advice

efc80

hi,im a first time buyer so excuse me if im asking a stupid question.im interested in a two bed terraced house thats dropped three times in price since it was first put on the market a couple of months ago.last wek the property was sold just as i was about to book a viewing.now this week its back on the market again and the price has dropped again.im thinking of arranging a viewing next week.can i ask the estate agent why the previous sale didnt go ahead? are they likely to tell me the truth.im quiet alarmed the price has continued to drop in such a small spac of time.any advice would be greatly appreciated thanks

martinthebandit

Sounds to me as though the survey might be throwing up a few problems but it could be that the prospective purchasers had problems getting a mortgage.

Ask the estate agent plenty of questions and listen very carefully to the answers.

Oh-no_3

Ideally speak to the vendor, they are more likely to be honest. If it's something that the other buyer picked up within a week it must be not that well hidden, maybe if you check on Street View or walk past the answer will be more obvious.

camptownraces

Don't expect estate agents would tell you the truth, even if they knew what the situation really was. They work for the seller, and make a living from sales - so they are likely to represent the situation in a way which will encourage buyers.

After only a week when the property was allegedly "sold" it could be something as simple as buyer discovering he had no chance of raising the funds.

Reducing the price more than once in two months? it could be that the estate agent got the job because he gave an extravagant valuation to the vendor, who is now discovered to be very keen on agreeing a sale this year ....

Go and look at the place, look at the area, look at the sold prices for similar properties nearby. Then think about your next step.

efc80

thanks for the reply mate much appreciated

efc80

thanks everyone