Is this house under priced?

[FluffyFluffy]

https://www.rightmove.co.uk/properties/90270204?utmcampaign=property-details&utmcontent=buying&utmmedium=sharing&utmsource=copytoclipboard#/&channel=RESBUY

Wondering if this is at odds with the price for the area? Is there anything obviously amiss?

Or is it just the method of sale that is the reason?

not sure about the modern auction approach

It's an auction, and that's the starting bid.
It will likely go for a lot more than that.

Yes but zero bids on it

How do you know how many bids there are?

Nice house but would need redcorating as its all grey, horrible.

Either demand for the area is down or it is overpriced, if people wanted it at that price it would be sold?

Zero bids so far with 5 days to go . 3 bed semis in the area go for 240 to 265 depending on condition.

By the way I wouldnt touch modern auton with a bargepole

Loads of added costs, rip off for the buyer.

https://www.plumplot.co.uk/Birmingham-property-transactions.html

Absolutely this. As soon as you see ‘modern method of auction’ then scroll down to the next listing.

@KeepPumping thank you for this, I didn't know it existed. I love a chart.

More than likely they’ll be a reserve on it anyway
starting price is to hook you in

You have to add around £10,000 onto whatever you pay to cover the reservation fee

And you would lose that if anything showed up in the surveys and you pulled out

Modern method of auction properties a lot of people avoid like the plague as you have to pay about 5% of the property value to the estate agent, you need to add this to the amount you're paying for the property when calculating stamp duty and then also have the deposit for the mortgage. It means you need a large chunk of money upfront. You also usually have to complete quite quickly on the property once you've put your offer in.
I'm planning on selling my house and the estate agent was very keen on trying to get me to agree to modern method of auction, it would mean I wouldn't need to pay any fees as the seller, but the estate agent would get 5% off the buyer instead of around 1% from the seller. I shut it down very quickly as I knew it narrows your appeal to fewer potential buyers and they're more likely to offer far less on the property.
It feels a bit of a con really

MMA - The "marketing prices" are irrelevant so just ignore them. I don't bother looking at any MMA

Its also on a very busy road.

It’s an auction, nobody knows what it will go for other than that it will be a fair representation of the local market

I wonder if the shared driveway leading to the garage has been an issue for some people?

Yes it is full of good charts.

Possibly, not for a landlord seeking an auction bargain though?

I used to work as an estate agent and absolutely hated when my branch manager got people to sign up for modern method of auction. They do it as they get more commission for the branch. I can definitely confirm it’s not for the sellers benefit.

It limits the market - first time buyers won’t generally go for it which from looking at the house this would be ideal for it. The buyer has to pay a shed load of fees upfront which takes away from a buyers deposit hence why they don’t go for it.

It sold for 65k in 2000. So adding the average uk house price inflation its worth around 220k now. But that assumes its well maintained and updated and no issues on survey.
So in theory, no, its not really underpriced after you add the costs of that type of auction.

I used to live not far from here (Erdington) and know the area very well.
It’s an auction property so £190k isn’t likely to be the final price. Also Modern auction - read into it as there is more to than what meets the eye.
I wouldn’t be paying more than £230k for it though.

Have you looked at what other properties have sold for nearby?

It is a property that you could move into straight away but long term I’d be looking at upgrading the kitchen and bathroom as these look to be about 20-25 years old.

Great Barr is a good location - near to the M6 J7 and Birmingham City Centre not a million miles away.

Great Barr is a good location

Maybe years ago but now it is just an extension of Kingstanding - a total dump.