£174k under Zoopla evaluation. Is the house too good to be true?

Crashy_Time · 22 October 2020 at 2:47PM

pbhb said:

Hi all, me again. I have found a fabulous home in a great location but have huge concerns. The house seems too good to be true, it was purchased in 2016 for £522k which is inline with the market price of the village. The sellers then had to move to a bungalow after an accident meant the owner could no longer climb the stairs.
The property has been on the market on and off for 4 years, originally priced at £595k. A number of sales have fallen through on it - one due to. Someone pulling out and moving abroad, two due to chain collapses, and one who decided they weren’t comfortable with the listed status (it’s 19th century).
the property has been reduced in price over the years and in September was reduced to £450k which is how it suddenly came on my radar, o believe the reduction in price was made too late, the market was crazy in July and I gust, should have been done then.
After recently having two house sales fall through for various reasons, I am on high alert, checking EVERYTHING. Nothing seems to be an issue, we have viewed the house three times, thoroughly checking for damp etc (I have a survey booked in for November), the garden is North facing which isn’t ideal but it’s not something that is hugely important to me.
The only thing I can think of is the current owners bought at a price of a 4 bedroom house as their previous sellers converted the loft and added a bathroom and 4th bedroom. However, the eaves in the bedroom means it’s impossible to furnish and I don’t see how you could get a bed etc in there, it would make a fantastic dressing which is how I intend on using it.
After so many houses falling through for me I just can’t fathom how O have found such a gem. I take all zoopla valuations with a pinch of salt (it’s valued at 624k) but it baffles me they’re selling so much under what they have paid for it, unless they’re desperate to get rid as they are almost 90 and needing funds available for care treatment.
Are there any other major red flags I should be looking for? I have seen proof that the loft conversion was approved by the council, this was my first worry but this has been satisfied now.
After comparing the Rightmove listing with the actual house I have realised the photos are awful and does not do the house justice at all which I believe would put off potential viewers

How much does your valuation say it is worth?

badger09 · 22 October 2020 at 6:00PM

Crashy_Time said:

pbhb said:

Hi all, me again. I have found a fabulous home in a great location but have huge concerns. The house seems too good to be true, it was purchased in 2016 for £522k which is inline with the market price of the village. The sellers then had to move to a bungalow after an accident meant the owner could no longer climb the stairs.
The property has been on the market on and off for 4 years, originally priced at £595k. A number of sales have fallen through on it - one due to. Someone pulling out and moving abroad, two due to chain collapses, and one who decided they weren’t comfortable with the listed status (it’s 19th century).
the property has been reduced in price over the years and in September was reduced to £450k which is how it suddenly came on my radar, o believe the reduction in price was made too late, the market was crazy in July and I gust, should have been done then.
After recently having two house sales fall through for various reasons, I am on high alert, checking EVERYTHING. Nothing seems to be an issue, we have viewed the house three times, thoroughly checking for damp etc (I have a survey booked in for November), the garden is North facing which isn’t ideal but it’s not something that is hugely important to me.
The only thing I can think of is the current owners bought at a price of a 4 bedroom house as their previous sellers converted the loft and added a bathroom and 4th bedroom. However, the eaves in the bedroom means it’s impossible to furnish and I don’t see how you could get a bed etc in there, it would make a fantastic dressing which is how I intend on using it.
After so many houses falling through for me I just can’t fathom how O have found such a gem. I take all zoopla valuations with a pinch of salt (it’s valued at 624k) but it baffles me they’re selling so much under what they have paid for it, unless they’re desperate to get rid as they are almost 90 and needing funds available for care treatment.
Are there any other major red flags I should be looking for? I have seen proof that the loft conversion was approved by the council, this was my first worry but this has been satisfied now.
After comparing the Rightmove listing with the actual house I have realised the photos are awful and does not do the house justice at all which I believe would put off potential viewers

How much does your valuation say it is worth?

OP very clearly said that survey has been arranged for November. So you'll have to wait a few weeks before telling him/her it is overpriced. But you'll say that anyway.

Thrugelmir · 22 October 2020 at 6:30PM

What listed status is the property, Grade II. Is any maintenance work required?

Tea_Pea_Dee · 22 October 2020 at 6:31PM

badger09 said:

Crashy_Time said:

pbhb said:

Hi all, me again. I have found a fabulous home in a great location but have huge concerns. The house seems too good to be true, it was purchased in 2016 for £522k which is inline with the market price of the village. The sellers then had to move to a bungalow after an accident meant the owner could no longer climb the stairs.
The property has been on the market on and off for 4 years, originally priced at £595k. A number of sales have fallen through on it - one due to. Someone pulling out and moving abroad, two due to chain collapses, and one who decided they weren’t comfortable with the listed status (it’s 19th century).
the property has been reduced in price over the years and in September was reduced to £450k which is how it suddenly came on my radar, o believe the reduction in price was made too late, the market was crazy in July and I gust, should have been done then.
After recently having two house sales fall through for various reasons, I am on high alert, checking EVERYTHING. Nothing seems to be an issue, we have viewed the house three times, thoroughly checking for damp etc (I have a survey booked in for November), the garden is North facing which isn’t ideal but it’s not something that is hugely important to me.
The only thing I can think of is the current owners bought at a price of a 4 bedroom house as their previous sellers converted the loft and added a bathroom and 4th bedroom. However, the eaves in the bedroom means it’s impossible to furnish and I don’t see how you could get a bed etc in there, it would make a fantastic dressing which is how I intend on using it.
After so many houses falling through for me I just can’t fathom how O have found such a gem. I take all zoopla valuations with a pinch of salt (it’s valued at 624k) but it baffles me they’re selling so much under what they have paid for it, unless they’re desperate to get rid as they are almost 90 and needing funds available for care treatment.
Are there any other major red flags I should be looking for? I have seen proof that the loft conversion was approved by the council, this was my first worry but this has been satisfied now.
After comparing the Rightmove listing with the actual house I have realised the photos are awful and does not do the house justice at all which I believe would put off potential viewers

How much does your valuation say it is worth?

OP very clearly said that survey has been arranged for November. So you'll have to wait a few weeks before telling him/her it is overpriced. But you'll say that anyway.

Great minds think alike. You just forgot to mention his linkage to a pointless article in the Tanzanian Gazette stating there is a shortage of water buffalo, which, in turn, will lead to a crash in the UK housing market. Good luck op, hope it all works out for you xxx

SpiderLegs · 22 October 2020 at 7:10PM

Spiderlegs’ valuation algorithm says 1.5m so it’s an even bigger bargain. Snap it up quick.

ElephantBoy57 · 27 October 2020 at 8:16PM

According to Zoopla the value of my house has declined by £4,400 over the last 3 months 3.1% - wow

TrudieinLondon · 27 October 2020 at 10:02PM

According to Zoopla my house is worth £50-100k less than the other houses in my street, They are all terraces and mine is an end terrace. I hope surveyors dont use it to make their valuation decisions or I will be stuffed!

pbhb · 29 October 2020 at 12:54PM

Thrugelmir said:

What listed status is the property, Grade II. Is any maintenance work required?

It’s grade II listed and renovating 6 years ago with a downstairs kitchen extension and loft renovation. The house looks in good nick but I won’t trust it until I have had the survey done!

Crashy_Time · 29 October 2020 at 2:24PM

Tea_Pea_Dee said:

badger09 said:

Crashy_Time said:

pbhb said:

Hi all, me again. I have found a fabulous home in a great location but have huge concerns. The house seems too good to be true, it was purchased in 2016 for £522k which is inline with the market price of the village. The sellers then had to move to a bungalow after an accident meant the owner could no longer climb the stairs.
The property has been on the market on and off for 4 years, originally priced at £595k. A number of sales have fallen through on it - one due to. Someone pulling out and moving abroad, two due to chain collapses, and one who decided they weren’t comfortable with the listed status (it’s 19th century).
the property has been reduced in price over the years and in September was reduced to £450k which is how it suddenly came on my radar, o believe the reduction in price was made too late, the market was crazy in July and I gust, should have been done then.
After recently having two house sales fall through for various reasons, I am on high alert, checking EVERYTHING. Nothing seems to be an issue, we have viewed the house three times, thoroughly checking for damp etc (I have a survey booked in for November), the garden is North facing which isn’t ideal but it’s not something that is hugely important to me.
The only thing I can think of is the current owners bought at a price of a 4 bedroom house as their previous sellers converted the loft and added a bathroom and 4th bedroom. However, the eaves in the bedroom means it’s impossible to furnish and I don’t see how you could get a bed etc in there, it would make a fantastic dressing which is how I intend on using it.
After so many houses falling through for me I just can’t fathom how O have found such a gem. I take all zoopla valuations with a pinch of salt (it’s valued at 624k) but it baffles me they’re selling so much under what they have paid for it, unless they’re desperate to get rid as they are almost 90 and needing funds available for care treatment.
Are there any other major red flags I should be looking for? I have seen proof that the loft conversion was approved by the council, this was my first worry but this has been satisfied now.
After comparing the Rightmove listing with the actual house I have realised the photos are awful and does not do the house justice at all which I believe would put off potential viewers

How much does your valuation say it is worth?

OP very clearly said that survey has been arranged for November. So you'll have to wait a few weeks before telling him/her it is overpriced. But you'll say that anyway.

Great minds think alike. You just forgot to mention his linkage to a pointless article in the Tanzanian Gazette stating there is a shortage of water buffalo, which, in turn, will lead to a crash in the UK housing market. Good luck op, hope it all works out for you xxx