Unrealistic sellers

driver85

Darth_Marty wrote: »

At least you are doing your research then, in that case neither offer is unreasonable at all, did you negotiate up to those or come straight in with them? Every 1st offer is rejected, or at least it should be!

Also zoopla is a pile of !!!!!, by far the worst of the valuation sites.

Negotiated up to them both, only 2 offers on each. Maybe we should start even lower going forward!

Robert_Sterling_3

driver85 wrote: »

Anyway...just wondered if other people are experiencing unrealistic sellers? Just had an offer turned down - £135k for a property up at £145k, more than reasonable offer we thought! We're also waiting to hear back on a £120k offer on a £130k property, but it's dragged on for weeks now so doubt anythings going to happen.

Are there any unrealistic buyers?
Whatever the seller asks the buyers offer a lot less.

QTPie

driver85 wrote: »

The one up at £130k has been on the market over a year - was originally on at £140k. The vendor said they would accept £122k so offered £120k. Not sure if the issue is the price here - the house they wanted sold to someone else. 2 weeks without a word now though.

Ok that is daft - the seller wants their head bashing against the wall for turning down an offer within £2k of their acceptable amount :rolleyes: . Although, to be fair, you can't want that house very much either... so maybe that match was never going to work.

driver85 wrote: »

Second property been on the market since Aug last year, guy was desperate to sell and said he'd be willing to accept an offer otherwise he's going to try rent it out. Offered £135k but he wants £140k, think he's taking a hit equity wise (he paid £153k a few years back).

DOES seem like he is splitting hairs, but if he is going to slide into negative equity, maybe it is just £5k too much (the straw that breaks the camel's back?)?

driver85 wrote: »

I believe our offers have been very well researched, I spend hours trawling websites and visiting EA's before even viewing most properties. I guess part of the problem is we're not willing to pay full whack - we want to protect ourselves from potential price drops.

It's probably just a learning curve for us, we'll keep making offers until someone bites - more than likely there's someone out there. Just finding it all a bit frustrating!

...and the sellers aren't prepared to take the hit, lightly either (rightly or wrongly). I agree, though, in those two cases the sellers ARE splitting hairs... but so are you: they don't want to sell the house enough to take the hit, you don't love the house enough to take the hit - stalemate. Those type of sales are just not meant to be...

Keep looking - you will eventaully find something that you adore enough and the vendor will be able to let go of at a reasonable compromise . Anything else is just not meant to be...

QT

febop

not going to listen to zoopla now:)

driver85

Maybe we're setting our sights a little high. Our max budget is £135k and for this amount we would need a house that needs very little doing to it. We can afford to pay more but thats the budget and we're sticking to it!!

I know house prices are relative to how long they been for sale etc, but on average what value property would you be viewing bearing our budget in mind? We've been viewing properties priced between £130k-£150k, although recently we've been looking mainly at the top end of that spectrum.

hamblettamaud

the simple answer is, if vendor doesn't want to sell at £135K then hard luck. either offer more or walk away. that's the bottom line. i'd be inclined to walk away myself. it's a buyers' market these days.

confused31_2

i think your okay always offering below the asking price, but if someone has priced their house at 150000 and its the cheapest on there road and the last time houses on that road where that price was 2002, they are not going to take low offers, as its already below market price.

Thats whats happening people are lowering their houses to sell them at well below other houses and people are still asking for big discounts, it might make people who are desperate sell, but a lot of people are just not prepared to sell at real low prices and will just hang on.

I had someone come and look at my house and they wanted to do a swap, now ive lowered mine over 30000, and theirs was a more expensive property and they have dropped theirs 10,000.

I told them i couldnt afford their house and they said they could drop down another 10,000, but theirs no way i could still afford it.

Percentage wise they should drop theirs over 50,000 pound but they wont, so they wont sell, people are just hanging in there.

I think what people need to realise is if i drop my price of my house, i have to get the same reduction off the next house i want if i dont i wont accept the offer.

Wickedkitten

QTPie wrote: »

How well reserached are you offers? How long have the properties you offered on been on the market? Have they recently had their asking prices reduced? What have similar/neighbouring properties sold for recently? What do you base your assumptions that you are making "realistic offers" on?

There ARE quite a lot of "unrealistic sellers" out there, but maybe they are just not motivated to sell or they believe that they "might get lucky". But it is hard to judge whether the sellers that you have offered to are being realistic or not...

QT

Exactly. You can't just go in and offer a silly price without doing some research to see if the house is priced well for the neighbourhood or not.

brit1234

confused31 wrote: »

i think your okay always offering below the asking price, but if someone has priced their house at 150000 and its the cheapest on there road and the last time houses on that road where that price was 2002, they are not going to take low offers, as its already below market price.

Its far above true market value. Remember this housing boom was fueled by cheap credit, over lending and fraud. True prices are well below 2002 prices, you have to go back to 3 times salary for these.

confused31 wrote: »

Thats whats happening people are lowering their houses to sell them at well below other houses and people are still asking for big discounts, it might make people who are desperate sell, but a lot of people are just not prepared to sell at real low prices and will just hang on.

If they aren't prepared to sell and want to hang on they are in for a big shock. Bank losses are big and getting bigger. They are simply not going to lend at overvalued prices, the sooner sellers work this out the better. They are just going to chase the market down rather than get a better price before it falls further.

Davesnave

A neighbour over the road has been on the market for about a year @ £400k and is still refusing to come down. He wants to move and make money from downsizing, but he claims he can't, so he's holding out 'till things improve.'

The irony is that his house is the one my buyer rejected. Similar road, but not as 'exclusive' as this one. I reduced mine by about 18%, sold, and I'm now in rented. The house I'm renting was up for sale too and had offers, but they were turned down, despite possible subsidence and about £40k needing to be spent on updating.

These people in denial are a pain in the butt. I'd cheerfully buy within the year if I could get people holding my target properties to go back to 2004/5 prices, but like the guy across the road, they are waiting 'till things pick up.'
Meanwhile, the economy stalls and nobody spends.

And my research is pretty good too.....I have boxes of property papers and agent's details from 2004/5!