[Misc] Big reduction in property price

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kevo

kevo

Well-known member
Mar 8, 2008
9,137
So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?
 




Weststander

Weststander

Well-known member
NSC Patron
Aug 25, 2011
64,440
Withdean area
kevo said:
So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?
Click to expand...

How does it compare to other flats in the block, have they got neighbours from hell (solicitors if you advance this will ask pertinent questions that must be answered truthfully), is there a huge service charge/maintenance/cladding bill in the pipeline? More research is required.
 






jackanada

jackanada

Well-known member
Jul 19, 2011
3,185
Brighton
Seems to be a bit of a thing listing properties well over the odds initially, I guess they're mainly hoping for a dfl to jump in without any research. There's a house opposite me that's overpriced by at least 30% and it remains a mystery how they have the balls to ask for that money or how they estate agents let them try it.
Hold on I've met the seller and I've met estate agents. It's because they're ****s.
 




beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,365
motivated sellers
 










portlock seagull

portlock seagull

Why? Why us?
Jul 28, 2003
17,284
kevo said:
So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?
Click to expand...
Murder took place there?
Japanese hogweed?
Troublesome neighbours?
Lease near expiry?
SE25 5QB?
 






kevo

kevo

Well-known member
Mar 8, 2008
9,137
Justice said:
Offer them £250k and see how you get on, they seem
Click to expand...
Well, they accepted my initial offer, which was below asking price, without even attempting to haggle. Again, a bit suspicious!
 


Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,899
The Fatherland
Could be a variety of reasons. In the first instance ask them. Gut feeling is it’s an over enthusiast estate agent and zero viewings during the month it was on the market.

As @Weststander has suggested, get your solicitor to ask questions. With due diligence you should be able to find out if there is any issues. If the property is similar to others in the street go on the land registry, see if any have recently sold, and for how much.


Good luck.
 






Weststander

Weststander

Well-known member
NSC Patron
Aug 25, 2011
64,440
Withdean area
kevo said:
Well, they accepted my initial offer, which was below asking price, without even attempting to haggle. Again, a bit suspicious!
Click to expand...

Genuinely, look into service charge/sinking fund matters, is there an horrendous bill on the horizon with insufficient funds, noisy neighbours and little acoustic insulation, complaints about neighbours.
 


kevo

kevo

Well-known member
Mar 8, 2008
9,137
Weststander said:
Genuinely, look into service charge/sinking fund matters, is there an horrendous bill on the horizon with insufficient funds, noisy neighbours and little acoustic insulation, complaints about neighbours.
Click to expand...
They've already moved out so don't think it's the neighbours thing. Service charge atm is reasonable. A big bill coming up is more likely, particularly as there's another flat gone up for sale in the (small) block at the same time. They will need to reveal this though, so why not be upfront about it?
 


kevo

kevo

Well-known member
Mar 8, 2008
9,137


Weststander

Weststander

Well-known member
NSC Patron
Aug 25, 2011
64,440
Withdean area
kevo said:
They've already moved out so don't think it's the neighbours thing. Service charge atm is reasonable. A big bill coming up is more likely, particularly as there's another flat gone up for sale in the (small) block at the same time. They will need to reveal this though, so why not be upfront about it?
Click to expand...

I mean, they couldn’t stand the noise from their neighbours. My only experience of a flat 30 years ago, I hated that aspect, never agan.

But I hope you have spotted a genuine bargain with no strings!
 






Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,899
The Fatherland
kevo said:
They've already moved out so don't think it's the neighbours thing. Service charge atm is reasonable. A big bill coming up is more likely, particularly as there's another flat gone up for sale in the (small) block at the same time. They will need to reveal this though, so why not be upfront about it?
Click to expand...
Could be a bridging loan issue if they have already moved out?
 


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