TheCountOfNowhere

59% off in Tunbridge Wells

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On 10/20/2017 at 3:32 PM, Anonymous said:

I live in Tunbridge Wells and know the market pretty well here. The listings at £1.25m and £1m are truly bonkers, at no time would they have been anything but. £500k is too cheap but enough to bring any interested parties through the door. The general location and look of property shouldn't make this a tough sell as a renovation project to a developer or home buyer. The agent has had an absolute shocker with this!

This type of thing is just an embarrassment for everyone concerned. The vendor will not want to sell this for £500k, so when potential buyers come through the door and offer guide price or slightly more, the EA has to turn down the offer, making both them and the vendor look pretty stupid.

A bidding war is a possibility of course, but I doubt that it would ever go high enough to meet the vendor's expectation.

What would this house fetch once fully renovated - £1.1m as a house, maybe a little more as flats? It is going to take some time to buy it and renovate it and if the current malaise that is hitting the London market gets out to Tunbridge Wells before it is complete that could come down quite a bit.

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6 hours ago, worried1 said:

This type of thing is just an embarrassment for everyone concerned. The vendor will not want to sell this for £500k, so when potential buyers come through the door and offer guide price or slightly more, the EA has to turn down the offer, making both them and the vendor look pretty stupid.

The EA is legally obliged to pass the offer onto the vendor. They are not allowed to turn down the offer.

This is why we need them to be regulated. Years and years of law-breaking make people forget. :(

 

 

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8 hours ago, mrtickle said:

The EA is legally obliged to pass the offer onto the vendor. They are not allowed to turn down the offer.

This is why we need them to be regulated. Years and years of law-breaking make people forget. :(

 

 

Sorry, I put that wrong in my first post. I didn't mean that the EA would physically turn down the offer themselves, but that an asking price offer would be turned down regardless because the vendor in this case will be looking for more than that. Just embarrassing for EA and vendor in my opinion..

Totally agree with the point on regulation.

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On 20/10/2017 at 9:22 AM, TheCountOfNowhere said:

We have a winner !!!!!

How desperate is this !!!!

I think they must be hoping for a bidding war.

http://www.rightmove.co.uk/property-for-sale/property-66856295.html

What chance someone from here going and offering £350K ? :lol: 

 

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Wonder how the open day at the weekend went.

 

 

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http://www.rightmove.co.uk/property-for-sale/property-62405455.html

 

 

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2 hours ago, TheCountOfNowhere said:

Worth recording it then putting in on t'internet :lol: 

You may laugh but i have made offers like that before, no wonder the agent would no longer speak to me as i was deemed rude and not a real buyer. :lol: 

i find asking me to pay 50 times more than the boomer paid in 1965 much more rude, and not a real seller. 

don`t you hate it when they say offers in excess, it makes me want to offer even less. :lol:  60% discounts here we come. 

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2 hours ago, Anonymous said:

I see from the Barnard Marcus thread this went for £700k today. Be interesting to see what becomes of the place.

Link?

 

Goes to show...there's one born every day.

 

Still 500k off the IAP has got to hurt someone. Just another £400k loss for the next mug punter to take

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On 10/20/2017 at 4:19 PM, the_duke_of_hazzard said:

Yield of 3.5%. Still too expensive at 500K.

I was told by two former BTL colleagues that yield is irrelevant, capital growth is what is important.

I was not convinced.

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4 hours ago, iamnumerate said:

I was told by two former BTL colleagues that yield is irrelevant, capital growth is what is important.

I was not convinced.

If I have 500K I can get much more return from shares without lifting a finger (indeed I do, and pay the rent with it with change).

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15 minutes ago, the_duke_of_hazzard said:

If I have 500K I can get much more return from shares without lifting a finger (indeed I do, and pay the rent with it with change).

Sadly even if STR I don't have £500k - but my former colleagues would say something "property always go up and you should always be leveraged" - not my views - sounds dangerous.

(What shares BTW).

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