venders wont budge on price after crash

linda4767

Q: The sale of my property fell through 3 months ago when the news of the credit crunch hit, which as a result i I lost the house i wanted to buy because i was unable to proceed. Three months down the line, i have decided to rent out my property (which I dont owe a lot on), so i can get another morgage for the house i was originally going to buy, which is still on the market.
I have spoken to the surveyor that carried out the homebuyers survey on the house which he now values £12.5 K to £15K less than what he had previously valued the property at.
I have since made the venders a new lower offer in line with the new valuation of their property, but the house owners will not budge from the original price despite it being valued/worth siginficantly less . The house has been on the market for over a year now and the venders still wants far too much for it. I just really cant understand some people! they have lived there for 35 years and paid a pittence for it, so it owes them nothing! I am a little unsure if i should up my offer or tell them to shove off ?

Molescroft

They sound a bit like my Mother-in-law, she is of the same mind-set. In your position I would stop wasting my energy chasing this house and find something else that fits the bill but with vendors in a proper frame of mind. If they are anything like my Mother-in-law and you do persuade them to accept an offer, I would put money on them deciding they don't want to move after all, pulling out and leaving you in a worse situation than you are now! So, I guess my advice would be tell them to "shove off"!

m00m00

walk away and find another property with a seller who doesn't have their head in the sand.

latecomer

Does it really matter what the house is worth? If they want a certain price you either pay it or move on. Its their choice and it doesn't make it wrong. No new car is worth what people pay for them but that doesn't stop millions being sold every year.

m00m00

but many more perfectly good second hand cars are bought each year, which are worth the price people pay for them in general, and that's a better metaphor for housing.

rchddap1

I agree. Forget about the house and move on. I'm sure there are plenty of people who are desperate to sell and would jump at the chance of a buyer.

linda4767

Thanks, i think i will carry on looking for another property. If i am going to be spending a lot of money like anybody else out there i dont want to pay too much for it. They are going to be sitting on the market for a long time and may well end up getting offers for a lot less than i am offering

ManAtHome

House across the road from me took over 8 years to sell during the last blip/correction/downturn (although they did eventually get the originally advertised price). I'd go with m00m00 - find a vendor who's not into "green shoots".

sam1970

linda4767 wrote: »

Q: I just really cant understand some people! they have lived there for 35 years and paid a pittence for it, so it owes them nothing! I am a little unsure if i should up my offer or tell them to shove off ?

I just cant understand how you think !!! you are so greedy that you want people to give you their house for less than what they wanted...after all they did not ask you to buy the house ...you wanted to buy it

brit1234

Its simple, you either drop your price below the current value of that type of property or you do not sell.

This is not going to be a short term blip it is going to last years.

sam1970

brit1234 wrote: »

Its simple, you either drop your price below the current value of that type of property or you do not sell.

This is not going to be a short term blip it is going to last years.

wao...can you tell me where did you buy your crystal ball from?:D