Advice For FTB

cons

Hi Everyone

FTB looking at first property!

we have seen a house in the area we like its on at offers over £69000

I have checked mouseprice:

Free valuation estimate: £50,200
Value range: £45,180 to £55,220
Transaction history: Sale price Date
£47,570 09-01-2006

my girlfriends mum says she is positive its been on market for over 6 months, and i am lead to believe reading from most scenarios when the gas,water,electricty has been disconnected its usually a repo.

What i am wanting to know is what would you knowledgable people think towards a figure for offering.

Many thanks

andy69_2

Depending how much you can afford I would start at 59000, then if they say no...which they will I would offer 62000, if they say no again I would offer 64 and if they say no i would say 65 and thats the maximum, but it all depends what work needs doing on it etc etc....

Cannon_Fodder

Google 'Property Bee', and install it on your PC, to view more details on Rightmove - that should tell you how long its been on for...

What part of the country?

use http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/ to check price movement in your locality.

Many places are still under/around 2006 prices, despite the positive figures over the summer, so unless its had lots of work done to it since the 2006 sale it will be worth no more than that...

cons

hi thanks for your advice, property bee is invaluable!

i am in Scotlands hence the Offers Over nonsense. Small area in Fife about 15miles from Edinburgh

i have checked home report and there is some word needed to be done for it to become habitable.. my gut feeling is that its not worth any more than £60k

andy69_2

Start with 54 then and then go to 56 and then go to 58500 to leave you with a bit to play with if he comes back saying no...

cons

andy69 wrote: »

Start with 54 then and then go to 56 and then go to 58500 to leave you with a bit to play with if he comes back saying no...

going to see property tomorrow lunchtime

home report states some dampness etc, time will tell

thanks everyone

Cannon_Fodder

Pah! Scotland, so the Land Registry is not much use then...

http://www.nationwide.co.uk/hpi/calculator.asp?calculate=true includes Scotland, indicates £54k.

But unfortunately it doesn't drill down into the regions for better accuracy...

http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/qr.stm shows recent Fife price moves.

But if its in poor condition, its going to be difficult to relate to any averages. Compare with similar nearby properties that have sold at http://shp.ros.gov.uk/ and that are up for sale in similar condition.

cons

Hi guys just a little update

went to see the property on Saturday, girlfriend immediately fell in love with it!

Anyways the property is marketed at offers around £69k

from going over the whole property

every room needs decorating, couple doors need replacing ( someone has punched holes in them ).
loft has 50mm insulation and no wall insualtion ( so ideally loft would need 250mm insulate and walls cavity filled )
Bathroom is half complete requires a toilet and an electric shower fitted.
Garden is basically waste ground
There is a half built garage, no door on front etc
needs a fence/wall put up around perimeter as there is a walkway to the side leading to a park.

Home report says

Localised damp readings were obtained to lower wall areas within the property.
Staining was also noted to a number of roofing timbers, particuarly adjacent to
chimney details.

i couldnt see anything, but was listed as a category 2 in report

taking all of that in, if i can secure a mortgage

would a starting offer of £60k sound reasonable?

i have a deposit of around £10k

many thanks

also on the window there was a 14 day notice for removal of all furniture etc.. does that point to a repo?

tek-monkey

Def a repo if they've got a removal notice in the window. Dunno about the rest of the work, but you may be able to get loft insulation for a quid a roll from here.

cons

Turns out the house doesn't have planning permisson for garage that was built, kitchen has been extended and had a wall removed again no permissions.. my gut feeling is to walk away.. EA even said the DG windows may be non compliant and might need checking

Anyways i had a viewing for another property but the EA says

We are currently working on an offer on this property and as such no further viewings are being booked at the present time.

but what about if i want to offer? does that means end of checking propertY?

lowtidesurf

Why make an offer on a house that has no planning permission for most of it.

If your gonna make an offer pay the price of what the Land would cost, or just walk away.