Undervalue House Sale

Mojisola

Keezing wrote: »

My only other advice to you would be to make sure this truly is a "good deed". In my world, people don't just gift 5 figures to other people.

borkid wrote: »

Some people aren't out for all they can get they take other things into consideration.

Some people aren't but others are - best to make sure whether the offer is free of strings before accepting.

Keezing

borkid wrote: »

When we sold our last place we were selling to a couple. They thought they had a chain free buyer for their house. Sadly their buyer wasn't quite as honest as she should have been. Because we thought we had a short chain ie 4 we agreed a lower price at the offer stage , they knew why we did this. A couple of months down the line their buyer pulled out. We maybe should have returned the price to the original but we didn't. We liked the couple and didn't raise the price. Some people aren't out for all they can get they take other things into consideration.

Of course if you had raised the price you may have lost the buyer and had to relist. Perhaps you would have struggled to find a new buyer and it would have taken an unknown amount of time do so.

But we could just pretend it's because you liked them ;-)

borkid

Keezing wrote: »

Of course if you had raised the price you may have lost the buyer and had to relist. Perhaps you would have struggled to find a new buyer and it would have taken an unknown amount of time do so.

But we could just pretend it's because you liked them ;-)

We did have someone else who interested but believe what you like it doesn't mean you are correct.

Keezing

borkid wrote: »

We did have someone else who interested but believe what you like it doesn't mean you are correct.

Apologies I didn't mean to upset you. I stand corrected.

AnotherJoe

dansworth wrote: »

I may be looking into things way TOO much, and we're talking smals amounts (relatively).

Oh, and the seller knows he could get more for it. He's just doing a good deed.

I think you are. The areas where caution may be required are when its significantly under. 10% is nothing, that could easily be for reasons of work needing doing or quick sales or no EA fees or all of those, not to mention valuations are not a science, there isnt a price on Amazon you can look it up for and see its worth exactly £120k.

Crashy_Time

dansworth wrote: »

Ha, well this is reassuring!

Although 'buying at undervalue' does raise some alarm bells in Google though. I've got an appointment with my mortgage broker later, so hopefully he'll clarify.

Looks like there could be issues around some banks being cautious to lend as apparently, if a house is being sold and undervalued, if the seller is made bankrupt within 2-5 years of the sale, then the property may be seized and be held by the Trustee’s in bankruptcy.

I may be looking into things way TOO much, and we're talking smalls amounts (relatively).

Oh, and the seller knows he could get more for it. He's just doing a good deed.

If only all delusional sellers would do this, the problems in the property market would be fixed overnight :rotfl:

glasgowdan

Crashy_Time wrote: »

If only all delusional sellers would do this, the problems in the property market would be fixed overnight :rotfl:

Still waiting for a samaritan to sell you their house at 50% value?

Zizou

These surveyors are sold out! They put what the agents tell them when they come to value it!

There no winning even if the vendors agree if you talk to them directly but the greedy agents will more which give them better commission!

Clairabella

Don't underestimate how much a new bathroom and kitchen will cost you. When was the house last rewired? Caution.;)