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    • travelmonster
    • By travelmonster 18th Mar 17, 11:05 AM
    • 81Posts
    • 1Thanks
    travelmonster
    Property value affect on mine ?
    • #1
    • 18th Mar 17, 11:05 AM
    Property value affect on mine ? 18th Mar 17 at 11:05 AM
    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?
Page 1
    • Crashy Time
    • By Crashy Time 18th Mar 17, 11:19 AM
    • 3,736 Posts
    • 1,874 Thanks
    Crashy Time
    • #2
    • 18th Mar 17, 11:19 AM
    • #2
    • 18th Mar 17, 11:19 AM
    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
    • By davidmcn 18th Mar 17, 11:24 AM
    • 4,951 Posts
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    davidmcn
    • #3
    • 18th Mar 17, 11:24 AM
    • #3
    • 18th Mar 17, 11:24 AM
    One discrepancy might be overlooked but three suggests a pattern.
    • Crashy Time
    • By Crashy Time 18th Mar 17, 11:27 AM
    • 3,736 Posts
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    Crashy Time
    • #4
    • 18th Mar 17, 11:27 AM
    • #4
    • 18th Mar 17, 11:27 AM
    Op, why don`t you just get a valuation done?
    • travelmonster
    • By travelmonster 18th Mar 17, 12:15 PM
    • 81 Posts
    • 1 Thanks
    travelmonster
    • #5
    • 18th Mar 17, 12:15 PM
    • #5
    • 18th Mar 17, 12:15 PM
    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
    • By caronoel 18th Mar 17, 12:27 PM
    • 664 Posts
    • 860 Thanks
    caronoel
    • #6
    • 18th Mar 17, 12:27 PM
    • #6
    • 18th Mar 17, 12:27 PM
    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.
    Originally posted by Crashy Time
    Ignore anything this muppet says. He is regularly ripped to pieces in the Debate house prices forum for nonsense like this.
    • Crashy Time
    • By Crashy Time 18th Mar 17, 12:34 PM
    • 3,736 Posts
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    Crashy Time
    • #7
    • 18th Mar 17, 12:34 PM
    • #7
    • 18th Mar 17, 12:34 PM
    70k is a reasonably big price drop, the children of the previous owners must be quite well off?
    • JP1978
    • By JP1978 18th Mar 17, 12:35 PM
    • 208 Posts
    • 169 Thanks
    JP1978
    • #8
    • 18th Mar 17, 12:35 PM
    • #8
    • 18th Mar 17, 12:35 PM
    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
    • By Crashy Time 18th Mar 17, 12:43 PM
    • 3,736 Posts
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    Crashy Time
    • #9
    • 18th Mar 17, 12:43 PM
    • #9
    • 18th Mar 17, 12:43 PM
    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'
    Originally posted by JP1978

    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?
    • travelmonster
    • By travelmonster 18th Mar 17, 12:53 PM
    • 81 Posts
    • 1 Thanks
    travelmonster
    They were private sales without an estate agent involved etc
    • moneyistooshorttomention
    • By moneyistooshorttomention 18th Mar 17, 1:04 PM
    • 12,179 Posts
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    moneyistooshorttomention
    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.
    **************************
    • cashbackproblems
    • By cashbackproblems 18th Mar 17, 1:04 PM
    • 1,580 Posts
    • 599 Thanks
    cashbackproblems
    As a buyer and with this information easy to access online, i would use the 180 as a base of my offer. Are there no similar houses on sale anywhere?
    • Mrs36
    • By Mrs36 18th Mar 17, 1:06 PM
    • 125 Posts
    • 201 Thanks
    Mrs36
    What are the most recent sales? You say over the last few years, but what has sold recently, that will give you an idea of current values.

    12 years ago the market was very different. You should really get a valuation to give you a starting point, but as we have said on this forum many, many times your house is only worth what someone will pay, and that is the price you need to find.
    Last edited by Mrs36; 18-03-2017 at 1:08 PM.
    • moneyistooshorttomention
    • By moneyistooshorttomention 18th Mar 17, 1:14 PM
    • 12,179 Posts
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    moneyistooshorttomention
    As in 12 years ago was pre-2007?

    I guess that boils down to "What area are you living in?". This would be a problem in some areas - but, in other areas, the price will have recovered to pre-2007 levels and gone up rather more.
    **************************
    • sparky130a
    • By sparky130a 18th Mar 17, 1:36 PM
    • 468 Posts
    • 617 Thanks
    sparky130a
    But the buyer has been sneaky.
    Originally posted by travelmonster
    How?

    They were simply one half of an agreed transaction....
    • teddysmum
    • By teddysmum 18th Mar 17, 3:34 PM
    • 7,185 Posts
    • 4,232 Thanks
    teddysmum
    Next door to us sold to a developer for a very low price, as the seller wanted the money quickly. However, it is a 1970s build and still had the original kitchen and bathroom, together with some rather ugly semi-permanent 'decoration', rotting wooden windows and a drive needing resurfacing.


    It never occurred to me that it would affect the price of our house,as properties on this estate sell quite well.
    • moneyistooshorttomention
    • By moneyistooshorttomention 18th Mar 17, 3:42 PM
    • 12,179 Posts
    • 33,125 Thanks
    moneyistooshorttomention
    Next door to us sold to a developer for a very low price, as the seller wanted the money quickly. However, it is a 1970s build and still had the original kitchen and bathroom, together with some rather ugly semi-permanent 'decoration', rotting wooden windows and a drive needing resurfacing.


    It never occurred to me that it would affect the price of our house,as properties on this estate sell quite well.
    Originally posted by teddysmum
    When I sold last house - I got over the fact that a nearby similar house had sold "under value" because it was just one house. I would have promptly turned round and countered that with "But - another house nearby has sold at the same sort of time over value". But if 3 houses nearby have all sold under value and none over value - that is a rather different kettle of fish and I can understand why OP would be worried theirs would also sell under value.
    **************************
    • Cakeguts
    • By Cakeguts 18th Mar 17, 4:46 PM
    • 2,075 Posts
    • 2,606 Thanks
    Cakeguts
    What something sold for 12 years ago and what something sold for in the last 4 years makes no difference to what something will sell for today. If you have a very desirable house in a very desirable area the competition between buyers will soon tell you what the price ought to be.
    • Crashy Time
    • By Crashy Time 20th Mar 17, 11:02 AM
    • 3,736 Posts
    • 1,874 Thanks
    Crashy Time
    What something sold for 12 years ago and what something sold for in the last 4 years makes no difference to what something will sell for today. If you have a very desirable house in a very desirable area the competition between buyers will soon tell you what the price ought to be.
    Originally posted by Cakeguts

    Yep, and no competition, or very little competition, tells you that it is time to lower price expectations.
    • 3mph
    • By 3mph 20th Mar 17, 11:09 AM
    • 141 Posts
    • 142 Thanks
    3mph
    If I lived there I would be less worried about property prices and more about local life expectancy.
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