Had an offer - not impressed

F_T_Buyer

That offer is only 6.25% below asking. If you look at hometrack, they are saying the average selling price is 5% below asking.

If you think the house is worth more, say no, and wait for a higher offer.

PoorDave

Agreed with above.

Has the buyer actually said they aren't going higher? If not then you haven't "lost" them.

I always offer something i think will probably get rejected, just in case it doesn't.

Obviously they don't want to pay 88k if they can get it for 82.5k.

I agree that the surveying sounds rubbish, but could you point out what you've put in your post above to the agent/buyer, and get them to check the surveyor has taken this into account?

barnaby-bear

arnie&caseysma! wrote:

Fitted kitchen, flooring, double glazing and GCH were all put in by me less than 4 years ago. The bathroom was replaced by the folk before me just before they sold 4 and a half year ago. There are no major works to do to the house.

Hope not literally by you! If double glazing a diy job in last 4-years it has to have building reg. sign off, i.e. FENSA certification or effectively knock reglazing cost off house. Laminate flooring usually knocks value off flats (2% usually quoted) it would put me off for cost of having to rip it out, often it also is against flat covenants which comes up at conveyancing(hard floorings often forbidden because of flats below). fitted kitchen will need part P sign off and building notification if post 2004 (they changed the wiring so you can check).
http://news.bbc.co.uk/1/hi/magazine/5086274.stm

At end of day houses worth what someone will pay and you only need one person to think it's worth it. However decor is very personal and just because fittings new (taps/kitchen) doesn't mean other people think they are nice - I find 90% of kitchens for sale revolting and victoriana taps no thanks and of course laminate flooring is an instant put off for a lot of people.

Emmzi

I think there is a problem in that with the job market the way it is in Stranraer(declining with no prospect of picking up - do correct me if I'm wrong) then buyers are not going to be beating a path to your door.

Think about where you want to move to, and if the move is worth the loss to you. Also take some guidance on if prices are going to stay the same or drop in the area.

Sorry to be a merchant of doom, but I do have friends in the area, and they reckon it's going downhill fast. Of course that's also hearsay and THEY could be wrong.

frivolous_fay

barnaby-bear wrote:

Laminate flooring usually knocks value off flats (2% usually quoted).

Is that generally accepted? Why would it devalue a property? I have a hideous, poorly laid and worn carpet which I'm itching to replace with laminate.

barnaby-bear wrote:

often it also is against flat covenants which comes up at conveyancing(hard floorings often forbidden because of flats below)

This is true of our lease... but several neighbours have wooden floors, and our flat is above an arch (no-one below) and most flats in our block have offices, not residents, below them.

barnaby-bear

frivolous_fay wrote:

Is that generally accepted? Why would it devalue a property? I have a hideous, poorly laid and worn carpet which I'm itching to replace with laminate.



This is true of our lease... but several neighbours have wooden floors, and our flat is above an arch (no-one below) and most flats in our block have offices, not residents, below them.

But if it's in the covenants/lease and they are there a buyers solicitor will spot it and knock you down for reflooring costs it don't matter what other people have. Our conveyancing forms asked about flooring to spot this. I guess if you want hard floors enough you can always recarpet to sell or take a few thousand hit on the price. It doesn't matter if every other house in a road has a non-regulation extension if yours wasn't signed off the conveyancing affects the price / progress.

I guess it depends on the property but a lot of people don't like laminate, I guess since it's low end property that has it, it carries the ex-LA/rental flat aspiration. I see laminate and think (fake) burberry because of the properties I've seen with laminate although I hear there is upmarket stuff that looks nice it's personal taste though it's just people who like it assume because they do everyone does.

housebuyer_3

arnie&caseysma! wrote:

I feel like I have lost out due to the surveyors inability to do their job and I have now lost a buyer who was really keen although wont even offer the asking price due to them.

Unfortunately Estate Agents tend to overprice property by 5-10% to get you on their books and increase their commission, then surveyors are more conservative and CAN underprice property, as I've had this happen to me. Can make it very difficult to agree a price but it sounds like this one didn't even make any effort to look round the house, so I wouldn't believe it.

Since it has only been a week, you have an offer on the table - you might as well try and negotiate a higher price with the buyer. The value of your house is only what someone is prepared to pay for it and not the asking price. In the meantime another buyer may come up but if not - at least you are not going to lose the sale.

arnie&caseysma!

Hi all, thanks for the responses. Unfortunately the buyer is refusing to go any higher with her offer despite being more than happy to pay the asking price.

Obvously all the things I mentioed in my last post were not literally installed by me - figure of speech in that they were done by me, eg paid for/instructed etc as opposed to previous owners of the house.

The EA wasnt actually the person that put the price on the house, it was me, based on what other houses in the street have been put up for sale at, and then sold at aswell. The EA is a family friend as is selling it at a discounted rate so she is making a loss no matter what it sells for. I know she is furious for the surveyor putting off the buyer by just plucking a figure from the sky. I only hope that they didn't charge her the £135 for the privilege of doing so.

I have decided to instruct my own valuation from an independent firm who are outwith the town and have no previous records of the property (unlike the other crowd who can base it on a piece of paper 5 years ago) and they have no choice but to visit the property. I am just waiting to hear from them to find out when they are coming to do this. Yes it means another £140 for me but it is worth it for the peace of mind.

arnie&caseysma!

Emmzi wrote:

I think there is a problem in that with the job market the way it is in Stranraer(declining with no prospect of picking up - do correct me if I'm wrong) then buyers are not going to be beating a path to your door.

Think about where you want to move to, and if the move is worth the loss to you. Also take some guidance on if prices are going to stay the same or drop in the area.

Sorry to be a merchant of doom, but I do have friends in the area, and they reckon it's going downhill fast. Of course that's also hearsay and THEY could be wrong.

Thanks Emmzi, personally I think folk are being stingy. If it was on the outskirts of the town and was on sale for over 120K it probably would have sold no problem but it is in what is now the 'first time buyers' price range and they are obviously wanting to keep this as low as possible. There are no many houses in this range left and when they do come on the market they are snapped up. Due to the price range it is in it does not appeal to all the settlers who love this area and all want to come here to retire, whether that be retirement before 65 or after 65.

I had to come back here due to work and although I dreaded it, I now think that I would be in bits if I had to move away again. I don't think that the job market is going downhill - a 10-pin bowling alley is due to open next year and the town has also been shortlisted for a casino. They are going to need more people than ever. The only thing that the town has in abundance that you see more than anywhere else due to them all being in a smaller area is drug-addicts (my word I am being polite today). But then, everywhere has its problems and most folk can see past them when they come to a town in such a beautiful area.

Gorgeous_George

A few points

1) Their offer is just that and can be rejected. Did you really expect to get full asking price within a week of marketing.

2) Your offer can be based on their offer (unless Scotland is different).

3) A surveyor in town should be closer to the mark (on valuation) than one from 75 miles away.

4) I have never bought a house because the decor was nice although I'm sure some people do (probably townies ). Laminate flooring is naff.

Don't despair.



GG