[Misc] Big reduction in property price

[kevo]

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]

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?

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.

 

[LamieRobertson]

Mind me asking why a flat

 

[BN9 BHA]

You can buy a house at America Lane Haywards Heath, must be cheaper than a flat at that price.

 

[jackanada]

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]

motivated sellers

 

[portlock seagull]

Mind me asking why a flat

Correct. They’re called luxury executive apartments these days

 

[Justice]

Offer them £250k and see how you get on, they seem desperate to sell.

 

[Justice]

You can buy a house at America Lane Haywards Heath, must be cheaper than a flat at that price.

with 24hr police protection thrown in

 

[portlock seagull]

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?

Murder took place there?
Japanese hogweed?
Troublesome neighbours?
Lease near expiry?
SE25 5QB?

 

[Weststander]

Murder took place there?
Japanese hogweed?
Troublesome neighbours?
Lease near expiry?
SE25 5QB?

America Lane, Haywards Heath.

 

[kevo]

Offer them £250k and see how you get on, they seem

Well, they accepted my initial offer, which was below asking price, without even attempting to haggle. Again, a bit suspicious!

 

[Herr Tubthumper]

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.

 

[LamieRobertson]

Well, they accepted my initial offer, which was below asking price, without even attempting to haggle. Again, a bit suspicious!

Erm wouldn’t it have been best to ask the question you have before you made the offer

 

[Weststander]

Well, they accepted my initial offer, which was below asking price, without even attempting to haggle. Again, a bit suspicious!

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]

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.

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]

Erm wouldn’t it have been best to ask the question you have before you made the offer

Probably!

Still at a very early stage though.

 

[Weststander]

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?

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!

 

[LamieRobertson]

Probably!

Still at a very early stage though.

….this other flat, comparable price? Anything going on with the freehold…not that I can think this would b an issue

 

[Herr Tubthumper]

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?

Could be a bridging loan issue if they have already moved out?