The game of what a house is worth - easy solution?

Housebuy12345

I’m a FTB and I'm on the merry go round of seeing houses I like online and House is either sold or has a lot of negatives. I’ve broadened my search and found a house I like. So I did a bit of research and found a house on the same street sold for £35k less (£165k) than a identical house. For reference https://www.rightmove.co.uk/property-for-sale/property-61537521.html

I’m guess the estate agent thinks the house is worth that much so it will sell at that amount? I’m booked in for a viewing and they seem pretty booked up.

Obviously I can put in a bit at whatever I think the property is worth/I’m prepared to pay, but after seeing the other house sold 6 months ago, I would die pay 20% extra.

If I did put an offer in for the house and the bank valued it at a lesser price, would that cause issues?

Davesnave

The EA may suggest a value for the property but the vendor is able to choose the price to start marketing. Very often the EA gives a ;'sell it quickly' price and a higher 'see if anyone bites' price.

If the bank values lower than the offer, the vendor may renegotiate and perhaps meet you half way, or you may have to make up the difference yourself, or you might decide to walk away.

The other house wasn't identical. It needed CH and probably re-wiring too. Its bathroom was very cramped in comparison, so there was a fair amount of disruptive work and expense ahead for the purchaser.

Housebuy12345

CH? And how do you know it needed tewiringV

Crashy_Time

It is worth what someone wants to pay, or a bank wants to lend. Most sellers will still be trying it on with price at the moment because nothing really bad has happened yet with Brexit or the general economy (although there is a feeling of weakness to the economy IMO) You certainly don`t want to over-pay and then see JC walk into No. 10 either IMO.

p00hsticks

Housebuy12345 wrote: »

So I did a bit of research and found a house on the same street sold for £35k less (£165k) than a identical house. For reference https://www.rightmove.co.uk/property-for-sale/property-61537521.html

Housebuy12345 wrote: »

after seeing the other house sold 6 months ago, I would die pay 20% extra.

Your link suggests the property you are interested in is on the market for £190k ?

If so, £165k is £25k less, not £35k.

That's a difference of around 15%, not 20%.

p00hsticks

Housebuy12345 wrote: »

CH? And how do you know it needed tewiringV

CH = Central heating - the photos of the other property don't show radiators in any of the rooms, and it's not mentioned in the 'key features' section ,which also indicate that the property is 'in need of modernisation'.

markin

The actually seems to be a lack of sockets on the one for £190 also, could be its an 80's rewire. And that alarm unit needs to go.


No.3 did start out at 180k.

Crashy_Time

It will almost certainly be worth less than the developer/seller wants/hopes it is worth.