The 55K-advertised, 74K-offered rat-infested heap of shit, I mean, the one-bedroom ground-floor flat with the courtyard garden and parking potential... yeah this is too much for one sentence. While viewing another property, the agent and I got chatting. That one-bedroom flat had gone to a bidding war, hence the offer of 74 when it was only advertised at 55K. As a recap, this property needed complete renovation, with flooring and ceiling not even intact. So cash buyers only, it would never get a mortgage.
Anyway. She clearly felt the 74K was ridiculous, commenting that even when complete the flat was only worth 90. No profit in it considering the entire flat needs gutting. So, surprise, the sale has fallen through.
They are falling through all over the place as the market stabilises.
I mentioned this flat to my friend M (who's in the building trades) and it piqued his interest... he's also looking to buy but his purchase all went pear-shaped during Covid, so he was thinking to save more for a year. The renovation wouldn't cost him as much because he can have his company arrange it and then invoice him at the end, with payment not due until after the sale. I note that I only have 41K or I'd take a punt on it myself... and to let me know if he wants to go halves on a property?
He's tempted, he says. I give it a 5% chance at best though 😂
Still, it is so nice to have someone to talk property with in real life.
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