Over Priced?? Your thoughts Please :)

freeride

Skyler wrote: »

We are a couple of weeks away from completing the sale of our business. We've been looking for houses for a few weeks and we're trying to find something which we could be in for a very long time (a definite buy till you die!!).

Now our price limit is £210k we will have a 70% LTV. We've found a property that ticks all our boxes however it's over our budget. The house is up for sale for £250k it was purchased in Jan 2007 for £230k. As far as I can gather the improvements made to the property were carried out before the current owners moved in, so basically they would have paid the premium for the 'extras' when they bought it.

I've checked on the Nationwide property index and on Zoopla and both are coming back with current values of between £200k and £210k. Now I'm under no illusion that they would accept an offer of £200k but would it be too cheeky to put an offer in of £210k?

When I spoke to the EA they confirmed that the property has been on the market for over 6 months and although there had been some interest nothing had come of it as the potential buyers had property which they couldn't sell.

What are your thoughts? Would an offer of £210k be too cheeky?[/QUOTE

If you offer too low and insult the vendor, be prepared to loose the house that ticks all the boxes.

RobertoMoir

Skyler wrote: »

Really?? Where did you get one of those from? I'd love a discount card I'd never be away from the place

Well the plot thickens, I've checked on property bee and the house was originally up for sale at £279,950 in July 2008 (£50k more than they purchased it for in January 2007)!! Now reduced to £249,950. I've got to say that I'm confused now as I don't know how they have come up with the sale price. Judging by how much they have reduced it by already I very much doubt they will reduce it much further.

Ho hum, we'll see what the EA says tomorrow

Depends how much they want to sell it for vs. how much someone else wants to buy. A house, a car, a watch is only worth whatever people are willing to pay. If they need to sell and it just isn't shifting then they'll have to look at offers and then its game on. Of course, if they mortgaged to the hilt and then some, they can't drop past where they start to lose money on that, but that's their problem.

freeride

Gwhiz wrote: »

That would be my start point as well. We're 20-25% off peak right now so lets assume that property reached £260 at peak then £200K is around a 23% discount.

I take it you know what region the house is in?. and what the condition is?

Skyler

I definitely take your point, when we viewed the property they told us the reason why they needed to move but to be honest I don't know if I fully believe them. The house is gorgeous I certainly wouldn't want to sell unless it was absolutely necessary.

bo_drinker

We viewed a property yesterday 199,950. It is in a sought after area and we weren't swept away by it tbh. We both said it was overpriced, on discovering Zoopla they valued it @ 185,000 How accurate can Zoopla be ?? The agent who is selling is still over valuing as he did when we sold ours (12 months to sell) According to Zoopla he is 15k over ??

Skyler

bo_drinker wrote: »

We viewed a property yesterday 199,950. It is in a sought after area and we weren't swept away by it tbh. We both said it was overpriced, on discovering Zoopla they valued it @ 185,000 How accurate can Zoopla be ?? The agent who is selling is still over valuing as he did when we sold ours (12 months to sell) According to Zoopla he is 15k over ??

I've used Zoopla, house price website and the nationwide property price index to get a general idea of what the property is now worth. All are just a guide though but in my case the propert is massively overpriced compared with the info I've found.

Yes the house is gorgeous but take away the kitchen/conservatory room all your left with is a well maintained well decorated house. I don't see how you can put a premium on a property of £40k - £50k just because of a kitchen/conservatory room??

Would anyone in the know like to take a look at the property for me so I can have some expert views?

pawpurrs

Happy to....

Skyler

You have PM

pawpurrs

Thanks,although not my sort of house, I can see the attraction, the kitchen looks very nice, an new, and ofa good spec, and the conservatory as well, I see where you are coming from.
Are you saying that the present owners did none of this work, that it was all the previous owners?
I cant comment on price other than if they have done no work to the property at all and on the basis only of what they paid for it, on paper it seems a little over priced. If however they updated it totally to the standard it is now, they the price could be Justified more.

heather_helo

from what i have read i think the current vendor wants to recoop as much as possible - may i suggest a 2nd viewing at an inconvinien time for the estate agent - i.e late at night so the vendor has to show you around - that way you may get more info out of them, do some more digging - see if there are any obvous structural deffects - tiles on roof , damp etc and use these to haggle with the agents. a friend of the family said to a vendors agnt once when buing a property that if he got the house for good price TODAY he would pay for a nice meal for the aget and his wife - within 1/2 hour house was off the market. i think the vendor should take an offer cerca 210,000.00 in the current market