Mid terrace – 4 bed Converted pub – extended.
Agreed selling price 150,000
Market value – not confirmed – between 179000 and 194000.
Rental – a company is interested to rent whole house for £850 pcm
And with multiple occupancy I could get more.
I got this lead off of the web. It was advertised as 194,000 and has been on with an estate agent for 18 months.
I have agreed a price of 150,000 with the seller which was based on the price of 194,000 giving me some cash back dependant on valuation.
[U]Background[/U]
The seller actually bought the house for 150,000 in Sept 04 and has done quite a few improvements but lives a few hundred miles away and doesn’t want it anymore.
The house is on with 2/3 estate agents for 18 months. The seller had 3 valuations done by estate agents who all valued it at 199,000 to 217,000. The seller put it on for 199,000. The price was later brought down to 194,000.
There have been 2 accepted offers for the asking price which there is documentation to prove I am told. These both fell through though. One wanted to alter the property for disabled access and use as a dentist but the necessary changes were too costly. The other I believe was not able to sell their own house.
A week before I came onto the scene the seller dropped the price to 179,000 at the estate agents.
Now when I have adjusted my figures for a mortgage of 179000 instead of 194,000 I could just about do the deal with nearly 1000 to put in.
There aren’t any similar houses sold in the vicinity so getting a comparable price is difficult. I’ve decided to get a valuer down to give me a valuation to base my mortgage on and make sure it’s a good deal. I believe it is worth more than 179,000.
[U]How to get the best valuation?[/U]:confused:
The thing is if the valuer finds out that it was on with several estate agents which I believe he will, will he try to set the valuation near this price. Would the accepted offers in the 190’s influence him in any way. I obviously would like to push up the price to get cash out of the deal as long as I can still stack it with the rent.
I know estate agents value houses a little higher but they should be about right if not 10 K lower at max. Would you agree?
Does anyone know how to play this? Am I going about this the best way?
Any help would be appreciated.
