What on earth happened here?

Gingernutty

Bathroom and kitchen decimated.

On the market for £80,000 but there's a Notice of Offer of, get this, £101,000.

http://www.rightmove.co.uk/property-for-sale/property-57931367.html

:huh:

slowpoke_rodriguez

Repo, innit.

Gingernutty

I know, but who pays over £20,000 over the asking price for something that's essentially unmortgageable?

fishpond

As it appears to be cosmetic damage, who says it is unmortgageable?

iantojones40

I often see notices of offers over the asking price on repo's, even when the asking price isn't particularly cheap and the house has been hanging around on the market for some time.

This is an area of the NW where houses never sell for over asking price.

I do wonder if they're fake offers just aimed at generating interest, it does seem very strange that I've seen repo's sat on the market for 6 months or more without anyone having any interest in them, then all of a sudden someone comes along who is supposedly willing to pay over asking price.

Davesnave

Gingernutty wrote: »

I know, but who pays over £20,000 over the asking price for something that's essentially unmortgageable?

Why unmortgageable? It has a sink and a downstairs toilet that are all likely still working, which is about all my daughter had in her house when she bought in 2014.

£500 would get the main bathroom functional.

The price looks about right for a decent sized house in an road where few properties seem to change hands, which is a good sign. Some might still be council of course.

Anyway, possibly a good investor property. Don't know the area.

moneyistooshorttomention

fishpond wrote: »

As it appears to be cosmetic damage, who says it is unmortgageable?

You didn't spot those "telltales" then? (aka air fresheners) - which seem to be the sign that the house has damp and they are trying to cover it up.

Gingernutty

The toilet that has been pictured has been ripped off the wall and there doesn't seem to be much of a kitchen left.

I've seen houses in better condition than that have mortgages refused.

Why would someone offer £101,000 for that, when a fair bit of work would have to go into it and it's not a particularly nice area?

antrobus

Gingernutty wrote: »

Bathroom and kitchen decimated.

On the market for £80,000 but there's a Notice of Offer of, get this, £101,000.

http://www.rightmove.co.uk/property-for-sale/property-57931367.html

:huh:

6 Beacon Road, Willenhall, WV12 5DS

Sold for £130,000 on 6th March 2007
http://houseprices.landregistry.gov.uk/sold-prices/WV12%205DS

I don't know Walsall, and it looks like a repo. But presumably somebody thinks that once it's fixed it's going to be worth somewhere slightly north of £130k, and therefore at £101k there is still some profit in it.

FBaby

Who says it isn't a case of a nice family who had decided to redo the bathroom and kitchen, but suddenly Mr decides to go with a new Miss and Mrs is left unable to pay the mortgage and therefore having to sell? And that's not the worse possible scenario.

We can't see the other side of the kitchen, so not clear what's there, but as it is, it looks like it is just a case of finishing tiling and putting a washing machine/dryer/dishwasher etc... and the bathroom could be done for under £5K. It looks like a decent house, so really don't see what all the fuss is about the state it is in and what someone is prepare to pay for it.

AdrianC

FBaby wrote: »

Who says it isn't a case of a nice family who had decided to redo the bathroom and kitchen, but suddenly Mr decides to go with a new Miss and Mrs is left unable to pay the mortgage and therefore having to sell? And that's not the worse possible scenario.

The notice of offer screams "repo". Why it's a repo is irrelevant. As far as "what happened?" - simples. The people who couldn't pay the mortgage thought "Look, I've paid for that bog and those kitchen units and... so I'm damn well going to take 'em with me." - except they forgot that the reduction in value of the property reduced what the lender would knock off their outstanding debt...

Nobody ever promised people having their houses repossessed were thinking rationally or logically.