Valuation of new build

5 replies

firstimebuyer · 22/02/2011 09:15

We are buying a new build and the survey has valued it nearly 3k less than it was being marketed by the builder. We can only get a mortgage up to 85% of the value, so could potentially have to pay this out of our own pocket, which will stretch us too far. Plus I don't want to pay more than the house is actually worth ifkwim

Sales office is now shut until Thursday so it's a waiting game to find out whether they are going to lower the price or not.

Anybody got any experience they would like to share to reassure me whilst I wait?

TIA

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QuintessentialShadows · 22/02/2011 09:18

I would offer 10% less than the asking price. Or 15%.

I recently spoke to somebody in a sales office for a particular development in London, and she divulged that they had accepted offers for 10% below asking price.
You can only offer, and hope! The worst thing that can happen is that they say no, and give you a chance to come back with a better offer.

lalalonglegs · 22/02/2011 10:04

I think #3k less than asking price is nothing - everyone negotiates on price and developers are well aware of that. Readjust your offer (and I would do that by much more than the #3k you are worrying about).

Rindercella · 22/02/2011 10:10

I assume you have already had an offer accepted if you have had a survey done? If so, just go to them and say that you are revising your offer based on the surveyor's report. Stand firm. I think if the builder knows you have your mortgage in place they would be foolish to even blink over 3 grand.

Good luck!

minibmw2010 · 22/02/2011 11:45

We weren't aware when we bought our new build (6 odd years ago) that builders do "deals" so we didn't review the price with them at all. I really wish we did though as we know now that our neighbours who moved into an identical house paid almost £40K less for their house, pah. Definitely renegotiate.

Original poster

firstimebuyer · 24/02/2011 11:32

Thanks for your replies...I did check back yesterday but didn't want to tempt fate by commenting!

We have managed to secure the house for 10k less than it was originally marketed at, although the builder has removed their "deposit assist" offer (which was in effect a discount any way) long and short of it is we have the house and thanks for making me feel more positive the other day :o

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