House bought in Dec for 10k less than asking price

lmjohstone

Hello there!

My other half and I are first time buyers and have looked at 5 properties (all one-bed houses or maisonettes). We looked at one today which seems really well priced and has had kitchen, bathroom and decorating done recently (all but one of the others we have looked at have needed new kitchens/bathrooms or both).
I asked the estate agent why the current owners were moving, and he said that the guy has a disabled son and he wants to move closer to him.

I came home and looked up the property on ourproperty.co.uk and the guy bought it in December 2010 for 10k less than he is asking for it.

I still think that its an absolute bargain, but this has made me wary. My other half just thinks that he has clearly bought it to do up and then sell, but why doesn't the estate agent just say that?! I have no qualms with buying a house someone has done up (as a FTB there is a limit to how much I'm willing to "do-up" a house) but something in the back of my mind is saying this is odd.

None of the houses around it have been sold recently so there isn't much to compare it with.

Does anyone else see this as odd? Or am I just paranoid?

Thanks!
Laura

poppysarah

Just because you're paranoid doesn't mean they're not out to get you.



I'd be wary. Has he just tarted it up and wants to make 10k or has he bought it and found neighbours from hell or more serious problems?

Some lenders won't lend on property bought 6 months ago or less....

lmjohstone

Thanks for your reply - I forgot about the six month thing, but I guess we are getting close to six months now.

Re the neighbours: None of the properties around it have been sold since 2000, so even if the guy didn't get on with them, it would indicate that there is nothing wrong with the neighbours.

I think I will bring it up with the estate agent when they ask for feedback.

DannyboyMidlands

I don't think that you're being paranoid but the vendor is being cheeky. At best it sounds like he wants you to give him £10k for about £5k worth of work. At worst he's just trying it on and the work had already been done when he bought.

Either way it's a falling market so you should offer less than he bought it for.

lmjohstone

I've just spoken to the other half and he said there is no way the bathroom/kitchen/decorating was less than four months old.

If we were offering less than he paid for it (123k - can't remember if I mentioned this) then I'd feel like we were being cheeky as thats less than any of the other properties we have looked at and its one of the nicest! But then again I think the properties round here are all overpriced!

satchmeister

lmjohstone wrote: »

I've just spoken to the other half and he said there is no way the bathroom/kitchen/decorating was less than four months old.

If we were offering less than he paid for it (123k - can't remember if I mentioned this) then I'd feel like we were being cheeky as thats less than any of the other properties we have looked at and its one of the nicest! But then again I think the properties round here are all overpriced!

Don't be cheeky, property always goes up so offer the full asking price and give him 10k extra for his trouble.

I would offer at least 10k less than he bought it for; the market has changed.

Jenniefour

Why not just decide what it's worth to you, and start by offering less if you're interested? And would it matter if he's done it up - sounds like that's possibly what you would want and most of the others you've seen need work. And unless you're very handy or a proper tradesman then 10k for a new kitchen and bathroom sounds reasonable to me - unless, of course, it really is cheap and nasty.

serious_saver

They probably bought cheap it at auction or as probate and want to sell it on for a quick profit. Nothing particularly wrong with this, a lot of investors do this because they can get great deals by buying quickly with cash. If you do the usual checks and go into it with your eyes open there shouldn't be any surprises.

The estate agent probably didn't know and made up a story on the spot. I'm trying to buy myself and I don't trust them at all (I know I'm generalising here but we've not had many good experiences so far).