I'm about to buy a victorian house. When I viewed it, it had holes in the roof (water pouring through) and holes in the walls, (which were in the meantime patched up) and it needs new central heating, new windows and rewiring. It also suffers from rising damp.
It was dumped on the market at asking price 349.000, by a vendor, who himself bought it just two months ago for 250.000...Any property experts out there? What offer would you make? What's going on? (I assume the vendor is related to the estate agent, by the way, they both have the same surname). Could you recommend a website or property forum, where I can get more info? Thanks a lot
2007-09-05 04:37:13 · 8 answers · asked by Nicky K 1 in Business & Finance ➔ Renting & Real Estate
Where are you?!
2007-09-05 04:43:48 · answer #1 · answered by Sharon 3 · 0⤊ 0⤋
Can't identify your real problem, that the house is knackered and needs work or that you think the earlier vendor was stuffed.
1. If you want to do the work then it is not a problem. Get a survey to clarify exactly what needs doing and a full costing.
2. If you think the estate agent has broken the rules and defrauded a client by encouraging a cheap sale to a family member contact the Estate Agents Ombudsman or speak with your Solicitor for guidance. But before you point the finger make sure you really do have justifiable suspicions.
3. Do you think you are potentially paying over the top? Well, if the vendor genuinely got an honest bargain and it is now worth £349k then are your concerns sour grapes? Well done to him. If it is over priced then it should be obvious. Look for a near by similar property in good condition and check what it sold for. Use your surveyors report and cost survey.
Visit www.mouseprice.com/ and use their free land registry search to check other prices. It does take about 4 months from the completion date to appear.
Ask other local estate agents.
Check your facts.
2007-09-06 06:06:38 · answer #2 · answered by mathias 1 · 0⤊ 0⤋
Talk to another realtor or appraiser not related to the agents in question. They could give you some insight. A possible drive-by appraisal and tell them the condition of the inside & outside, of course.
The value could all be in the land. Depends on your area. Typically Older Vistorian homes have historic value and that's hard to figure. In the Oldest City, St. Augustine, we have dumps going for similar because they were built in the 1800's and there is no more vacant land in the downtown area. Lack of land = higher values, too.
It sounds like they didn't do any upgrades since they bought it at $250k. It hasn't appreciated 100k in that amount of time. Unless the $250k sale was not arms-length (not typical terms: they are related, selling well below market value, highly motivated, etc.) If that sale is not normal, then the value could be $350k.
See if they will let you get an appraisal done, and ask the appraiser to include cost to cure, so when you buy it you know how much you will need to put in to be normal. Cost to cure doesn't mean how much to make it extraordinary, but live-able.
2007-09-05 05:22:13 · answer #3 · answered by Casie 4 · 0⤊ 0⤋
Try and find out who the original seller was who sold it to the present owner as it sounds like there might have been some dodgy dealings between the estate agent and same name buyer to defraud the original owner? If he bought it for £250k and has done nothing to it,then it is not worth any more than he paid for it(possibly less with added water damage etc).If you are interested then insist on a structural survey and valuation which while it will cost you to have done,it will save you thousands in the long run,and you will have an idea of the costs involved in repairing it.
2007-09-05 08:19:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you live in the UK, I would suggest that the market has peeked. Yes the estate agent and vendor are linked. Sounds like they bought it cash from a desperate seller or an estate on death or from someone going into care (cash goes largely to the council anyway). M U G are the letters I would expect to find on your fore head. I would not make an offer much more than the £250k
2007-09-06 12:47:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
are you the only brain doner survivor !where the hell is your brain?are you telling us you are going to buy a house for more than a third of a million and you have not had a survey ?lighten up take the plunge ..open your wallet NOW ..or you certainly will later ..the money on the survey will save you thousands ..and the surveyor will tell you what its worth as he will know the area
2007-09-05 04:53:56 · answer #6 · answered by boy boy 7 · 1⤊ 0⤋
You are being taken for a mug. Walk away. I am sure there are many other properties in the area in better condition that will not come with the feeling of being conned.
2007-09-05 23:02:00 · answer #7 · answered by charterman 6 · 0⤊ 0⤋
Caveat emptor
2007-09-05 05:41:09 · answer #8 · answered by Geoff E 4 · 0⤊ 0⤋