Advice re buying a house that is been sold as a part exchange

moneysaver12

Hi we are ftb.

We viewed a house that was up at 197950, we liked it, put three offers in, all were rejected. Builders said lowest they would accept is 190000.

This house has been on the market for 2 years now, was up at 225000.

Then couple of months ago it went down to 207000, then the owners part ex it with a builder. Builder listed it with another agent last month for 197950. Its now listed with the orignal agents and this new one.

I asked the new estate agents if they were aware it has been on the market for 2 years, they didn't know nor did the builder.

Also in July plans re the hs2 were changed which means the track will be 800 metres from the house.

Looked at other houses on the same street, last house sold was in 2013 for 175000, this is a four bed detached. Whereas this house was orginally a three bed detached but they extended it to a 5 bed detached. Also this one has a big conservatory. But the rooms are slightly smaller than the 4 bed and the garden is much smaller due to the extention.


The builder also has about other two houses on this street that are part exchanges, but they are too small for us.

Westminster

So what is your question?

Either you stick to your guns and walk away or you up your offer.

As its been on the market for so long, if it were me, I would go and do some more viewings and wait to see if the EA chases you.

It sounds like you have done some valid price research and I would expect the valuer on your potential mortgage to do the same kind and possibly come to the same conclusion. Unless you have a large deposit - you may find yourself in the position that the valuer undervalues the house and you won't have the spare cash to fund the difference anyway.

Cakeguts

The builder wants to get £190K so either they will sell it to someone who offers this or they will wait to see what happens. Either way if you want this house they are asking for at least £190K.

moneysaver12

Thank you for your replies. Am finding that houses with bigger rooms and bigger gardens are over 200000. Trying to figure out if it's worth it. It's 5 beds but the rooms are small and the garden is small.

moneysaver12

http://www.rightmove.co.uk/property-for-sale/property-37877133.html

This is the house

Levs01

moneysaver12 wrote: »

http://www.rightmove.co.uk/property-for-sale/property-37877133.html

This is the house

Blimey that would cost you £475-500k by me.

Only you can decide if this property is worth the price tag to you. As also mentioned the mortgage valuation dude has to agree too.

Do you really want to live in this particular area? Is the house somewhere you can see yourself living for the foreseeable future?. Do you think you would always regret spending that amount on it?

Westminster

Levs01 wrote: »

Blimey that would cost you £475-500k by me.

Only you can decide if this property is worth the price tag to you. As also mentioned the mortgage valuation dude has to agree too.

Do you really want to live in this particular area? Is the house somewhere you can see yourself living for the foreseeable future?. Do you think you would always regret spending that amount on it?

Even more near me - looks like if the poo hits the fan at any point, I will be heading to West Yorkshire!!

fairy_lights

http://www.rightmove.co.uk/property-for-sale/property-61930097.html
This one is nearly 10k cheaper, looks almost identical size wise and IMO, has better decor

moneysaver12

The area would be better for us. Would mean we could walk to school rather than drive.

mattk_180

Holy c**p, I just paid more than that for a 2 bed terraced in the South East :rotfl:


Either pay the 190k to secure it, play the long game or walk away!

moneysaver12

We are going to look at the other house that fairy lights posted about. Turns out this other house is a part exchange with same builder.

Need to see how near the hs2 it will be