venders wont budge on price after crash

EdInvestor

linda4767 wrote: »

Its the vendors that need to realise that if they are not prepared to be a little more flexible on the price they will sit there for another few years at least.

For this to work out, it also needs the vendor of the property your vendors are buying to get equally "realistic" about the price of their property, and bring it down to match the lower price you propose to pay.

But what if they won't - and most non-desperate sellers won't? Your vendor's sale will fall through - and so will yours.50% of sales failed to proceed in the past year for this very reason.

You can ranmt on as much as you like about how much any property is worth, but people will not voluntarily disadvantage themselves if they are not forced to.

halia

Gangstabird wrote: »

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 I lower my expectations? this is about where I'm going to spend a large amount of my waking and sleeping hours, where my son will grow up and go to school, to me that peace of mind/quality of life/enjoyment etc is the ONLY thing its worth spending money on.
I want to live there, I'll be glad to get a house on that street for less cash but I won't lose the chance for the next 2-3 years because I was trying to squeeze an additional 5-10k.

anyway back to the OP, good luck whatever you decide to do. If you can easily get the type of house you want and tick your boxes elsewhere then walk away, if this is the dream house and there's only a few (or only one) of them then see if you can negotiate with them.

MrsCJH99

I'm trying to sell at the moment too and like you my sale fell through 3 months ago when my buyer pulled out on me and decided she didn't want to buy anything until further notice.

We lost out on the house we wanted to purchase plus our survey fees and solicitors fees.

We were under offer again for considerably less. But found out in the last couple of days that our FTB has been refused a mortgage.

He still rather pompously wants us to wait around while he reapplies - wastes more of our time and tried to get us to sign an exclusivity deal which would make us liable for his "costs".

This guy hasn't got the money to finance the deal and is trying to play hardball with us. LOL

Have you sold? Are you still in a chain? You've let them down once already (albeit not intentionally). Now you want to knock them down on price because you still want what they own.

We've had endless time wasters - and I'm afraid you don't look a good prospect to them. If you love the house I would try very hard to convince them that you are serious.

Otherwise realise that they are telling you "to shove off." Unintentionally you've caused them a lot stress and lost them money in a falling market.

Perhaps they just don't want to sell to YOU?

Good luck with it all anyway!

macaque_2

linda4767 wrote: »

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 ?

A house is worth what a willing buyer is prepared to pay a willing seller. Either pay the vendor what they are asking or find somewhere else. Whinging won't solve your problems.

linda4767

macaque wrote: »

A house is worth what a willing buyer is prepared to pay a willing seller. Either pay the vendor what they are asking or find somewhere else. Whinging won't solve your problems.

I am not whinging. Like any other person on this forum i simply asked for some advice.
In a falling market place what is the value of any property ? if prices have come down 6- 10 % then i want to pay less for a property not top whack. Property has been so over priced for many years if now is the time for a bargain then YES why should i not have one.

linda4767

MrsCJH99 wrote: »

I'm trying to sell at the moment too and like you my sale fell through 3 months ago when my buyer pulled out on me and decided she didn't want to buy anything until further notice.

We lost out on the house we wanted to purchase plus our survey fees and solicitors fees.

We were under offer again for considerably less. But found out in the last couple of days that our FTB has been refused a mortgage.

He still rather pompously wants us to wait around while he reapplies - wastes more of our time and tried to get us to sign an exclusivity deal which would make us liable for his "costs".

This guy hasn't got the money to finance the deal and is trying to play hardball with us. LOL

Have you sold? Are you still in a chain? You've let them down once already (albeit not intentionally). Now you want to knock them down on price because you still want what they own.

We've had endless time wasters - and I'm afraid you don't look a good prospect to them. If you love the house I would try very hard to convince them that you are serious.

Otherwise realise that they are telling you "to shove off." Unintentionally you've caused them a lot stress and lost them money in a falling market.

Perhaps they just don't want to sell to YOU?

Good luck with it all anyway!

I have not sold mine again yet and will rent out my property to take out another morgage. I have taken mine off the market and am waiting to find a tennant then i will try and get together with the agent to strike a better deal. I am the only person that has really taken any interest in this place in 12 months so i doubt they would not want to sell to me.
All the best with yours too

BTLNEWbie_3

linda4767 wrote: »

I am not whinging. Like any other person on this forum i simply asked for some advice.
In a falling market place what is the value of any property ? if prices have come down 6- 10 % then i want to pay less for a property not top whack. Property has been so over priced for many years if now is the time for a bargain then YES why should i not have one.

Of course everybody wants a bargain but that is only possible if the seller wants or needs a quick sale.

pickledpink

linda4767 wrote: »

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 ?

What you need to realise,madam, is that the couple who own the house probably have no mortgage and can happily wait until they get what they are asking for. So effectively they are telling YOU to shove off!!

Further, the 'pittance' they paid for it was not a pittance 30 years' ago!

You sound angry because you obviously really like the house and you want a big fat discount too! I dare say you look upon the sellers as a couple of old codgers who would be grateful for your offer. Well, sorry to disappoint you, but they obviously couldn't give a toss whether you shove off or not. They've lived in the property for a quarter of a century so I'm sure they won't mind staying there a few more years'.

Older people have a LOT of leverage - they're usually mortgage-free and can sell 'at their leasure'!:p

So you either cough up your original offer or go take a hike and lose out on a property which may never come your way again.

pickledpink

Oh, before the Spelling Police pounce.....................I spelt LEISURE wrong!!!:p

baby_boomer

linda4767 wrote: »

Property has been so over priced for many years if now is the time for a bargain then YES why should i not have one.

If you're patient then you'll get a bargain, but not this one.

The time for a bargain is probably several months down the line, anyway.

Good luck with any future moves.