Browse Forums Home Finance 1 Feb 11, 2019 1:19 pm 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 Re: Land Price Valuaiton Reduction before Registration 2Feb 11, 2019 7:39 pm 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. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land Price Valuaiton Reduction before Registration 3Feb 11, 2019 7:51 pm 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 Re: Land Price Valuaiton Reduction before Registration 4Feb 11, 2019 7:55 pm 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. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Upgrading your windows to soundproof ones, like triple-glazed, can make a significant difference. While changing window… 4 11656 I am in the same situation, would you be able to give some insights in to this? I am in SA 8 17047 Ardo That is so funny! I wonder how many people know who Larry Haun is these days. I have a couple of young guys we call Mo 1 & Mo 2 who run a crew of 6 boys and… 9 15518 |