longgone Posted September 13, 2017 Share Posted September 13, 2017 http://www.rightmove.co.uk/property-for-sale/property-68259407.html is it worth an offer ? Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted September 17, 2017 Share Posted September 17, 2017 I give you £2. Quote Link to comment Share on other sites More sharing options...
MattW Posted September 17, 2017 Share Posted September 17, 2017 There's quite a bit to do even before moving in. It looks like the carpets have gone. Perhaps that's a good thing. The 'Offers In Excess Of' annoys me. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 17, 2017 Share Posted September 17, 2017 2 minutes ago, MattW said: . The 'Offers In Excess Of' annoys me. It basically says they're not really selling it for that price after all. It would put me off. Quote Link to comment Share on other sites More sharing options...
MattW Posted September 17, 2017 Share Posted September 17, 2017 4 minutes ago, Si1 said: It basically says they're not really selling it for that price after all. It would put me off. I wonder what would happen if a potential buyer put in a firm and final offer with the EA say £5k or £10k below the asking price? Would the EA still have a legal duty to inform the vendor? Quote Link to comment Share on other sites More sharing options...
adarmo Posted September 17, 2017 Share Posted September 17, 2017 12 minutes ago, MattW said: I wonder what would happen if a potential buyer put in a firm and final offer with the EA say £5k or £10k below the asking price? Would the EA still have a legal duty to inform the vendor? All offers are required to be put forward by the agent to the vendor unless the EA has it I writing from the vendor not to do so. I know of that area but not what things are going for. Tbh if they've ripped out the carpets away that's one less thing for you to do and then one less thing to be disposed of. Might be worth a cheeky offer and let it sit with the vendors for a while. If there's no other interest then they may capitulate. After all, winter is coming. Quote Link to comment Share on other sites More sharing options...
Calcutta Posted September 17, 2017 Share Posted September 17, 2017 Imagine paying to live that close to Flea Park. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted September 17, 2017 Share Posted September 17, 2017 Get several mates to put offers in around 50% of "OIE" to make yours most attractive, and add a pinch of realism to the vendors dreams. Quote Link to comment Share on other sites More sharing options...
nothernsoul Posted September 17, 2017 Share Posted September 17, 2017 I dont know that area at all so wouldnt know if it is good value or not. However, the property does look like a repo, if it is the valuation is probably fair ir cheap in this market. If the property is repossessed, you really want it ( not just snatching in desperation for a bargain) you feel the listed price is good fair value, and you can comfortably service the debt even if rates tick up, I would personally make an offer close to the list price. If the house is in the banks possession they may take slightly less than they wanted, just to get it off their hands, while a very cheeky offer is likely to be dismissed out of hand and they will auction it off instead. Quote Link to comment Share on other sites More sharing options...
longgone Posted September 17, 2017 Author Share Posted September 17, 2017 14 minutes ago, nothernsoul said: I dont know that area at all so wouldnt know if it is good value or not. However, the property does look like a repo, if it is the valuation is probably fair ir cheap in this market. If the property is repossessed, you really want it ( not just snatching in desperation for a bargain) you feel the listed price is good fair value, and you can comfortably service the debt even if rates tick up, I would personally make an offer close to the list price. If the house is in the banks possession they may take slightly less than they wanted, just to get it off their hands, while a very cheeky offer is likely to be dismissed out of hand and they will auction it off instead. i don`t know the area either but past sales are 100k more . it was more a post about worrying if these fookers are going to try and force hyperinflation , savings could be vapourised . where to stick the cash Quote Link to comment Share on other sites More sharing options...
nothernsoul Posted September 17, 2017 Share Posted September 17, 2017 Everything in this economy is turned on its head. Saving should be encouraged and give the holder peace of mind, instead they live in fear of being punished for other peoples recklessness. Quote Link to comment Share on other sites More sharing options...
Jason Posted September 18, 2017 Share Posted September 18, 2017 To be fair it's an online auction, so probably the best way to find fair value! Quote Link to comment Share on other sites More sharing options...
hi5lo5 Posted September 18, 2017 Share Posted September 18, 2017 I have found a new way to estimate the fair value https://www.landc.co.uk/calculators/how-much-rent-should-i-charge-calculator/ Enter the post code and find out what rent range the property can achieve. Monthly rent X 12 / 5.5 %/ 145% gives you the 75% of the property value. Once you get the 75% of the property value extrapolate it to 100% to estimate the fair value. The above formulae is derived from the PRA underwriting rules. By and large most lenders would follow this to determine the property value. Quote Link to comment Share on other sites More sharing options...
cognitive dissonance Posted September 18, 2017 Share Posted September 18, 2017 2 hours ago, hi5lo5 said: I have found a new way to estimate the fair value https://www.landc.co.uk/calculators/how-much-rent-should-i-charge-calculator/ Enter the post code and find out what rent range the property can achieve. Monthly rent X 12 / 5.5 %/ 145% gives you the 75% of the property value. Once you get the 75% of the property value extrapolate it to 100% to estimate the fair value. The above formulae is derived from the PRA underwriting rules. By and large most lenders would follow this to determine the property value. Interesting, how are the 5.5%, 145% and 75% values derived? TIA Quote Link to comment Share on other sites More sharing options...
hi5lo5 Posted September 18, 2017 Share Posted September 18, 2017 1 hour ago, cognitive dissonance said: Interesting, how are the 5.5%, 145% and 75% values derived? TIA That's the PRA affordability and income criteria test for BTL lending . The theory is annual rent should cover 145% of payment, stress tested on 5.5% Interest rate. Any BTL needs 25% down payment and 75% LTV. That's the maximum a BTLer can borrow which is a fair value. Quote Link to comment Share on other sites More sharing options...
mchlpeel Posted September 19, 2017 Share Posted September 19, 2017 Did nobody notice the glaring issues with this property? have a closer look at images 11 and 4 Carpets, Kitchen and Bathroom is pretty standard stuff but id pass on a potential subsidence issue!! Quote Link to comment Share on other sites More sharing options...
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