Making an offer on a house and dealing with an auctioneer ?

Jonb1985

I'm looking at 2 bed apartments and my question is they are advertised for 90k and on the property price register the last few have sold at 45 k ....
So my question is when dealing with the auctioneer should I bring up that they sold for 45k recently or just nod my head and make an offer of 40 few days later ??

the_syco

What floor were the ones that went for 45k on, and what floor is the 90k apartment on?

Samuel T. Cogley

There could be any number of reasons why it sold for 45K and that not being full market value, usually that's noted on the PPR. Make whatever offer you like of course and best of luck to you, but be wary of being rejected out of hand.

mloc123

the_syco wrote: »

What floor were the ones that went for 45k on, and what floor is the 90k apartment on?

And when we're they sold... You can offer anything you like but if somebody is listing it for 90k they hope/expect to get near that... Not 50-60% under so it is very unlikely they will let it go for that.

Jonb1985

Nearly every apartment I have checked on the ppr in the block sold between 37 and 55 k which is a strange one I can't figure out ?

Also should mention this to the auctioneer or say nothing ?

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mloc123

....... wrote: »

Of course you can mention it to the auctioneer.

But you havent answered any questions asked of you here which would lead to better advice.

Are all the apartments that have sold the same? When are the sales from? Are they for the whole apartment in each case (for example, I know a case where a relationship broke up and he bought her out for half the value of the property, this appeared on the PPR - but its not clear its a buy out from the info shown).

Yup.. I think the main info is when we're the ones on PPR bought.... A year ago or a week ago, even 4-5 months ago has no relevance with the current surge in prices.

Samuel T. Cogley

I've been very tempted to pop mine up at the 250K I want for it. The only reason I haven't is I don't want to annoy the tenants. Anyone looking at it would see similar properties going for shy of 200K. It only takes 2 more years of 10% and/or some eejit savvy investor with AirBnB in mind...

Perhaps something similar going on with your prospective vendor. Alternatively it's a bank forced sale and the vendor has no intention of selling, or selling below the outstanding mortgage.

1641

Jonb1985 wrote: »

Also should mention this to the auctioneer or say nothing ?

Certainly ask. You have nothing to lose by doing so.

Jonb1985

There is a tiny size difference between the apartments and the last 3 apartments sold in April and march this year

Also none of them from what I see on the ppr sold even over 60 k

That is why I'm scratching my head over the price difference

wench

Are they new or second hand?
New builds will be listed excluding vat.

1641

Jonb1985 wrote: »

There is a tiny size difference between the apartments and the last 3 apartments sold in April and march this year

Also none of them from what I see on the ppr sold even over 60 k

That is why I'm scratching my head over the price difference[/QUOTE]

Ask the Auctioneers.They will be prepared for it. Remember that they are acting for the seller - so be sceptical about the answer. Can you make other enquiries ? At the end of the day, only you can decide how much the property is worth to you.

Jonb1985

Ok so viewed the apartment and asked about the ppr price the auctioneer told me that that they would have sold for 40 k on the ppr but the builders have to be paid an extra 35k for the finish

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Jonb1985

Ya sounded strange yes it is a new build and don't know weather to believe him or not

Graham

Is it possible a few were sold as shells, i.e. no flooring, kitchens, bathrooms, tiling etc.

It's also worth remembering the price/sale may have been agreed months before the dates on the PPR. I personally know of a few apartment developments where prices have more than doubled in the last year from the same sort of low base discussed in the OP.

the_syco

Jonb1985 wrote: »

Nearly every apartment I have checked on the ppr in the block sold between 37 and 55 k which is a strange one I can't figure out ?

Also, who was the neighbour? If the apartment was owned by an anti-social tenant, and the complex management was useless, selling cheap and getting out would be one way of doing so.

Of course, the auctioneer won't mention the bad tenant/owner as the reason, as this could scare possible buyers away.