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Property value affect on mine ?

Around 12 years 4 houses sold in my area for around 250k. However recently (last couple of years ) 3 houses were bought below market value by the same individual for 180k each. But they were quick sales where owners had passed away at some point and their children just sold them at bargain prices.

Now can I ask would that affect my property value aswell if I was to sell?
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  • Crashy_Time
    Crashy_Time Posts: 13,386
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    Yes, and if the children could have sold for 250k I`m sure they would have? Last sold prices are what people will see when they research the area.
  • davidmcn
    davidmcn Posts: 23,596
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    One discrepancy might be overlooked but three suggests a pattern.
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    Op, why don`t you just get a valuation done?
  • The children just agreed to fixed prices.to get the sale over and done with as they haven't visited their parents for years. No idea why. But the buyer has been sneaky. Anyway, doing a valuation won't do anything. Because the lender do their own valuation I'd presume.
  • caronoel
    caronoel Posts: 908
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    Yes, and if the children could have sold for 250k I`m sure they would have? Last sold prices are what people will see when they research the area.

    Ignore anything this muppet says. He is regularly ripped to pieces in the Debate house prices forum for nonsense like this.
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    70k is a reasonably big price drop, the children of the previous owners must be quite well off?
  • JP1978
    JP1978 Posts: 527 Forumite
    Once one was sold at 180k the same buyer could use that as a bargaining tool to reduce the others. I would just be sure to pass that on to any prospective buyers - who could be in a chain, so not likely to be able to reduce 'for a quick sale'
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    JP1978 wrote: »
    Once one was sold at 180k the same buyer could use that as a bargaining tool to reduce the others. I would just be sure to pass that on to any prospective buyers - who could be in a chain, so not likely to be able to reduce 'for a quick sale'


    The 180k sales (three times) suggest that there wasn`t any competition to pay above that price though, that is the problem for someone who wants to sell for 250k?
  • They were private sales without an estate agent involved etc
  • I'd be concerned too in your position - ie about one individual having pulled that stunt on 3 nearby houses.

    They will clearly be after yours as well.

    I think all you can do in the circumstances is have to hand the details of similar houses in similar areas nearby and tell would-be buyers of yours exactly what has happened and what the "real" value of your house is - and then keep your fingers crossed.

    Personally - I'd be checking out the person that is buying up these houses nearby as much as I could - to see what (if anything) I could find out about them. If you're lucky = they've overstretched themselves and the problem no longer exists. If you're unlucky = they're still at it and underpaying for nearby houses and you're next on their "Hope I've found a mug" hitlist. Either way - knowledge is power and you might as well see what you can manage to find out.
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