Over Priced?? Your thoughts Please :)

ciano125

Skyler wrote: »

I'm crap at this house buying stuff

To be honest, it makes a refreshing change to see someone with their head screwed on the right way!

You've done your research, you know what the house is worth on the open market, there would be no harm in going and speaking with the vendor (not their agent) and showing them what you are basing your valuation on.

You could tell them that you are buying with a mortgage and the lender's valuer wont value it any higher than £x because he will base his valuation on this evidence (that you've just put in front of them), therefore, you can't offer any more, even if you wanted to. I would also say to them, "if you can't accept this level, your house can't sell, unless you can find a cash buyer who is prepared to pay x% over the market value". Then walk away and dont ring them back. If they come back in the future, do your homework again and see what its worth at that point in time.

Personally, no matter how much I liked a house, I wouldnt be offering anything over my valuation in this market. There's just no need.

freeride

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.

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

If you like the house that much, why don't you put an offer in just under the asking price, so they execpt. When the bank values it, you and the vendor can see what the REAL value of the property..

If you are confident its worth what you offered then you have nothing to worry about.. and the vendor might "see the light" and be more willing to bend a bit

Skyler

I realise that, they have already rejected offers around what we were prepared to offer so thats a no go aswell. Seriously I do think I need to get my skates on and find somewhere to rent quick smart lol!!

Skyler

freeride wrote: »

If you like the house that much, why don't you put an offer in just under the asking price, so they execpt. When the bank values it, you and the vendor can see what the REAL value of the property..

If you are confident its worth what you offered then you have nothing to worry about.. and the vendor might "see the light" and be more willing to bend a bit

Doesn't your mortgage company need to know what you have offered? Which will be above our affordability, therefore they won't even entertain it, would they ?

ciano125

Skyler wrote: »

Doesn't your mortgage company need to know what you have offered? Which will be above our affordability, therefore they won't even entertain it, would they ?

Correct.

Leave it, walk away. It wont sell for what they're asking.

If you were that way inclined though, you could offer just below the asking price so they accept, and then tell them you've changed your mind. Childish I know, but satisfying!

Skyler

ciano125 wrote: »

Correct.

Leave it, walk away. It wont sell for what they're asking.

If you were that way inclined though, you could offer just below the asking price so they accept, and then tell them you've changed your mind. Childish I know, but satisfying!

Sorry but I had to giggle at that, you never know what may happen in the future so I'd like to not burn any bridges just yet Maybe that's what the first people who put the offer in did, the vendors didn't have a clue why they pulled out.

I'll watch it and just admire it for now, the search continues!!!

pawpurrs

Please dont play silly games that have been mentioned, you are above that kind of nonsense. Its not fair on the vendor, treat others as you wish to be treated. I think its best to be above board. The vendor may be being unrealistic about price, all you can do is offer, what you are willing to pay and if thats acceptable, you have a deal.
I wouldnt be put off by previous offers, things could have changed for them, or you could be in a better postion. I wouldnt justify your offer, either, it will only antagonise the vendor, all you need to say is that your maximun offer you would be prepared to pay for the property is X. They can only say no.

Skyler

I know Pawpurrs, I have no intention of playing games. I'm going to ring the EA tomorrow, put in our FINAL highest offer possible and then thats that. I can't do anything else really

pawpurrs

Good for you. Best way to be, straight down the line.

freeride

Skyler wrote: »

I know Pawpurrs, I have no intention of playing games. I'm going to ring the EA tomorrow, put in our FINAL highest offer possible and then thats that. I can't do anything else really

I wouldn't jump in just yet, the house ain't going nowhere..

You could always phone the EA and say your offer is on the table until monday. Then ask a friend/family member to view it at the weekend and offer £4000 under your price.

They might fall for it and grab your offer:rotfl:. If they don't, put your last offer in.