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What would you do- overvalued flat?

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Hi I have put in offer of £360k on 2 bed flat in Uxbridge in london Borough of Hillingdon

Zoopla estimates it is worth 402k.

Bank's surveyor thinks it is worth £360k

However have now found out from solicitor that whole block of flats is owned by an investment company that bought the flat in job lot of 700 other flats in london with this one being transferred at price of £325k in December 2015. They bought them to sell in immediately. Prices have not gone up in Uxbridge since Dec 2015.

This suggests I am paying over the odds by 35k

I am now getting my own surveyor in to value it. Do you think this is sensible approach?

What would you do?

2 flats in the block have gone but rest are still in the market which is giving me doubts.

Many thanks

Jonathan
«1

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    The bank will usually agree the price you offer is fair and reflects the value of the property.

    The investment company may have got a significant discount (10%) for buying 700 all at once so your offer of £360k is probably fair value.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • dc197
    dc197 Posts: 812 Forumite
    Ninth Anniversary Combo Breaker
    Above advice is good. One professional valuer already says 360k is fine, you may see no variation by hiring another to do the same job.
  • frugalsmurf
    frugalsmurf Posts: 159 Forumite
    As someone else said, they possibly got a discount for buying so many. Or maybe they just got a good deal-knowing their real value.
  • robatwork
    robatwork Posts: 7,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Zoopla is worse than a random valuation by some herbert on the internet.

    What have other flats there gone for?
  • ReadingTim
    ReadingTim Posts: 4,081 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    What the current owner paid for it is irrelevant unless of course you travel back in time and outbid them.

    Do let us know how that tactic works out for you.
  • Mossfarr
    Mossfarr Posts: 530 Forumite
    Ninth Anniversary Combo Breaker Hung up my suit!
    'Properties are worth what the highest bidder is prepared to pay' - especially true in the London Area. If you aren't prepared to pay the asking price I'm sure there will be plenty of desperate buyers who will!
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Prices have not gone up in Uxbridge since Dec 2015.
    This suggests I am paying over the odds by 35k
    =====


    Not necessarily. Did they pay £35k under the odds perhaps?
    Have you looked at sold prices of similar flats in the immediate area since around that time?
    Plus, surveyors are normally on the conservative side, so if one employed by the bank thinks its £360k I'd be happy you were in the right ballpark.
  • Hoploz
    Hoploz Posts: 3,888 Forumite
    I'd be asking for a good discount if I was buying 700 of anything
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There would have been no point in the investment co buying the flats to sell if they weren't going to make a profit. Of course they would have got a good deal/job lot.


    Compare price with similar sold properties and establish a price from that.


    As above, Zoopla will just add/subtract a percentage taken from the local market's performance. Cannot be trusted for a valuation. It overvalued a house I once bought by nearly £200k. Once I bought it, they valued it at what I'd paid. If prices would be worked out mathematically by a computer, we'd do away with all the EAs...


    Jx
    2024 wins: *must start comping again!*
  • martindow
    martindow Posts: 10,566 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    hazyjo wrote: »
    we'd do away with all the EAs...

    What a tempting idea ...
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