Well, we didn’t get the house we were after. I wasn’t that surprised but what really got to me was just how much it finally went for. The house had appeared in the GSPC as offers over Â£110k. This was way below the selling price in the area which is around 180k to 190k but we were warned that it needed re-wiring, a new kitchen and a new boiler/central heating. It valued at 165k but if done up properly, 185k.
I estimated around 20k was needed to carry out the work so put in an offer of 175k. It was sold for 215k. Unreal. Madness. Disappointing. Not only that but we were 6th out of 12 bidders so there were 5 ahead of our bid!
If someone wants to pay that much for a house in that state they are welcome to it, but I can’t help but feel the lawyers selling the house were deliberately stoking the buyers – they put the house on the market at an infeasibly low price and even a couple of days before closing they were stating to my solicitor they expected well over 180k again making bidders push up their bids. I considered going to 185k which wouldn’t have made a difference in the end, but I couldn’t afford to as it would have left me short for the work required on the house.
So its back to the drawing board and the house hunting – this time a little wiser and a lot more cynical.