Seen a House but seems a bit cheap...

Riq

Went to look round a house on Saturday, it's £170k, the house across the road is immaculate and up for sale at £225k. So a £55k difference, there is a house 2 doors down at £220k so a £50k difference.

The estate agent does say it's purely cosmetic work needed for this £170k house, I've been to look and everything looks sound, the walls have no cracks of note, the roof looks sound, electrics upto date and boiler looks fine.

Just have this nagging doubt it's too cheap and it's been on the market since November.

Is a survey the only way I will know for sure if it is all okay? Is there something I am missing?

madmish00

Have you asked the vendors why they are moving. It may be that they need to sell as quickly as possible as so are willing to take a hit on the price.

Has it been on at the same price since November or did it start off on line with other properties and then get reduced? It may be that the other properties are significantly overpriced - are there any sold prices available for recent sales of simialr properties in the area and how do these compare to the asking price?

Failing that the only other way is to get the survey done and see what is thrown up

tomitma

I would check out the neighbours, they may be so bad that the sellers are willing to lose money just to get out of there.

kingstreet

Riq wrote: »

Is a survey the only way I will know for sure if it is all okay? Is there something I am missing?

Yes. Possibly. That's the purpose of a survey.

Marvel1

Survey is the best way.

kingstreet

tomitma wrote: »

I would check out the neighbours, they may be so bad that the sellers are willing to lose money just to get out of there.

How would you go about doing that? Assuming you're going to get nothing from the vendor, of course.

Not a smart ar*e question. Genuine interest.

Riq

The vendors didn't show us around, it's vacant, don't know why the vendors are selling.

Neighbours seemed friendly as I was coming out of the house at the same time as them.

The houses in the road are all similar, some have extensions, some don't but generally you are looking at £200k+. The house I saw was recently reduced by £10k but the guy showing us round hadn't a clue, think he was just a Saturday guy to do the viewings.

Maybe I am being too cautious. The house does need a total cosmetic overhaul so maybe a £50k difference is reasonable given those houses may sell for nearer £210k in the first place.

Wobblydeb

Knock on their door(s) and say you are thinking of buying the house next door. Ask them what they think of the general area, what are the good points and whether there are any problems.

If they are generally pleasant and polite, and nice about the people selling, you should be fine with the neighbours and need to focus on the house.

If they are a bit odd and/or nasty about the person selling I would ask some very pointed questions IN WRITING about the situation with the neighbours.

I was too shy as a first time buyer to do this, but nowadays I would not buy an attached property without knocking on doors. It is a common-place enough thing - the people who bought my terrace from me did it, and met my lovely ex-neighbour who was able to tell them what a great place to live it was

Wobblydeb

Riq wrote: »

Maybe I am being too cautious. The house does need a total cosmetic overhaul so maybe a £50k difference is reasonable given those houses may sell for nearer £210k in the first place.

There was a similar one for sale near us recently. I guess they are more difficult to shift as fewer people are playing the sell and renovate game (there's probably a lot stuck trying to shift the last project, or cannot get financing). Price difference doesn't seem too big, if you factor in some plastering, windows(?), possibly some plumbing, kitchen and bathroom.

hethmar

If its empty - is it repossessed?

iB1

Do you, by a longshot, have a builder friend that you could take round with you on a viewing? They might be able to see areas that might be a cause for concern