is keenly aware of this. You may feel very differently about your 'dream house' if you find yourself strapped by debt and, quite possibly, in a negative equity situation one or two years from now.Unfortunately weve become emotionally attached to this house.
I'd prefer not to change lender and have to go through the whole process again and were getting a good deal from current lender.
I suspect that your vendor is keenly aware of this. You may feel very differently about your 'dream house' if you find yourself strapped by debt and, quite possibly, in a negative equity situation one or two years from now.
Up to a point, it's understandable that a lender will value a property more conservatively than, say, an estate agent.
Call the vendors bluff... This is a buyers market !!! Good Luck ....
This is because the rapid appreciation of house prices in the recent past meant meant a greater financial gain if you had stretched yourself to buy a more expensive property. If house prices are flat or actually fall in the next five years I think current buyers will have a lot fewer regrets about not stretching themselves.A lot of people regret that they did not stretch themselves a bit more when buying a house.
Brendan
Steve I never WANTEd to pay 100k above market value.I think that you should be very gratefull to your bank because they have prevented you paying €100,000 too much for this house. Anyone who wants to pay €100K over the market value for a property in a declining market is foolish! You really need to wake up!
We got to test drive the property for 18 months while looking at other properties nearly every weekend. Nothing else has compared. We rented for 18 months while house prices have been dropping all around us so feeling lucky we didnt buy at the height of it.Another house accross the road sold for 350k more than were paying and we still have a better house.We're 2 minute from the DART.2 doors from the playschool. 5 minutes from parents.Walk to the sea.wonderful neighbours.Have our own blackberries/plums/resident fox.No estate agents involved. Dont have pack up and move again! The valuation doesnt take these into account! We'll not be moving this is it.Hi Yanklink
I agree with you. The landlord was approached to sell. He presumably does not want to sell unless he gets a very good price i.e. something better than the market.
Backfromoz - you want to buy a house which is not for sale. You have to pay over the current price.
I agree with your decision to pay a bit more than this house is is worth. It is much better to buy a house which you really love than to buy a house which you don't like because it is a bargain.
Brendan
No - the €250K figure comes from here:
I missed the bit about the further €60K discount:
but surely since the shortfall is still €40K + 5% of the valuation price the original poster is still overstretched and cannot obviously afford this property?
The vendor seems to have dropped the asking price by €310K since putting it on the market!
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