Sold for 85k & Back on Market for 120k in a Week?

swtchick87

Andrian- was that comment for me? No as the seller is family they can sell the house to another member of family for whatever price they want. In this case £240k. Thats what we were told. I can assure you all taxes were paid. - (the amount was gifted as a deposit.)

teddysmum

The house next to ours was willed to someone who sold at a very low price , as she wanted everything in cash ,immediately. The person who did it up (nothing major) sold or bought privately for 50% more.

ACG

Gwendo40 wrote: »

Why does everybody seems to be assuming that the £85k price was ''too cheap'' and the current asking price must obviously be the real market value... when there doesn't appear to be any firm evidence for that?

Seems more likely to me that the current vendor is just a greedy chancer looking to ''flip'' the property to some gullible mug for a quick profit.

Because you would need to be pretty numb to buy a property at market value and then bung on an extra 20-30% without any reason.

When a valuer for the bank goes round, they are going to down value the property.

martindow

I think that any house that is being quickly resold should raise questions especially if the pricing seems odd. The agent or the vendor should be able to give reasons for this and if I was not convinced or had doubts I would not proceed.

Some years ago I was looking at a cottage in the grounds of a large house. This had been sold and resold several times once at auction with a big loss. It turned out there had been continuing problems with the person living in the large house who had been forced to sell the cottage to avoid bankruptcy.

There had been several instances of threatening behaviour with the police being called out, blocking the driveway, etc. The vendor of the cottage claimed to have had no problems ...

We were close to buying and fortunately found out the full story a few days before we were due to exchange.

enthusiasticsaver

There are all sorts of reasons why it might be sold at a discounted price. Repossession, quick sale, sale to family member at a discount or a buyout by one owner.

You can only judge a propertys worth by other properties around it and the condition, circumstances. I think I would be wanting to check there are no development or neighbour problems but it strikes me as strange that if someone bought it at a low price and then discovered problems and put it up for sale at a much higher price.

Go and look at it and research area rather than look at price history.

armchaireconomist

94k 2003 then 85k 2017 is not uncommon. New builds demand a premium, and areas do decline. The housing market isn't one vertical ladder, contrary to belief. No news here.


The £110-120 relist despite 85k sale could be a number of things. They could have bought a partner out, could've been sold at a discount to a "no questions ask" homebuyer, P/X against new build, or it could've just been an absolute state and he's bought cheap and renovated.


Regardless, what relevance does it have? What's the average selling price for those houses?