What would you offer for this property?

yoyoegg

We could buy a house for cash there at the moment

Yep, I bought a 3-bed detached for cash (£178k) outside of the M25 last Sep.

dimbo61

You have to look at this property through the eyes of the surveyor!!!
He will look at recent house sales HENCE £193K for the last 2 bed property sold
Hope you have a very good deposit because the lender will not value the one you are looking at over £200K never mind £235K
Only my view but I do like the kitchen. Both bathrooms could do with updating

grifferz

dimbo61 wrote: »

You have to look at this property through the eyes of the surveyor!!!

Property built 1995, no obvious defects, so yes I imagine it will be down to recent sold prices. If you read the thread it did start with me saying I thought it was massively over-priced!

He will look at recent house sales HENCE £193K for the last 2 bed property sold

I'd love for that to be the case but I imagine that the 2 bed property which sold for £193k needed a lot of work (is there a way to tell? No images on rightmove sold prices for that one), or there was some other problem which led to that sold price.

#8 selling at £207k 14 months ago seems a lot more in line with other properties in the vicinity which is why I have been so keen to compare this one with that.

Hope you have a very good deposit because the lender will not value the one you are looking at over £200K never mind £235K

Have a look back through the thread; there is no way we will be offering anywhere near £235k. It is the vendor who feels they can get that, and I am confident they will be disappointed.

I think it would be hard to imagine it will go for less than £200k though given that it's clearly better than #8.

Mozzanov

grifferz wrote: »

I'd love for that to be the case but I imagine that the 2 bed property which sold for £193k needed a lot of work (is there a way to tell? No images on rightmove sold prices for that one), or there was some other problem which led to that sold price.

#1 http://www.zoopla.co.uk/property-history/1-missenden-close/feltham/tw14-9xn/21768650

Stock kitchen, guessing stock everything else. Sold for £193k.

#8 http://www.zoopla.co.uk/property-history/8-missenden-close/feltham/tw14-9xn/15225222

Stock kitchen also. Sold for £207k.

£215k seems reasonable, due to the extra work done (even if it is crappy, £215k kind of reflects that quality level anyway).

If you go lower than your max, it might pave the way for negotiation, if the seller wants a quick sale.

grifferz

Mozzanov wrote: »

#1 http://www.zoopla.co.uk/property-history/1-missenden-close/feltham/tw14-9xn/21768650

Stock kitchen, guessing stock everything else. Sold for £193k.

#8 http://www.zoopla.co.uk/property-history/8-missenden-close/feltham/tw14-9xn/15225222

Stock kitchen also. Sold for £207k.

Ah, thanks. Didn't think to check zoopla for pics.

If you go lower than your max, it might pave the way for negotiation, if the seller wants a quick sale.

You think we should get an offer in now to make sure they know we are at least interested, or wait a bit?

caeler

I used to live in TW18 and this is a stark reminder of what you don't get for such a lot of money. An end of terrace is always going to be more appealing resale wise but you could do all those nice finishes better and for a fraction of what they want extra. It appears the end of terrace is priced the same as other 3 beds in the area but this could possibly be down to location too (I don't know feltham all that well).

caeler

You've probably figured this out already but the modern look end of terrace only went on the market on 29 Jan 2013 so I doubt they'll want to consider negotiation at such an early stage.

Mozzanov

grifferz wrote: »

You think we should get an offer in now to make sure they know we are at least interested, or wait a bit?

I don't know, mate. The last two properties sold within what - three months (2012) and five months (2011)?

The second was a bit quicker, I guess the offer came along quite soon. Did you ask the EA what interest their had been - viewings, any offers, etc? They will probably lie, though. Did the vendor give you the impression they want to move quickly?

I remember my mother putting in an offer before an EA had even had a chance to list the property, just mentioned there was a new one in as things had fallen through on the other she was interested in. So, the same day she went to view it and put an offer in after seeing the garden (it is a very lovely garden too, especially after all the work she has done on it), before even going into the property. The offer was accepted and that's where she still lives. So, in this case, a quick offer worked well (it's a home for life, a spacious detached bungalow). That doesn't mean it will with every situation.

grifferz

caeler wrote: »

An end of terrace is always going to be more appealing resale wise but you could do all those nice finishes better and for a fraction of what they want extra.

Exactly. The finish is not that great... it's why we would really have preferred something in the state of #8 and pay what was paid for #8!

It appears the end of terrace is priced the same as other 3 beds in the area but this could possibly be down to location too (I don't know feltham all that well).

I know it fairly well as I lived two doors down from it for five years. But between the sale prices of #1 and #8 and the fact that there is a 3 bed semi with attached garage 2 minutes away on the same estate on for the same asking price.. that is my basis for feeling this 2 bed end terrace is over priced.

grifferz

Mozzanov wrote: »

Did you ask the EA what interest their had been - viewings, any offers, etc?

I think we were first to view; agent had just got a key cut and it didn't turn very well, he said it was the first time he'd tried to use it. For a few seconds I think we all thought the viewing was not going to happen.

This was Monday 4th and it'd only been on the market since Tuesday 29th.

Did the vendor give you the impression they want to move quickly?

He said vendor wants to buy a new build "quite soon", but that they need £235k for that. I said they won't get it; he said that he had advised listing at £240k in order to expect to sell for £220k but that vendor insists they require £235k.

In this case, a quick offer worked well (it's a home for life, a spacious detached bungalow). That doesn't mean it will with every situation.

Since it's only just been listed then I think the best we could hope for is them saying they will wait for more offers, and if the story is true (vendor requires £235k for new build) then they will probably immediately reject, but I suppose we have to give it a go...

Thanks.