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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To not want to line someones pocket to the tune of £45k?

47 replies

NapQueen · 17/06/2018 22:16

Seen a flat id like to buy. Its up for 125k, which imo (using comparisons such as others sold on that and surrounding streets) is too high. Id say more reasonable figure would be around 112k ish. A similar flat with excellent improvements on this one (rejigged the layout, bigger kitchen, second bathroom) went for around 120k about 2 weeks ago.

To make this one like that one would cost around 10k so 112-115 reflects that.

The current owner is a developer who I have since discovered today paid 80k for the flat this February. He got it for a steal - it went through probate and presumably the inheritors just wanted shot.

Having visited the flat a few years back myself as a friend of a friend of the owner, and again visiting this week as a potential purchaser, the developer has laid new carpets throughout. Thats it.

So now I feel like its leaving a bad taste that within 4 months and what? Max 4k spent on carpets being generous, they are anticipating 50% on top of what they paid back in profit?

I cannot see where they have spent any more - there are even prints on the wall and light shades that linger from the owner prior. The boiler is not new. No new doors/windows. No decorating.

Ive no doubt they got a bargain 4 months ago. But (1) the flat isnt worth 125k and (2) I am loathe to see someone profit 45k in 4 months after doing bot all to it.

Aibu?

OP posts:

MissGiddyPants · 17/06/2018 23:07

Sold my dads house and the buyers spent probably £25k then sold it for an extra £45k less than a year later. I was cross as I asked the estate agent if I should upgrade the kitchen and bathroom to increase the price and he said no. Twat.

JessieMcJessie · 17/06/2018 23:09

I sold my late Mum’s house a while ago. I inherited it so didn’t pay a penny. If you’d bought it from me I’d have been making a profit in return for zero work on it. Would you have resented paying me its true value?

Not sure that I can see much difference between that and a developer/flipper who was obviously in the right place at the right time (unlike you).

Rachie1973 · 17/06/2018 23:09

Ive no doubt they got a bargain 4 months ago. But (1) the flat isnt worth 125k and (2) I am loathe to see someone profit 45k in 4 months after doing bot all to it.

Don't buy it then. He's a developer, it's in his interest to get the best possible price, no nasty taste. Just business.

PickAChew · 17/06/2018 23:11

OK. Don't buy it. Hopefully others will see through the veneer and bullshit, too, and they'll be forced to lower the price.

itswinetime · 17/06/2018 23:16

Offer what you think it's worth! Be prepared to walk away if they want more than that! Developer wants to make money they can sell for whatever they want, if buyers want to pay 10k over what it's worth more fool them!

keepingbees · 17/06/2018 23:19

If it's not worth that price to anyone, then it won't sell, simple.
It's probably deliberately over priced with a view to a deal being done.
If it was sold cheaply through probate, then whoever bought it would down the line make a profit. The developer is only doing business.

FrancisCrawford · 17/06/2018 23:23

This reply has been deleted

Message withdrawn at poster's request.

NonnoMum · 17/06/2018 23:24

Supermarket buys suncream in the winter.

Sun comes out and they sell it at a profit.

Same thing...

Stormy76 · 17/06/2018 23:25

If you don't thinks it's worth it then walk away, it's irrelevant how much someone paid for it and how much profit they are making. Its a business.

InionEile · 17/06/2018 23:31

You could make a low-ball offer of 100-110k if you want and then sit it out. If they get no other offers, they might be interested. If not, well that's the way the market goes. Just move on to look at other properties. Depends on how hot the market is in your area.

Smallhorse · 17/06/2018 23:47

It’s a non issue.
They can advertise it at any price they want.

People can offer what they think it’s worth .

Including you.

DiegoMadonna · 17/06/2018 23:54

Yeah, I don't get the thread. You don't think it's worth 125k, so don't buy it. If the seller thinks somebody will pay that much, then why on earth would they ask for less?

RubyTrees · 18/06/2018 00:03

You can't really blame them for flipping it quickly to get a fast buck. Their good luck really.

Yes, it’s fantastic isn’t it?

Property speculation should be admired - after all, it’s not like it has been a major contributor to the housing crisis in this country, completely distorting the cost of a basic human need.

voldermorticia · 18/06/2018 00:03

This reply has been deleted

Message withdrawn at poster's request.

blueshoes · 18/06/2018 00:29

It could have been sold to the developer at auction, in which case it would have been as-is-where-is and the developer has to pay in cash and takes a chance there is nothing nasty hidden (like subsidence or structure defects). Hopefully the carpet is not covering up anything ...

Otherwise, it is a good thing the developer got it at a low price because they will be more likely to consider a low ball offer than one whose margins are much thinner.

You might be cutting off your own nose to spit your face if you refuse to offer just because the previous seller is flipping at a serious profit. We bought from such a developer and got a pretty good price but negotiating hard. He was hiding something under the carpet though ...

19lottie82 · 18/06/2018 13:04

“Property speculation should be admired - after all, it’s not like it has been a major contributor to the housing crisis in this country, completely distorting the cost of a basic human need.”

Shame on someone for making a living, providing for their family! Or even paying taxes on the profit they make!

Oliversmumsarmy · 18/06/2018 13:40

Presumably other people who were not property developers saw it. The question is if it was such a bargain why didn't one of those people buy it.

If you don't think it is worth it then don't buy it.

No one is forcing you to do anything.

I do believe some mortgage companies will deal with buying something that the previous owner has owned for less than 6 months but most wont.
I would think the person selling is presuming by the time they get a buyer and that person has got a mortgage it will mean they have owned it for longer than 6 months

Racecardriver · 18/06/2018 13:43

Don't like it don't buy it.

Hideandgo · 18/06/2018 13:45

So, to summarise, (the overpriced for market issue aside) you want to get a discount based on his effort and good fortune to pick up a bargain?

Offer what you think it’s worth and you’ll either get it or someone else will offer more. You won’t get it for £80k, it’s worth more than that and that is his good luck, not yours.

RubyTrees · 18/06/2018 14:36

Shame on someone for making a living, providing for their family! Or even paying taxes on the profit they make!

There are plenty of ways for someone to provide for their family without depriving other people the opportunity to provide for theirs.

As for paying taxes - my heart bleeds for the poor property speculators who are deprived even a penny of their profits due to those horrible taxes.
(You know, the same taxes that are applied to earned income.)

amicissimma · 18/06/2018 14:47

This reply has been deleted

Message withdrawn at poster's request.

19lottie82 · 18/06/2018 14:47

Ruby I’m sorry but if I had the opportunity to make money like that and provide for my family I’d do it, Without a second thought.

And don’t seem to have understood my point about taxes. I didn’t mention anyone being deprived of profits or anything along those lines. I’m just pointing out that in this situation a hefty amount of tax will be paid, leading to a financial injection into the economy.

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