Overpriced... I think so - do you?

Doozergirl

Catblue wrote: »

Whoa there.

Just go and see this house first. You are getting completely carried away with things. It must truly be a great house if you are already doing the sale negotiations in your head, so maybe not as overpriced as you say.

First things first people. View the house first. If you like it, go and view it again, pricing up every single thing in the house that it will cost you to fix/replace. Only then should you be agonising about your offer.

Thank you! I'm glad someone's got some common sense!

How can anyone value a house without even stepping in the door? View it before you even consider your offer. Go and have a look at the outside of the one that sold as well, bearing in mind also that the condition now may be different from the condition when it sold.

sirhan_sirhan

roseland69 wrote: »

haha - an honest agent. Who'd have thunk it!! :rotfl:

If they reject we'll say fine and walk away but leave the offer on the table ...

I wouldn't recommend this. It provides the seller with a backup, in the event that no better offer comes along.

I would always caveat my offers to expire after a set period, or would withdraw them if they seem to be going nowhere.

If you are selling a car for £10k say, and someone offers you £8k; are you more likely to accept if you know that he will walk away when turned down, or if you know that his offer will stand indefinitely?

Seller will be more likely to accept an offer if it is time-boxed.

Jomo

A seller can ask for however much they want, doesn't mean someone will buy it though! I think someone else said it, the seller may not be desperate to sell so will be quite happy to sit and wait until they receive would they consider to be a high enough offer.

I would cut to the chase and offer what you are really willing to pay...

View it first though!!!

roseland69

Doozergirl wrote: »

Thank you! I'm glad someone's got some common sense!

How can anyone value a house without even stepping in the door? View it before you even consider your offer. Go and have a look at the outside of the one that sold as well, bearing in mind also that the condition now may be different from the condition when it sold.

Oh, absolutely. I am assuming if the house that sold was in a worse condition than this one (which is decoratively knackered) then it will be easy to spot as it'll be falling down. In the meantime a mate who lives nearby is going on a recce for me to gauge the outsides of the two to see if there's much difference. If not then its the inside that's the difference and if that's the case then I'm confident in my assumptions. And yes, its all they are - assumptions. But it would be no fun if you couldn't make those. I've not spent any money. its not as if I've invested anything other than time on the internet and doing a few sums. I'm no mug. I'm not going to part with any cash until I know Ihave a good deal. Getting a bit excited on the internet is one thing. Parting with cash in the real world is quite another!!

Its not impossible to get a general valuation without stepping through the door by the way. Because you can judge an area by other properties and what they sold for. Its not ideal and its not an exact science but it is fair to say it gives an "idea" of ball park. That's all I have done. I stick by my statement that its odd for a property to be up for a price that would make it THE most expensive house to sell on that close EVER - despite being in the midst of a property crash when properties in the area have fallen by at least 15%. Things that make you go Hmmm....

roseland69

sirhan_sirhan wrote: »

I wouldn't recommend this. It provides the seller with a backup, in the event that no better offer comes along.

I would always caveat my offers to expire after a set period, or would withdraw them if they seem to be going nowhere.

If you are selling a car for £10k say, and someone offers you £8k; are you more likely to accept if you know that he will walk away when turned down, or if you know that his offer will stand indefinitely?

Seller will be more likely to accept an offer if it is time-boxed.

Thanks - yes, makes sense.

Jomo

roseland69 wrote: »

Oh, absolutely. I am assuming if the house that sold was in a worse condition than this one (which is decoratively knackered) then it will be easy to spot as it'll be falling down. In the meantime a mate who lives nearby is going on a recce for me to gauge the outsides of the two to see if there's much difference. If not then its the inside that's the difference and if that's the case then I'm confident in my assumptions. And yes, its all they are - assumptions. But it would be no fun if you couldn't make those. I've not spent any money. its not as if I've invested anything other than time on the internet and doing a few sums. I'm no mug. I'm not going to part with any cash until I know Ihave a good deal. Getting a bit excited on the internet is one thing. Parting with cash in the real world is quite another!!

Its not impossible to get a general valuation without stepping through the door by the way. Because you can judge an area by other properties and what they sold for. Its not ideal and its not an exact science but it is fair to say it gives an "idea" of ball park. That's all I have done. I stick by my statement that its odd for a property to be up for a price that would make it THE most expensive house to sell on that close EVER - despite being in the midst of a property crash when properties in the area have fallen by at least 15%. Things that make you go Hmmm....

There may be a good reason why it is on for more money...didn't you say it was a corner plot or something? (Pardon me if I'm wrong).

And as for dropping the price, you don't see many 'newbuild' property prices being dropped do you!! I suppose Bellway and the rest of them are doing exactly the same thing, waiting for the right buyer to come along!

barrymoney

But when the mortgage valuation comes in at much less than your offer, you might have a problem... At that end of the market the numbers get big and if the seller doesnt really need to sell they might just pull it off the market and 'wait for the market to pick up'. Will cost you the price of a survey to find out, unfortunately.

roseland69

Yes - corner plot - though not massive garden really for that (my inlaws are in a corner plot and their garden is VAST for a 3 bed semi).

Anyway, I also took this into account by adding a pretendy 25K to the price of the one that sold and this place is till overpriced by about £40 grand when you take percentage drop in the market out. Its also been up for sale since the start of March. Tells me something in that NOTHING has changed on it.

If it was up for £360K, that's would make it believable. Its just on for too much right now. Only a bit in the scheme of things - but enough to make it stand out. I can see why they've done it. To cover their own !!!!!! to if they get an offer by some madman who's not done any research for £370K they may not have "lost" much, despite the general fall in houseprices. Its this that they want for sure. Well sod em if they do. the chances are in this market I'll just watch it sit there on rightmoves for ever unsold as I rent and watch other properties fall in value in line with the market and buy one of those instead.

You're right about New Builds. Though there is one set in the local area that dropped quite quickely. Still unsold. And in a very desirable villiage too. Which speaks volumes. There may be a lot of people looking but that doesn't mean there are a lot of people in a position (with finance in place) to buy. The sooner vendors realise this fact, the better. I've taken a hit on my place that I've sold. We dropped £50K from peak value to get our sale. If we can do it, so can other people. If they're serious about selling that is. Some people are greedy too. They just can't stand the thought of losing money on property. Its a bitter pill after 15 years of dinner party chat about how much their equity has risen this month!!

roseland69

barrymoney wrote: »

But when the mortgage valuation comes in at much less than your offer, you might have a problem... At that end of the market the numbers get big and if the seller doesnt really need to sell they might just pull it off the market and 'wait for the market to pick up'. Will cost you the price of a survey to find out, unfortunately.

Conversely, it could work to our favour with the pricetag looking steep and the surveyor reflecting that in their more realistic valuation which is more in line with any offer we could make. It needs work inside too. Surveyors take that into account.

But hey, I'm not expecting any offer to be accepted as if they have it on for an unrealistic price, they clearly aren't in the mood for sensible offers.

Swings and roundabouts!

Oh and yes, we haven't even seen it in the "flesh" so all this talk of offers is I know, previous! :rotfl:

Jomo

Maybe they are expecting some 'cheeky' offers so have put it on as high as they think they can get away with....try it!