tim123 Posted January 30, 2011 Report Share Posted January 30, 2011 the following is going to auction: http://www.rightmove.co.uk/property-for-sale/property-29025994.html You can see from the history: http://www.rightmove.co.uk/house-value.html?searchLocation=CT13+9AU&displayPropertyType=&bedrooms=&radius=0.0&sellersPriceGuide=Update+results that it was purchased in 2007 for 158,500 and has been on sale at the extortionate price of 205K until Jan this year. So now, because they didn't get any interest, it is going to auction at the price it should have been all along! (LR data says that it ought to be 5% down from purchased price). It doesn't appear to be a distressed sale so didn't they think that reducing the price at the EA would have been better? Nice house could be interested in bidding :-) tim Quote Link to post Share on other sites
Kilham Posted January 30, 2011 Report Share Posted January 30, 2011 Be even more fun if it fails to reach guide price or even 100k Quote Link to post Share on other sites
mikthe20 Posted January 30, 2011 Report Share Posted January 30, 2011 The guide price is not the same as the reserve price. Wouldn't be surprised to see that the reserve is well above the guide so, unless under threat of repossession, you might find the vendor is stupid enough not to take bids below £180k for example. Quote Link to post Share on other sites
miko Posted January 30, 2011 Report Share Posted January 30, 2011 There will be lots going to market down there , the big drug company is closing down lots of well paid jobs dissapearing . Quote Link to post Share on other sites
Pent Up Posted January 30, 2011 Report Share Posted January 30, 2011 I gaurantee the vendor has put a reserve much higher than that guide price! Quote Link to post Share on other sites
tim123 Posted January 30, 2011 Author Report Share Posted January 30, 2011 Then it wont sell these are all, IMHO better houses at lower prices (than 180K) http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE%5E189886&insId=1&radius=0.25&displayPropertyType=houses&minBedrooms=2&maxBedrooms=3&minPrice=&maxPrice=170000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false&x=101&y=16 and they aren't selling Quote Link to post Share on other sites
plummet expert Posted January 30, 2011 Report Share Posted January 30, 2011 the following is going to auction: http://www.rightmove.co.uk/property-for-sale/property-29025994.html You can see from the history: http://www.rightmove.co.uk/house-value.html?searchLocation=CT13+9AU&displayPropertyType=&bedrooms=&radius=0.0&sellersPriceGuide=Update+results that it was purchased in 2007 for 158,500 and has been on sale at the extortionate price of 205K until Jan this year. So now, because they didn't get any interest, it is going to auction at the price it should have been all along! (LR data says that it ought to be 5% down from purchased price). It doesn't appear to be a distressed sale so didn't they think that reducing the price at the EA would have been better? Nice house could be interested in bidding :-) tim Imagine buying this for £100k as a BTL and then mortgage rates return to around 8-9% - and they may not be long going there for BTL. The rent would not cover the payments by about..£200pm ish. That is where we are headed. It is one of the reasons why property in the UK can be regarded as well overpriced. The other is income multiples. If this very small, but pleasant home, is still 5 x av income, then it is far too much...innit. Quote Link to post Share on other sites
Tim Miller Posted January 30, 2011 Report Share Posted January 30, 2011 I gaurantee the vendor has put a reserve much higher than that guide price! I guarantee the auction house sets the guide and it won't be more than 15% and far more likely 10% off the reserve. Quote Link to post Share on other sites
tim123 Posted February 14, 2011 Author Report Share Posted February 14, 2011 sold today for 144K, so 10% over guide and 30% below original asking. tim Quote Link to post Share on other sites
Sibley's Love Child Posted February 14, 2011 Report Share Posted February 14, 2011 sold today for 144K, so 10% over guide and 30% below original asking. tim Quote Link to post Share on other sites
neil324 Posted February 14, 2011 Report Share Posted February 14, 2011 Looks a nice house, remember the the fee's are normally higher when selling through an auction, sounds to me like they was in a bit trouble maybe. Quote Link to post Share on other sites
tim123 Posted February 15, 2011 Author Report Share Posted February 15, 2011 so it sold for 10% less than the 2007 price but they were trying to sell for 2007 plus 30% (10% for each year). How many other deluded sellers are there out there? From what I have seen there are lots; all of them with the crocodiles ... They seem to have done a significant refurb since they bought it adding perhaps 20K to the value. They could have possibly sold for 180K last spring, but they were too greedy. tim Quote Link to post Share on other sites
Harry Monk Posted February 15, 2011 Report Share Posted February 15, 2011 Looks a nice house, remember the the fee's are normally higher when selling through an auction, sounds to me like they was in a bit trouble maybe. I can sum that trouble up in one word- Pfizers. Quote Link to post Share on other sites
The Masked Tulip Posted February 15, 2011 Report Share Posted February 15, 2011 Quote Link to post Share on other sites
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