House changing hands alot - shoud I be concerned?

mitchaa

Dummie wrote: »

Hello

I've got my eye on an end of terrace 3bed house. Looking on the web I've found out that the house has been sold 3 times in the last few years.

Jan 2004 £195,500
Aug 2004 £272,500
Nov 2005 £249,975

So the current owners are selling after after 2.5yrs. Would any of you be concerned about this? About owners moving on so soon? It also seems strange to me that the people who brought it for £272,500 in 2004 sold it at a lost in 2005 for £249,975 as the market was still going strong then.

Any thoughts please?

Thank you in advance.

£249,975....Just under 3% stamp duty threshold so it could have possibly sold for £249,975 + Fixtures fittings, white goods etc

tillybilly_2

Hi
I am interested in your thread because our property also looks intriguing on nethousprices and we intend to sell in on ourselves in two years time! Would alarm bells be ringing if you saw this also do you think?

May 2003 £290,000
March 2005 £60,000
November 2007 £317,500
January 2008 £309,500
April -ish 2010 offers over £3??,000

ginvzt

What happened to it in March 2005? Flood? Fire? Just demolished????

m00m00

ginvzt wrote: »

Any chance of repossession in Nov 2005? Someone bought at the price they couldn't afford. defaulted on the mortgage and the bank sold it for the price they could get quickly.
What it is on now?

if those figures are from the land reg, unlikely

land reg in general don't report repossessions.

m00m00

remember also the housing market was in decline throughout most of 2005, until the late rate cut.

the people who bought it in 2004 could be selling for all different kinds of reason, relocation, death, divorce etc.

AMILLIONDOLLARS

Jan 2004 £195,500
Aug 2004 £272,500

I'd think an estate agent has been up to their old trick again, eight months down the line sold £77K more!! probably a probate sale originally then a quick lick of paint then back on for more, it was probably over valued so when it came time to sell needed to price it at 249k to bring it under the stamp duty threshold, be carefully you don't get your fingers burnt like the £272k buyer!!!!


AMD

geoffky

THIS house is screaming danger at me,i dont know why but i just get a feeling you are being taken for a ride here..

Nicki

Jan to Aug 2004 sounds like someone bought it and refurbished it, then sold it on quickly. Aug 2004 to Nov 2005 at a loss could be any number of reasons - most likely are a job relocation, divorce or as others have said mortgage issues. Nov 2005 - April 2008 is not a bad length of time to stay in a house though so would not necessarily arouse suspicions to me.

Net house price should give you the data about all the houses in your street, so if the next door neighbour is awful, either the house on the other side of it will also have changed hands a lot, or if it hasn't you could knock on their door and ask them about the area, schools, etc and throw in a question about what the neighbours are like! It will also give you a feel for the value of your house as it could be either the Aug 2004 or the November 2005 value which was an aberration or all the houses in the area might have been similarly affected (eg if the council was planning unpopular work in 2005 which lead owners to bail out, but later abandoned the plans)

Use the info to ask around but don't draw any firm conclusions from it alone. Glad to see you might be able to buy somewhere permanent though as I recall your diagnosis thread about your son and the later one about your landlord problem, so its good to see things are on the up.

Dummie_2

Thank you for all your replies.

I've not actually viewed this property yet. It's really difficult with my son on half-term so I need to wait until next Monday.

The property is number 1. Looking on the web neither number 3 nor 5 have been sold since beginning of 2000 (that's as far as the records go).

Thanks for all your advice. I'll make sure to visit the property in the evening and have a good nose around the neighbourhood. Maybe I'll even be brave enough to go knocking on people's doors - but don't hold your breath on that one!

:hello: Hello to Nicki. It's so sweet that you remember me. Unfortunately DS has still not settled down in our rented flat. Nights are so hard. I'm knackered. Ex-H is making life difficult as well. Parents have stepped in and have offered to buy a house for us to live in without charging us rent until DS goes to full-time school and I can get a job. So hopefully DS can have a secure place to live soon and we can settle down and move on in our lives.