What on earth happened here?

Davesnave

Gingernutty wrote: »

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?

Usually, if there is a working toilet, and there was one downstairs here, plus a sink in the kitchen, those are the basics for getting a mortgage.

Of course, structure comes into it too, but this house seems only to have cosmetic problems.

Why people might pay £100k?....Well, presumably it looks like a good proposition to someone. Cosmetic stuff is an easy fix.

Bossypants

moneyistooshorttomention wrote: »

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.

Damp doesn't make a property unmortgageable, though, unless I'm missing something?

Davesnave

Bossypants wrote: »

Damp doesn't make a property unmortgageable, though, unless I'm missing something?

The air fresheners are standard and have nothing specifically to do with damp.

They may cover a 'multitude of sins.'

DaftyDuck

moneyistooshorttomention wrote: »

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.

S0d the mildest smell of damp, and a hint of mildew and shut window......

.... the place has no U-bend to the bog, so there'll be a hint of eau de sewage, and a pong that would knock you off your feet.... :rotfl:

AnnieO1234

Looking within a mile of the property, £80 to £90k is more in the region of 1 or 2 beds, apartments and mid terraces. £101 even with the cosmetic work is reasonable IMHO xxx

Davesnave

DaftyDuck wrote: »

S0d the mildest smell of damp, and a hint of mildew and shut window......

.... the place has no U-bend to the bog, so there'll be a hint of eau de sewage, and a pong that would knock you off your feet.... :rotfl:

Not if you stick an old vest in it.

I speak from experience!

davidmcn

Gingernutty wrote: »

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

Someone in competition with someone offering £19,000 over the asking price?

The asking price doesn't necessarily have any relation to the open market value of the property. If a property looks like a quick profit can be made it will often attract a lot of interest.

DaftyDuck

Davesnave wrote: »

Not if you stick an old vest in it.

I speak from experience!

Poly bag and rubber band, if the pipe is left. Bet you washed the vest after, and stuck it back in Mrs D's cupboard before she noticed

But, it's a repo. Bet nobody bothered with that, or sink and bath. It'll stink.

AlexMac

It's in a sight better condition than a 3-bedder I bought in 1995 for £67k (holes in the roof, no ch, derelict kitchen & bathroom), or the other for £157k in 2007 (bakelite switches & power points, surface mounted rubber cable electrics, no kitchen bathroom or c/h...) (and miles better than my £10k Brixton wreck bought in 1975!).

Maybe I should offer £102?

unforeseen

iantojones40 wrote: »

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

Must be a Southerner if you think somewhere between Wolverhampton and Walsall is the North-West .:D