Land Price Valuaiton Reduction before Registration

Hi Guys,
I am a new member to this forum.

My wife and I put a deposit down for some land last April and the land was valued at $1,130,000. Our finance agreement had expired due to the land not registering, and now the new bank land valuation is $950,000, some $180,000 less than the agreed purchase price.

Do I have any way to renegotiate with the developer?
I won't be able to reduce the build price by $180k, and do not have that in savings.

Has anyone been through something similar?

Many thanks,
Dave

Oh Dave, I'm so sorry to hear this.

Where is the land? Unfortunately this is the risk of off the plan purchase and I hope you received some advice before purchase.

You can certainly try - and your best bet is probably through your solicitor, however, its unlikely the developer will renegotiate. No harm at all in trying.

The other option is you can ask your broker to try another valuation and see if it comes up higher - occasionally this produces a win.

Thanks so much... The land has taken over 8 months to Register and is still not registered. Its pretty scary! We purchased in Warriewood in Northern Beaches NSW. The developer still has vacant lots which he has reduced in price... So we are hoping we can renegotiate, hoping second valuation will be closer to thr purchase price

As you know the Sydney market has moved, and with those other blocks listed for less that will make it challenging for a higher valuation. Obviously paying less is better for you. Try that option and if it doesn't work then you could pursue the second valuation. I feel for you, that is a worrisome position.