Why such a price difference?

m'lady

Hoping anybody in 'the know' might be able to offer an opinion on this!

We viewed a house last week priced at €160k, (detached, 4 bed, fairly big), there's a house around the corner in the same development priced at €185k but is a 3 bed semi-d and not as big at all, didn't get to view yet, we are tomorrow. Both houses appear to be in same condition.. This had us confused but what really confused us was I went on the property register and found that a similar 3 bed semi was sold 1 month ago at €80k!!! Can anyone tell me why on earth a house would be priced so high?

Another piece of info I have only found out is that seemingly the tenants of the 3 bed were asked to leave ASAP and same person told me it looked like the bank had taken it.. I'm wondering is this possibly the bank chancing their arm?

I'm clueless when it comes to house selling and buying, so it's gonna be a learning curve.

MarkAnthony

Any issues with Pyrite in the area?

m'lady

MarkAnthony wrote: »

Any issues with Pyrite in the area?

Thanks for your reply... No, not that I'm aware of? They'd only be about 7 years old if that would make sny difference..

the_syco

A detached may be dearer to heat than a semi-detached house?

m'lady wrote: »

Thanks for your reply... No, not that I'm aware of? They'd only be about 7 years old if that would make sny difference..

If the house is 7 years old, it'd have been sold pretty close to the boom. Is that the price of all houses nearby, or just this estate, and if so why?

MarkAnthony

m'lady wrote: »

Thanks for your reply... No, not that I'm aware of? They'd only be about 7 years old if that would make sny difference..

Probably out of the 'danger zone' then but if a house went very cheaply (you dont say where you are so I've only my own experience of Dublin to go on) then it would ring alarm bells for me.

MrWalsh

The property register could represent a setting transaction and not a full purchase price. The apartment next to mine shows a transaction of 60k or so on the property register but it represents one partner buying another out after a relationship break up.

dori_dormer

also if its a bank sale, they could be in negative equity and arrears. The owners could be putting it up at a ridiculous price just to get the banks off their backs or the bank may need it sold at that price for a reason.

Have you researched what the prices of these houses were new to get an idea?

Rasmus

Like mentioned above, maybe the expensive house is not actually 'for sale'. The owners could just be listing it because the bank insisted, but the owners may not want to move..

m'lady

Sorry for delay in responding to all the replies. I viewed the 3 bed semi today and when I questioned the EA he suggested that the house that sold a few weeks ago was a 'repo', but I don't get that as I was of the understanding that the banks will hold out for a higher price and certainly not less than half of the market value?!
He agreed that the owner has put it very high and when I said I'd put an offer of €100k or thereabouts he refused to even pass it on?!

m'lady

MarkAnthony wrote: »

Probably out of the 'danger zone' then but if a house went very cheaply (you dont say where you are so I've only my own experience of Dublin to go on) then it would ring alarm bells for me.

I'm in the Virginia, Cavan area.. Thanks

m'lady

Rasmus wrote: »

Like mentioned above, maybe the expensive house is not actually 'for sale'. The owners could just be listing it because the bank insisted, but the owners may not want to move..

Possibly, though I've been told the tenants that were in the house only a couple of weeks were told to move ASAP, the EA denied that and said they were there 2 years!

Victor

m'lady wrote: »

He agreed that the owner has put it very high and when I said I'd put an offer of €100k or thereabouts he refused to even pass it on?!

They are obliged to pass it on.

MouseTail

Victor wrote: »

They are obliged to pass it on.

Not necessarily, the vendor may have instructed the EA not to entertain low ball offers, or only to revert to them with offers over x.

audi12

m'lady wrote: »

Hoping anybody in 'the know' might be able to offer an opinion on this!

We viewed a house last week priced at €160k, (detached, 4 bed, fairly big), there's a house around the corner in the same development priced at €185k but is a 3 bed semi-d and not as big at all, didn't get to view yet, we are tomorrow. Both houses appear to be in same condition.. This had us confused but what really confused us was I went on the property register and found that a similar 3 bed semi was sold 1 month ago at €80k!!! Can anyone tell me why on earth a house would be priced so high?

Another piece of info I have only found out is that seemingly the tenants of the 3 bed were asked to leave ASAP and same person told me it looked like the bank had taken it.. I'm wondering is this possibly the bank chancing their arm?

I'm clueless when it comes to house selling and buying, so it's gonna be a learning curve.

why are you buying when the market is all over the place people like ye that drive up the market in uncertain times because ye wont wait

Victor

audi12 wrote: »

why are you buying when the market is all over the place people like ye that drive up the market in uncertain times because ye wont wait

The poster is perfectly entitled to spend their money as they like. You might change your tone.

Moderator

testicle

Victor wrote: »

They are obliged to pass it on.

Please stop talking nonsense.

The_Morrigan

testicle wrote: »

Please stop talking nonsense.

It's not nonsense. The do have an obligation to pass on offers, the reality may be different but the obligation still remains.

m'lady

audi12 wrote: »

why are you buying when the market is all over the place people like ye that drive up the market in uncertain times because ye wont wait

Who,people like me with a small budget and all the investors? Seriously that's a very unfair statement. If I thought I could wait, I would, but all I see is price increases all around me.

cookie*

testicle wrote: »

Please stop talking nonsense.

All EA's have to pass on any offers made.

MarkAnthony

testicle wrote: »

Please stop talking nonsense.

Please stop talking bollocks.


Sorry that was too good an opportunity to pass up!

cookie*

MarkAnthony wrote: »

Please stop talking bollocks.


Sorry that was too good an opportunity to pass up!

Theres always one ha ha