Over Priced?? Your thoughts Please :)

wheresmydoshat

they sound to me like they are just trying their luck, a few more low offers over the next few months and maybe it will start to dawn on them that they won't be getting lucky.

but then again as you say, maybe they will strike gold.

Skyler

freeride wrote: »

Interesting comments..

Just goes to show not all sellers are willing to take silly offers at the moment.

I wouldn't say the vendor is wasting peoples time, after all Skyler new her/his limit was nowhere the asking price..

I think this situation is a two way street... its not always sellers that have unrealistic expectations...

I based my expectations on what I think the house is worth due to them buying it in the property boom period for £230k probably spending £20k on a new kitchen and remodelling the layout (knocking through a wall). The fact that they bought the property in January 2007 for £230k then put it back on the market for £280k in October 2007 they dropped the price to £250k in April of this year and it has been on the market for round about 18 months.

I personally would like to offer up to £215k but I know that the EA came back and said that the vendor wants very close to the asking price so I thought there wasn't any point in putting forward another offer.

We have a mortgage offer (not just agreement in principle), our house/business is sold, we have a completion date in for 3 weeks time and we have a deposit of up to £70k depending on what price we buy at and we were looking at a 70% mortgage.

When I've looked at house prices on the estate the last house 4 bed detatched sold for £170k, the most expensive property on the estate sold in Oct 2007 for £240k. I honestly didn't think that I was being unrealistic or I wouldn't have viewed the property.

I really don't know what to do now, looks like going into rented is our only option as I don't want to buy in haste and repent at leisure

Skyler

wheresmydoshat wrote: »

they sound to me like they are just trying their luck, a few more low offers over the next few months and maybe it will start to dawn on them that they won't be getting lucky.

but then again as you say, maybe they will strike gold.

I'd like to think your right but my gut feeling from the vendor is that they have too much invested in the property and aren't prepared to take the hit.

They did say that they had a sale agreed a while ago but the buyers pulled out. They haven't had any other offers on the property and like I said it's been on the market for 18 months. They obviously don't really need to sell. Why leave it on the market though? Wouldn't you think after 18 months it might make them think that perhaps it's overpriced? If it wasn't surely it would have sold by now?

I'm crap at this house buying stuff, I think I'm being quite rational but obviously I'm the one who is dillusional :rolleyes:

pawpurrs

The question I would be asking is they only bought in 2007, and the house has been on the market for 18mths thats a year and a half, so they could only have been in it a couple of mths before they put it on the market, it wasnt a doer upper, so they didnt buy it with a view to completley doing it up and then selling it on, so why did they want to move so soon?

wheresmydoshat

your right, they shouldn't even have the property on the market if they've invested too much in it to sell at current prices.

Skyler

pawpurrs wrote: »

The question I would be asking is they only bought in 2007, and the house has been on the market for 18mths thats a year and a half, so they could only have been in it a couple of mths before they put it on the market, it wasnt a doer upper, so they didnt buy it with a view to completley doing it up and then selling it on, so why did they want to move so soon?

They purchased the house in January 2007, the HIP is dated October 2007.

The conservatory was definitely on the house as the HIP makes reference to the planning consent for it.

We went to view another property just after this one and we got talking and mentioned that we had viewed another property just before and mentioned the estate. The vendor knew the property as it used to be her daughters dance teachers. She had been to parties at the house and said that the conservatory was semi-open planned on the kitchen. Now just looking at the conservatory/kitchen now you can see that it is fully open planned so yes they did that conversion and fitted the new kitchen.

The rest of the house hasn't been altered it has just been decorated, the windows were already double glazed so no extra cost to them for those.

I think maybe your right, perhaps they bought it thinking that they could make some money on it (obviously so if you consider the first asking price was £280k) but the market hasn't been kind to them and they are now left with the house. It's been on for 18 months they obviously aren't willing to sell for less that they have put into it so looks like they will be staying. Or they may hit lucky and find someone is willing to give them their premium.

Although saying that would a surveyor/valuer value it at what they are asking especially with the market the way it is? I don't know about that as I'm not an expert in that field. Wish I was lol!!

pawpurrs

Yes, I understand all that. But 7mths in a house is not long at all is it? Do you know why they are moving?

Skyler

pawpurrs wrote: »

Yes, I understand all that. But 7mths in a house is not long at all is it? Do you know why they are moving?

You have PM

Yakubu22

Skyler wrote: »

I based my expectations on what I think the house is worth due to them buying it in the property boom period for £230k probably spending £20k on a new kitchen and remodelling the layout (knocking through a wall). The fact that they bought the property in January 2007 for £230k then put it back on the market for £280k in October 2007 they dropped the price to £250k in April of this year and it has been on the market for round about 18 months.

I personally would like to offer up to £215k but I know that the EA came back and said that the vendor wants very close to the asking price so I thought there wasn't any point in putting forward another offer.



When I've looked at house prices on the estate the last house 4 bed detatched sold for £170k, the most expensive property on the estate sold in Oct 2007 for £240k. I honestly didn't think that I was being unrealistic or I wouldn't have viewed the property.

Absolutely right. The house is overpriced and they are holding out for either someone crazy to bail them out of negative equity Or someone who absolutely falls in love with it and just has to have it.
Unless you fit into either of those two categories, stand back and just watch what happens. The EA isnt really helping the seller by telling you not to bother unless you offer near the asking price. Sure they represent the seller, but to turn away prospective offers -the Seller obviously doesnt really want to sell.

ciano125

Skyler wrote: »

We are also interested in another property which we are going for a second viewing tomorrow, it is on the estate we really want to be on but it isn't our buy till you die house. My issue with that one is that it it was purchased in 2001 for £105,950, currently up for £217k but the vendor has said that they can't accept less than £205k as they need the money to purchase their next house.

The fact that they want £x "so they can buy their next house" makes no difference to what this house is worth what so ever. The market doesnt give two hoots what you want or need, so this is a non-arguement from the start.

You've a PM by the way Skyler.