Thoughts on why the lack of interest / low price ?

Prothet_of_Doom

Was it this :
http://www.rightmove.co.uk/property-for-sale/property-48176096.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DREGION%255E418%26insId%3D1%26maxPrice%3D60000%26retirement%3Dfalse%26radius%3D15.0%26partBuyPartRent%3Dfalse%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E93467%26maxBedrooms%3D1%26maxPrice%3D50000%26partBuyPartRent%3Dfalse%26previousSearchLocation%3DDerby%26radius%3D3.0%26retirement%3Dfalse%26searchLocation%3DWrexham%2520(County%2520of)%26searchType%3DSALE%26useLocationIdentifier%3Dtrue%26box%3D-3.49186%2C-2.56352%2C52.77974%2C53.18158%26popupPropertyId%3D48176096&fromMap=true




http://www.rightmove.co.uk/property-for-sale/property-46997110.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DREGION%255E418%26insId%3D1%26maxPrice%3D60000%26retirement%3Dfalse%26radius%3D15.0%26partBuyPartRent%3Dfalse%23_includeSSTC%3Don%26auction%3Dfalse%26lastPersistLocId%3DREGION%255E418%26locationIdentifier%3DREGION%255E418%26maxBedrooms%3D1%26maxPrice%3D50000%26partBuyPartRent%3Dfalse%26previousSearchLocation%3DDerby%26radius%3D15.0%26retirement%3Dfalse%26searchLocation%3DDerby%26searchType%3DSALE%26topMatchPersistRegIds%3D418%252C61296%26useLocationIdentifier%3Dfalse%26box%3D-1.93071%2C-1.02040%2C52.63349%2C53.19336%26popupPropertyId%3D46997110&fromMap=true


http://www.rightmove.co.uk/property-for-sale/property-29354820.html

mikolus

Was it this :

Yep, that's the one (the first one).
The same in my case - called them twice, left my number, never got the call back.
I'm going to leave it for a while, but I'm really curious what's their actual business model and how they manage to attract vendors at all.
Also, I wonder - if they are making it basically impossible to buy the property, would the vendor be able to defend breaking out of the contract and selling you the property directly? I guess it all depends on the contract...

rosie383

Ah! Springbok Properties again. They recently advertised one in our area. A 3 bed semi for OIEO £120k where the same thing usually sells for £200k. I, along with at least 40 other people had rung them within the first hour and was told we had a slot to view the next day. A number of hours later we got a call to cancel saying that the vendor's neighbour had made him an offer that he had accepted. Weird way to do things. Made me vow to never even ring about anything else they put on the market.

derbyshirenick

As far as undesirable locations go its got to be in the top 10% for the City of Derby.

However.... its close to town and most importantly walkable to pride park which is brimming with firms, specifically tech firms. I see this flat being ideal for singles, maybe new grads coming into the area to work while they find their feet.

My other concern would be though, if somebody wants a two hundred and something quid a month flat... will it be ruined every six months and need work. I suspect I am being highly judgmental here but I also suspect there is an element of truth. Not saying avoid, just keep it in mind.

ReadingTim

Seems Springbok's advertising has raised a few hackles in the past, as per this adjudication...

rosie383

ReadingTim wrote: »

Seems Springbok's advertising has raised a few hackles in the past, as per this adjudication...

I forgot the other thing that Springbok said. They were asking for sealed bids from viewers, only one per viewer. I have seen this kind of thing done before. So people will be scared into paying possibly more than the property is worth especially if there isn't much coming on the market.

AdrianC

rosie383 wrote: »

So people will be scared into paying possibly more than the property is worth

Why would anybody ever bid more than THEY think a property is worth?

especially if there isn't much coming on the market.

If supply is short and demand is high, prices rise. Price elasticity, probably the most basic economic concept. But that still doesn't explain why anybody would ever bid more for something than they think it is worth. Whether they later regret that bid, and change their mind on the worth of the property, is another question, of course.

mikolus

My other concern would be though, if somebody wants a two hundred and something quid a month flat... will it be ruined every six months and need work.

Yeah, I thought about that. I haven't got enough money for a property that will attract middle class families or single professionals, so with that one I would probably try to sell it with profit as soon as possible instead of letting. That's why I'm looking for properties, that I can easily afford to pay the mortgage for couple of months or even years.
On the other hand, I've got an apartment abroad which I let and I see the tenants on average about once every 2-3 years But I was VERY lucky with that and also I pay the price of the rent being quiet significantly below the market.

Prothet_of_Doom

I have put a note through the letter box of one, and on the outside door of the other, asking the owner to contact me, as I've tried to obtain a viewing but to no avail.


I also went an viewed 2 almost identical studio flats (as the second one I posted) in the area. One for rent and one up for sale at £54,950. I made an offer on the one for sale at £46K and had it rejected. It's been for sale 7 months, so I figured it was worth a punt. The agent said £50K would get it. I didn't see it had that value to me.

thestens

Looks ok for the price to me. I agree tha checking with a local letting agent or two about rental potential would be sensible. The stuff that needs doing is not major. Is it on the top floor. If so, the flat roof may be a problem in future?.