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Affordable housing price drop

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  • 10-06-2010 10:00pm
    #1
    greengirl31
    Registered Users Posts: 416 ✭✭


    Hi All ....

    I went to view an Apt. this day 2 weeks ago and the one I wanted was €230K on the open market and €184 on the affordable housing scheme. I put the mandatory €3k deposit down to keep it. In the mean time I have to go off and secure my mortgage. I need 6 mths "healthy" statements for the bank which I won't have until the end of July (lets just say January was a tough month). I haven't told the council this but they don't seem to be in too much of a rush ...
    Anyway, today I just decided I'd check the price and there's been a dramatic drop - down to €190K on the open market and €152K on affordable housing !!
    I have my deposit receipt which states the price but I'm sure when It comes to actually signing on the dotted line I'll be able to re-negotiate the price
    has anyone had any experiance with this or any views ???
    Thanks
    A


Comments

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    #2
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Did you sign anything that commited you to the full purchase at the price given at the time?


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    #3
    greengirl31
    Registered Users Posts: 416 ✭✭greengirl31


    Zamboni wrote: »
    Did you sign anything that commited you to the full purchase at the price given at the time?

    On the receipt for the deposit I gave it has the values on it but i haven't signed anything yet ....

    I really like the place and i don't want to loose it but at the same time 30K is 30K !!


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    #4
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    greengirl31 wrote: »
    I have my deposit receipt which states the price but I'm sure when It comes to actually signing on the dotted line I'll be able to re-negotiate the price
    Go talk to everyone involved immedietly, don't wait until the deal is closing.


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    #5
    MRBEAVER
    Closed Accounts Posts: 206 ✭✭MRBEAVER


    I assume that the €3K is just a booking deposit so you should be able to pull out and even have it refunded. It is probably likely though that they will offer you the property at the revised price. maybe jan was a good month if it saves you €32K


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    #6
    ChewChew
    Moderators Posts: 24,367 ✭✭✭✭ChewChew


    OP same thing happened me this year. The house i bought was on the market for 245k and the council were selling for 200k on the affordable. so by the time i got all my paper work sorted and the mortgage secured with an approval in principle letter the market value of the house dropped to 225k but the council didnt drop their price to fall in line with the 20% discount you are supposed to get with the scheme. so i had to contact the council and they told me they wouldn't reduce it because the developer wouldn't agree to it. so i got hold of the developers mobile number and i hounded him and hounded him and eventually after 6 weeks told him to shove his house that i was going to a different council to get a house (which wasnt a lie) so he immediately backed down and went to the council and they both agreed to sell the house to me for 180k!!!

    Basically what I am saying is that dont just expect your council to reduce the price. you might have to fight for it.... best of luck with it :)


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