Unrealistic Sellers

Conel

Hi everyone,

I was wondering if other areas still have unrealistic sellers?

We have now been looking since April to no avail (due to imo, unrealistic sellers and lack of housing).

Is it me being to harsh?!? For example we had put in an offer of 210k on a house that is up for 230k. It has been on the market since January and according to Land Registry there has been around a 8% drop in this area Jan-May. This was declined as they would only accept 220k. The house is the sellers inheritance (so the house is sitting there empty) and has had 2 offers accepted on it but they both have fallen through as these buyers are in a chain and it collapsed. We were basically told not to put in 215k (our max) as an offer had already been rejected for this amount and 220k is their lowest.

Another case is a house come on the market for 225k, but needs quite a bit of work. A house down the road which is laid out exactly the same but fully refurbished was also up for this amount (with the same agent). So when we put in our offer for 200k (with looks to increase to 210k) we were told it was declined as he would only accept 220k (and was very adamant about this). When I spoke to the EA we said the reasons for our low offer (needs doing up, less of a garden as the vendor had sold some off and comparing to the refurbed house) and she agreed and said leave it with me (knowing we would go up to 210k).

Also other houses in the area are up for 10k less and need a lot less doing to it!!

Am I being unrealistic or is it the vendors? Beginning to think it is me?:o

Annpan

Conel,
Are you also looking at the houses on for 10k less that need a lot less refurbing? I'm wondering why you're looking at the ones you quoted and not considering the others as they sound a better buy from the start.
I don't think your offers are too low at all. Some would say too high unless your in a very bouyant area. If you're a cash buyer or one with mortgage approval and nothing to sell, then strictly speaking you should be holding all the cards.

sazza42

Some people are still living with their heads in the clouds - we had 5 houses for sale on our street until recently. They are all fairly similar 3 bed houses except for one which is 4 beds. The asking prices ranged from £195K to £250K. There are only 2 left unsold - guess which ones... The one on for £250K and one for £240K...

sontoon

No its not just you conel,

we have 2 offers rejected due to, imo, unrealistic sellers. We looked at a property on the market for 180k a two bed semi we offered 160 and got rejected as apparently the vendor had re-mortgaged, we looked at a 3 bed detached in the next street that was on for 160k and if it had been our thing probably would've gone for it.

The other one was a 3 bed terrace bought in 2007 at a ridiculous price of 164k when next door paid 125k for the same sort of house 2 weeks later. Now bearing in mind the kitchen had just 1 worktop and 4 cupboards the vendor said he will not sell for less than he paid, he put the house on the market just 8 months after buying it so been on the market for well over a year. We offered 154k, mouseprices' top end range was 150k, the EA apparently told the vendor it was a very good offer and probably the mortgage valuation wouldn't come in at that but still no budge, we really wanted it as well. So no its not just you.

not_loaded

Sorry it’s not working out for you, but I suppose the unrealistic sellers could be on here somewhere complaining about unrealistic buyers.

At the end of the day it’s up to a seller what to accept and a buyer what to offer. Offer what you think is right and move on if you’re not getting anywhere.

I suppose the essence of your complaint is that you really really want what they’re selling? If so, it’s decision time…

Don’t hold website values like zoopla and mouseprices as gospel. They’re based on maths and nothing else.

There are seemingly endless threads on here saying “I offered really close to asking and they won’t take it”.

From the seller’s pov, if I had serious competition like five other houses similar, I wouldn’t be too bullish about the price. Maybe they’re not bothered about when they move?

chickmug

You seem to forget that people's freedom to make their own decisions and for their own reasons.

If I were a seller, wanting to get near to the asking price, and was prepared to wait, that is my perogative.

Why should I subsidise you or any other would be buyer?

iscrimger

I can think of 4 properties near me. The current average sale price for a 2 bed apartment in my area is between £115-125k. This is still falling month on month however.

These 4 properties are on the market for ridiculously high prices and have been for some months now. The lowest price is £159,900 with the highest at £305,000. In terms of the market the highest price property is probably more suited to a price of £200,000 and the lowest price property is more suited and comparable to a recent sale for £107,500. I've not even bothered to view these properties because clearly the sellers are in a world of their own.

keith969

For the seller, if they do not have to sell, then why should they? Just move on and find something that you like at a price you can afford.

I'd very much like an Aston Martin DB9, but I'm not prepared to pay however much they cost. After all I hear new car sales have tanked completely. But I've yet to find anyone who's prepared to sell me one for £10K.

not_loaded

iscrimger wrote: »

I can think of 4 properties near me. The current average sale price for a 2 bed apartment in my area is between £115-125k. This is still falling month on month however.
These 4 properties are on the market for ridiculously high prices and have been for some months now. The lowest price is £159,900 with the highest at £305,000. In terms of the market the highest price property is probably more suited to a price of £200,000 and the lowest price property is more suited and comparable to a recent sale for £107,500. I've not even bothered to view these properties because clearly the sellers are in a world of their own.

If what you say is 100% accurate then they are not going to sell. They may learn or they may not.

I’m in an area where houses ARE selling but you will still find the occasional loony going for broke. Let them get on with it!

One guy asking about £150k over the odds said that it was needed “because it is his retirement money”. Strangely it still hasn’t sold.

themanbearpig

Don't worry too much. Just wait a little longer and all those unrealistic sellers will be begging you to make another offer when the market slows down again.

If you're in a good position, don't forget it, and cave into deluded sellers demands. Just walk away.

Conel

chickmug wrote: »

You seem to forget that people's freedom to make their own decisions and for their own reasons.

If I were a seller, wanting to get near to the asking price, and was prepared to wait, that is my perogative.

Why should I subsidise you or any other would be buyer?

Hi Chickmug,

With all due respect I am not forgetting their freedom of choice, as is mine to not offer more.

And also, why should I subsidise someones future purchase or pay over the hilts because of their remortgages? All properties I have offered on months ago are still on the market so it can't just be my opinion. Properties well priced are shifting in a week.