tried to get a viewing??

rent_and_buy

We have seen a house for sale by us for about 8 months, anyway they bought the house in feb 2007 for 269000 pounds.

It is currently up on right move with 2 agents and with the one it has been reduced down from 269000 to 209000 in december, then no reduction at all from then.

Anyway by looking at the reductions it looks like they have got themselves in a bit of a mess and where desperate to sell, but today we phoned one of the agents and asked for a viewing they said, oh that ones on hold the vendors circumstances have changed.

If it has changed and they are taking the house off the market surely they would remove it from their site

i personally think they have lost the house and its going to be repossessed, what will happen now, will their bank instruct a agent to sell it or will it go to auction?

Doozergirl

Too much speculation!

In my experience if they are repossessed they often go to an agent before auction - and the agent often acts as 'joint agent' with the auctioneer if it gets there. There is no rule though.

rent_and_buy

Phoned up the other estate agent and managed to get a viewing today for next week, maybe the vendor has fell out with the other estate agent?

If it was sold in 2007 for 269000, what would you do you think we should offer? i was thinking of taking 30% off and offering 188,000, and just explain its for future falls in the market.

having said that we might not even like it, but its been on the market since december for 209000, and the estate agent said thats what they are looking for.

what do you think?

david29dpo

You want to knock off 30% because of future falls, how long is the future? Could be a 30% rise for the future. Offer what its worth to you at todays prices or check sold prices for similar houses in your area.

NoDebtForMe_2

Wow Im glad you wont be buying my house. This has has been reduced by 60 grand and you want to take another 30% off ?? I realise this could have been overpriced anyway but still. People obviously think everyone is desperate for a sale and will give away their homes. Or am I being naieve (sp)? I dont normally get involved in this type of thread as I am not "in the know" about housing markets as much as some people but this struck me as shocking.

Doozergirl

rent_and_buy wrote: »

If it was sold in 2007 for 269000, what would you do you think we should offer? i was thinking of taking 30% off and offering 188,000, and just explain its for future falls in the market.

I'd love to know the vendor's reaction when they get told that! I had someone do it to me - they offered 10% less as "prices were due to fall 10% over the next year"

That to me, was confirmation that they thought my house was worth the current asking price. There is not a chance that I would take the hit for someone else on future price falls on a sensibly priced house. My response was "tell him to come back and offer me 10% less in a year then"

I think that 269000 confirmed value in 2007 down to 209,000 sounds pretty reasonable - that house would be snapped up round here as 15% off 2007 prices is what it's taking to see the Sold sign appear.

All that said, 188,000 is pretty low on the current asking price but if you want to get it for cheaper then you have to offer low. I hope there is more in the pot than that because you have to negotiate hard with people for them to adjust their expectations. Just chucking in a very low offer and leaving it is unlikely to work.

Is the house lived in or empty? The reaction from the first EA sounds a little like a rebuff you'd get if it were a repossession.

rent_and_buy

david29dpo wrote: »

You want to knock off 30% because of future falls, how long is the future? Could be a 30% rise for the future. Offer what its worth to you at todays prices or check sold prices for similar houses in your area.

I have had our house on the market for over a a year it started at 169000 and we dropped it to 130,000 now if you read what i said, i said it sold at peak in 2007 for 269000, now the houses have dropped at least 20% nationally, which if you do the maths works out at the house being worth 215000 now.

If it was that much of a bargain why hasnt it been snapped up for 209000, its been that price for the last 5 months, because people can see future falls and i suspect another 15% thats why.

i dropped mine but was not prepared to drop it any more to sell, bottom line if people want to sell they have to accept low offers, if they dont they wont sell.

we dropped ours 22% but still no offers and i suspect to get offers on ours we needed to drop it again, thats why we have decided to rent ours out.

if people dont want to sell they can just leave their prices high, theres plenty of other houses by us to buy and im sure there wil be a lot more in the future.

Ask yourselves the question would you buy something now for 209000 that if house fall another 15% in 6 months could be worth 174000 pound, i know i wont.

we will wait and see

Doozergirl

rent_and_buy wrote: »

Ask yourselves the question would you buy something now for 209000 that if house fall another 15% in 6 months could be worth 174000 pound, i know i wont.

If I wanted to buy a house now then I would probably have to accept that it would be at today's prices. You can search for a bargain but have to be very aware that the majority of owner occupiers are not going to simply drop 10% from an already vastly reduced asking price. There's a reason those people haven't dropped the price further than that after 5 months. Expecting a price now 30% down from peak when prices haven't fallen that far yet is a pretty big deal for a vendor - you're not going to reason that out with many that can afford to stay where they are.

rent_and_buy wrote: »

we will wait and see

Perhaps that's the best thing to do! I don't think anyone is telling you that you have to pay more than you think a house is worth - this is MSE after all, but you can't simply take the stance that you can offer low and expect it to be accepted, it's going to be the exception rather than the rule - especially when you're making the offer and blatantly saying - I think your house is worth more at this point in time than I am prepared to pay. You're completely taking the justification away for them to sell to you at a low price which is defeating your own objective.

The way to negotiate and get the best price is the same way that it's always been. Flattery and patience mostly. I do hope you get this house at the best price possible.

Running_Horse

rent_and_buy wrote: »

we dropped ours 22% but still no offers and i suspect to get offers on ours we needed to drop it again, thats why we have decided to rent ours out.

So you are not in a position to proceed but expect a 30% reduction? Some people have too high an opinion of their status. Best of luck and all that.

rent_and_buy

i apreciate what people are saying and a lot if sellers are being stubborn like you say the house might be a bargain, but if it was such a great bargain why hasnt it sold for 209000 since the end of november?

If it was worth that then and no one bought it, has it came down in relation to the rest of the country or is this house different.

So what im saying is even if it was worth 209000 in november and its fell 2% each month since then the price it should be at now is 192000.

im just going by percentage drops on the news every day, if sellers are not accepting their houses are falling, then they will never sell.

rent_and_buy

Running_Horse wrote: »

So you are not in a position to proceed but expect a 30% reduction? Some people have too high an opinion of their status. Best of luck and all that.

I think you have got it all wrong we dont need to sell, and i would prefer to hang onto the house we currently have for a btl, some people are not in the same position has us and if they need to sell they will need to drop the price of their houses.

I dont know where you have got the 30% reduction from it has already been dropped 22%, i would be asking them to reduce it another 8%.

But remember the house was priced at the end of november for 209000 and it hasnt sold, do you think in the that 4 months it might have dropped another 8% or are your heads in the clouds?

by me sellers have been really stubborn, when we spoke to the estate agent yesterday he could not belive how low we priced our house and how we never sold, but thats the current market, the sellers will soon come round, it will just take time.