venders wont budge on price after crash

UK007BullDog

Just because they have lived in the house 35 years does not mean that they got it for a pittance. To us it might seem little money but at that time it was a big amount of money.

Also they might have used the house as a cash machine and remortgaged to release "equity". They might be lumbered with a big mortgage. Who knows!?!

Also if they plan to retire somewhere, have you seen the prices the builders want for cottages and retirement pads? They are very expensive. So they will need every penny as they are now too old to get a mortgage and their pensions might not cover a mortgage anyway.

Another poster said that the "oldies" might be ignorant about the housing market. I dont think so. They just need the money to downsize and at times a nice small 1 or 2 bed retirement place can be just expensive as their 3,4 or 5 bed house.

So unless you talk to them face to face to understand exactly why they are not dropping the price you are not going to get anywhere.

Also are you negotiating via an estate agent or are you talking to them directly? Some estate agents are so desperate at this time they might be playing you..... I mean you went back after 3 months.... They saw you coming if you know what I mean.

Plus you need to think about your own mortgage. The lender will probably not accept the old survey anymore, so you might have that as a bzackup argument.

Having said all of that you are not the one who has the leverage, its the seller as he does not need to sell. He wants to sell, but also could just stay there if he does not get the amount he wants/needs.

sam1970

i am just back from work so i did not check all the nice replies to my post...any way this thread gave me a very good idea....my local mercedes dealer has got a beautiful M class (4 wheel drive) on show for 50000 pounds..i am going to visit them tommorow and offer them 30000 pounds and see what they say...i will tell them that tax on 4 wheel drive cars is going up and fuel costs are rising so they should sell to me at the price i want

linda4767

Good luck to you ! i am sure the men in white coats wont be far behind you:p

m00m00

sam1970 wrote: »

i am just back from work so i did not check all the nice replies to my post...any way this thread gave me a very good idea....my local mercedes dealer has got a beautiful M class (4 wheel drive) on show for 50000 pounds..i am going to visit them tommorow and offer them 30000 pounds and see what they say...i will tell them that tax on 4 wheel drive cars is going up and fuel costs are rising so they should sell to me at the price i want

or wait 12 months, and buy the identical car for 25k

Gangstabird

halia wrote: »

Its a funny question this one of what the house is worth. If its an investment then I understand the logic, but otherwise what is 'worth' how on earth do you measure it?
If this is the house you want in the area you love that will give you the lifestyle you desire then how can you put a price on that? If you truly arent' that bothered by getting THIS house, or the idea of getting a 'bargain' is more important than getting a dream house then walk away.

We're hoping to buy soon, we have an upper price limit which is what we can afford. But overall what the house is like is FAR more important than whether I can knock 5-10% off the price(if you are buying at 240k then 15k is less than 10%)

People do trot out the line of another house will come along, but as someone has said that assumes you are buying a bland box that has lots of

coutnerparts.
We're hoping to buy a period property on a specific street that only has 30 houses on it. Now the chances of property coming up on that street frequently is fairly low, maybe one house a year if that. So I think I'd be bloody daft to miss out on a house that meets all my criteria just cos I was angling for another 5% off the price in the current market. After all until I buy the house I won't have the advantages of living in that area

Dont all jump at once to tell me the market tells you what something is worth - it doesn't! It tells you what people on average end up comprimising on.

And remember that the buyer may have a minimum amount they need to raise on the sale price. If they want but dont' NEED to move then they may simply say - we will move/sell when we get the price that enables us to pay of mortgage/buy what we want.

I think that you are little picky, considering that we are having a house price correction/crash etc.

However, I would love to be one of those people in those 30 houses as if you are a genuine buyer, they could get the fantastic rising price as you want it so much.

Lower your expectations and save a few bob unless you already live with your parents on the only farm for miles around and need to live in these houses.:beer:

bubblesmoney

Davesnave wrote: »

Sorry, Bubbles, but it wasn't politicians, it was the National Housing Federation:
http://www.independent.co.uk/life-style/house-and-home/property/housing-market-will-bounce-back-in-five-years-878696.html

i was just commenting on the comment by sam1970 about a parliamentary committee saying this. i quote sam1970s earlier post below

have you heard the news on bbc today that the house prices will rise by 25% in the next 5 years (according to parlimentary committee)...

price will alaways be decided by supply and demand and affordability. if the buyer wants a place badly then obviously the prices are going to be higher as they will be in a weaker negotiating position. if the seller doesnt need to sell then their position i stronger but if they NEED to sell to move / downsize then they cant have the upper hand in negotiations. but if a person is keeping the same price 14m after not being able to sell the property then it is a waste of time for a potential buyer even to try haggling as most likely that buyer isnt in a hurry or NEEDS a particular sale price to be able to downsize etc. no point wasting time unless the buyers is in love with the property and willing to pay over the odds for it. i dont think i am a chap who falls in love with a house. but i understand others might have that emotion for a bricks and mortar house. for others like me maybe we get the same feeling when we put the money that we save by paying market value rather than over the odds and use the money saved for other family needs. this all the more true for FTBs unless they have deep pockets or fall in love with a property. to each his own. different people have different requirements and aspirations. :beer:

bookduck

I'd go to http://www.ourproperty.co.uk find out what was recently sold, present them with the facts and say that they have a week to decide if the want to to move to take the valuers valuation.

The the two neigbours have similar value houses and don't want lower their price because that would be loosing face to the Joneses.

End of the day cash is king.

boinging_2

Gangstabird wrote: »

I think that you are little picky, considering that we are having a house price correction/crash etc.

However, I would love to be one of those people in those 30 houses as if you are a genuine buyer, they could get the fantastic rising price as you want it so much.

Lower your expectations and save a few bob unless you already live with your parents on the only farm for miles around and need to live in these houses.:beer:

Why should someone "lower" their expectations. If someone wants a house on a certain street then they can pay what they wish for it.

I sold to rent last August and while it has saved me a lot of money a house came up on exactly the road I wanted to live on and I've offered on it. Life is too short - I know prices will continue to fall, but when the market bottoms the choice of houses to buy could be restricted to places I don't want to live. So yes I'd be financially better off but would perhaps not living where I want to... You pays your money, you takes your choice.

Davesnave

boinging wrote: »

Why should someone "lower" their expectations. If someone wants a house on a certain street then they can pay what they wish for itquote]

Yes, especially when you're an FTB, because the next move will be so much easier if you hold out for something a bit better than average or, alternatively, you may not even need to move at the point when most others do.

When I was in that situation, back in the dark ages, I'd a list of 4 roads and it was just a matter of waiting. Although we did move on after about 7 years, we didn't need an agent to sell in that street; just word of mouth. People around us, who also arrived as young couples, found the houses quite OK for bringing up families and, over 25 years later, some are still there.

beingjdc

Davesnave wrote: »

Sorry, Bubbles, but it wasn't politicians, it was the National Housing Federation:
http://www.independent.co.uk/life-style/house-and-home/property/housing-market-will-bounce-back-in-five-years-878696.html

Only 25% rise now? They claimed last year that prices would rise 50%

Ooooooops!