Valuation Rut

Thrugelmir

goodallish wrote: »

I guess I'll have to wait to get the report back and see what it says on it and get back to the EA to let them know.

Are the NW sending you a copy?

goodallish

Thrugelmir wrote: »

Are the NW sending you a copy?

They haven't said but I will ask them to.

Crashy_Time

Looking at the link, there are no shots of the surrounding area, could that be for a reason? They have already come down from a higher price, and if they don`t have many (any?) proceedable offers they are not in the driving seat as some on here like to think of sellers, swatting away annoying little viewers with their "Cheeky Offers" like flies :rotfl: They are more likely to be getting a little desperate, so you can offer what you like, and they can refuse or accept, totally up to them. Obviously if you want it though the offer has to be something realistic they can think about. My overall feeling though is that the market is softening (love that word) and there are reasons to be cautious when buying/taking on mortgage debt, ordinary houses like this are only going one way in price in the future IMO.

goodallish

Crashy_Time wrote: »

Looking at the link, there are no shots of the surrounding area, could that be for a reason? They have already come down from a higher price, and if they don`t have many (any?) proceedable offers they are not in the driving seat as some on here like to think of sellers, swatting away annoying little viewers with their "Cheeky Offers" like flies :rotfl: They are more likely to be getting a little desperate, so you can offer what you like, and they can refuse or accept, totally up to them. Obviously if you want it though the offer has to be something realistic they can think about. My overall feeling though is that the market is softening (love that word) and there are reasons to be cautious when buying/taking on mortgage debt, ordinary houses like this are only going one way in price in the future IMO.

The surrounding area is totally fine. Next door is a care home, behind is a new estate and opposite is the local teams football pitches. Next to those is a huge country estate which is also next to the safari park. The location is ideal for me. You're right about being in the driving seat when they don't really have any other, if any, options available to them. I'm just baffled by the valuation being low when the houses around it have sold for a lot more in the last few years. Obviously if it works in my favour then I can't moan at all and I'll actually be pleased to pay even less for it. I can't see the price for it dropping after being done up either, at least not if the other house sale prices in the same area are anything to go by.

Crashy_Time

goodallish wrote: »

The surrounding area is totally fine. Next door is a care home, behind is a new estate and opposite is the local teams football pitches. Next to those is a huge country estate which is also next to the safari park. The location is ideal for me. You're right about being in the driving seat when they don't really have any other, if any, options available to them. I'm just baffled by the valuation being low when the houses around it have sold for a lot more in the last few years. Obviously if it works in my favour then I can't moan at all and I'll actually be pleased to pay even less for it. I can't see the price for it dropping after being done up either, at least not if the other house sale prices in the same area are anything to go by.

That is a red flag that you need to investigate fully before buying IMO, the fact that you want the house could cause you to rush this though? Has the market there shown any signs of recent deterioration, big employer closing or something like that? The housing market can turn very quickly, and sold prices a few years ago might not be relevant now..

thelem

Looking at those sold prices, how do the actual houses compare to the one that you're interested in?

The property you're interested in has a pretty badly done listing (very little detail), so it's hard to compare it to competitive properties, but it does look a little on the pricey side.

For example http://www.rightmove.co.uk/property-for-sale/property-69103043.html looks larger, downstairs loo, garage and big garden, only £5k more than the asking price of yours

Or http://www.rightmove.co.uk/property-for-sale/property-48254340.html which looks similar but is on for £110k.

goodallish

Crashy_Time wrote: »

That is a red flag that you need to investigate fully before buying IMO, the fact that you want the house could cause you to rush this though? Has the market there shown any signs of recent deterioration, big employer closing or something like that? The housing market can turn very quickly, and sold prices a few years ago might not be relevant now..

There's nothing that I'm aware of. The house belonged to the seller's nan who passed away. Him and his family moved in temporarily but now want to sell. I won't rush, I'll try and get a copy of the valuation before anything to see why it is valued that way.

thelem wrote: »

Looking at those sold prices, how do the actual houses compare to the one that you're interested in?

Pretty much the same as far as I could see when looking, other than 3/4 bedroom difference. And of course some of them have been more modern with decor, but that wouldn't cost the valuation to differ by such a big amount.

thelem wrote: »

The property you're interested in has a pretty badly done listing (very little detail), so it's hard to compare it to competitive properties, but it does look a little on the pricey side.

What else would you want to know to compare? I've been to see the house twice, the second time with a guy who worked on doing houses up for 7 years who said he can't see anything major, including subsidence, hence why I was happy to go ahead with an offer.

thelem wrote: »

For example http://www.rightmove.co.uk/property-for-sale/property-69103043.html looks larger, downstairs loo, garage and big garden, only £5k more than the asking price of yours

Or http://www.rightmove.co.uk/property-for-sale/property-48254340.html which looks similar but is on for £110k.

Hillside Avenue is a pretty rough part of the area so I wouldn't humour those houses too much. As nice as the houses are for the price, the area itself is a no go for me. I know they're only a stone throw away from the one I'm looking at, but the road I'm looking at is pretty quiet and out of the way to the estates backing on to it.

goodallish

Not sure how reliable this site is, but even a free online valuation gives a price closer to what I've offered. I'll take this with a pinch of salt though.

Gwendo40

What has been the underlying problem that resulted in the floor needing to be re levelled?

goodallish

Gwendo40 wrote: »

What has been the underlying problem that resulted in the floor needing to be re levelled?

I'm not sure on that to be honest, it's something I probably could look into more. My friend who came with me said there doesn't seem to be any subsidence from the outside but I could ask and see what the seller says. Maybe there are more skeletons in the closet, or rather, under the carpet being hidden after all :rotfl: