Huge Down Valuation

tezzywezzy

i really wonder what the estate agents were thinking putting it up at 249 in the first place looking at those stats

getmore4less

Difficult to say without more research needs local knowledge of what's selling.

It's a lot of house no idea about location.

You thought it was worth it...  for a while.



If is gets busy with holiday people maybe charge for parking plenty of spaces.

getmore4less

tezzywezzy said:

MWT said:

getmore4less said:

Quite surprised there are some decent properties at that size and price range when you throw a very wide net for location

The problem though, as you know, for valuation there needs to be comparable properties locally with relatively recent sales and '6 beds + 5 baths' is probably giving no comparable local sales at all which makes it difficult to contest the valuation.

this is very much the case... only one house comparible house in the immediate vacinity (within 3/4 streets) has been sold in the last 5 years

where are you looking for this info as I found 2 on the same street?


There is something about the sold data for no. 10 that I don't have the local information to decipher



I was in a hurry yesterday

next door was listed in July 2019 £???,  reduced to £140k in Oct and finally sold for £135 July 20

The one across the road was up for offers ~£215k  finally sold for £175k  a google(on house name) shows they tried to sell in 2008.
That newspaper report makes for interesting reading for anyone without local knowledge.

Any idea what the new owners are doing as April 2020 was not the ideal time to be taking that one on..


Doing a 6bed+ going out 3miles there are a few under £200k and was an 11bed for £240k just round the corner.

I would be doing some serious research because so far I am struggling with £220k given there is work to do as well.



 

tezzywezzy

Just to give a final update on this.

We decided, given the information we gathered, not to contest the valuation from Natwest. We asked the seller to come down a little on the price and we are going to pay the extra from our own funds.

So, looks like everything is going through!

Thanks everybody for your advice, its been invaluable.