Looking at buying this house and I think its overvalued. It was built in 87 and they bought it in 2007. The woman said they've done lots of
work on it but I am not sure where. They've turned good garage into a random room which she even admitted she only dries clothes in.
They've partially removed the kitchen and just left it. She said its had new windows throughout but unless they've bought exactly the same
brand as the rest of the estate then she's pulling my leg. They bought it for £155k in O7 and now they want £175k for it. Zoopla reckons the
house is worth £136k.
Can I get someone else's house valued? Or is that just rude?
Just make an offer.
She won't sell for less than she wants do getting it valued is pointless until offers accepted and you have a mortgage survey done.
Also zoopla can be wildly inaccurate. I saw a house on there that I know to have just sold for £100k valued at £33k...
Why get it valued? Between her and the estate agent they've come up with the asking price.
Put an offer in and see what happens.
But 175 to 136 is a big gap, she bought when the market was at its peak and still expects to make a profit.
Just make the seller your one and only offer. Tell them the offer stands for two weeks and walk away.
Go in with a cheeky offer - i doubt she'll drop that much unless its been on a long time or if she has to sell in a hurry. People dont seem to appreciate that their houses (outside london/SE at least) are well below the 2008 peak.
Why do you want it? If its over valued you'll make a loss if later selling and you mortgage if you need one will never be covered by the house meaning if you could not meet the payments you would still be in debt and with no house. To me such a thing would be of little appeal.
You can do what you want, she still doesn't have to take any notice of your valuation. If you want the house and she has it it's a seller's market and you either suck it up or walk away as above.
Probably going to go in with a cheeky offer. It was on the market for £180k but they've dropped it by £5k. Its been on the market for 18 months.
quote:
Originally posted by Irony
Looking at buying this house and I think its overvalued. It was built in 87 and they bought it in 2007. The woman said they've done lots of work on it but I am not sure where. They've turned good garage into a random room which she even admitted she only dries clothes in. They've partially removed the kitchen and just left it. She said its had new windows throughout but unless they've bought exactly the same brand as the rest of the estate then she's pulling my leg. They bought it for £155k in O7 and now they want £175k for it. Zoopla reckons the house is worth £136k.
Can I get someone else's house valued? Or is that just rude?
a house is only valued at what people will pay for it. The price it is put up for is irrelevant. Dont trust zoopla though its rubbish.
Good luck with the house buying but its a waiting game if the house is over priced.
People still think if they spend 10k on a house it is worth 20k more and thats just not the case most of the time.
BT has hit it on the head, sounds like divorce in progress, when sold each party ends up in rented or small flat so no incentive for a cheap sale
provided the mortgage is being met.
Mine started at £365,000 in 2009, dropped to £325,000 and after 3 years, over 70 viewing and 3 accepted offers that got withdrawn for no reason (think
they were offering on a few at the same time) sold for £280,000 thankfully.
House we purchased had been on the market for over £500,000, got it for £425,000 never saw any money as such and the new mortgage is less...
House value was all relative, 20% down from peak market, I always thought mine was overpriced anyway, estate agents and bankers greed.
Moved off topic, offer what you think it's worth then walk.
[Edited on 25/6/13 by mark chandler]
Maybe it's a bit much blaming the greedy bankers for any price fall after all it was probably them that made the prices rise out of all
proportion in the first place. As for the price, it's worth what someone will pay - if you really want it you have to pay what's required.
That's fine if you've got the cash but if you want a mortgage, then the valuation IS a factor. The bank are not going to lend more than 80%
(or whatever proportion their deal is) or what they think it's worth.
To continue off topic, i think its peoples greed as much as bankers - my mate nigel lied to get a big mortgage, far more than he could afford, got
behind, eventually moved out without even telling the mortgage company - owed £35k in arrears, and the house sold at auction for much less then the
loan. So blame that twat as much as the bankers.
The only way to value a house is look at what similar others have sold for recently. The garage conversion probably adds a bit of value if it has
been done with building regs (rooms worth more than garages). Just do the maths, stuff usually adds about what it costs to do. New windows add nothing
unless the old ones are shagged or the new ones are very pretty....
Down here, prices are definitely above 2007/8, and firming up as I type. My house goes on the market this weekend, see how long that takes to
sell.....
It is true that houses are only worth what people will pay for them.
You can find out what people really paid for all the houses in your street, or in the street you want to buy in, on any property website. They obtain
their information from the Land Registry. You can get the information from the Land Registry website as well. On zoopla, for example. just click on
'sold prices', enter the postcode, and it will show the actual price paid for all the recent transactions in that areas and the date. You
can then use this information to guide your offer.
I was blaming the estate agents for overvaluing and the banks for now lending 5 x
If mortgages had been capped at 1.5 x salary, the best rate my parents could get 60 years ago house prices would be affordable and it would be
possible to save to buy something.
My house went up from £125k to £365k in 10 years..... My wage doubled in that time, house nearly tripled in value and all I did was shove in central
heating and a conservatory, I can only explain the difference being 3 x wage in 2009 to 5 x wage in 2010 so the ability to borrow fuelled the massive
price hike.
Estate agents then do there best to arrange the mortgages and secure the best priced sale.
easy answer to this one - don't buy it. Buy another. There are millions on the market.
I'd talk to the estate agent. If you can get onside with them there may be some advantage to be had, inside info. Don't forget they have a
house on their books that doesn't make them any money till it sells.
Financially they should be on your side not the sellers despite the fact that the sellers is the customer......
The difference 30 or so grand makes to their actual commission is negligible in most cases and they'd rather have a tricky house off their books
and bank the lower income.
It's perverse but one of the reasons they don't really work to enure the best price for their customers.
Don't you just love em?
People know what they can afford and if they want to buy a property to live long term in not look at what it will make them in resale in 5 years time then it's up to them what they will pay for it and if the seller doesn't concur then they are not going to get it, full stop. If the seller sells for £20k less than they paid they still owe that money and have no house, where is the sense in that for them whatever the estate agent thinks ?
Mine started at £240K and is now up for £170K, 2 views in 2 years...
Round here house prices are moving up at a rapid rate
A few years back the prices were static, they started a gentle but noticeable rise then over the last few months bang up they go
My cousin had to pay a couple of grand over to get a 2 bed @ 182k now 190k for similar
The recent FTSI slump may slow a bit.
As always what happened in London and SE will hit other areas a little while after
What we did for my cousin is have a good look at house price all over the area of choice so we understand what they are selling for
Usualy prices are within 10% for a given area and type