Concept of Market Value?

G_M

madmish00 wrote: »

......but we LOVE this one. It ticks every single box and the location is unbeatable for us. There isn't a single other property on the market in the area that we like.

THAT is the problem, and THAT is why it is worth what the sellers are holding out for!

BoGoF

What the seller wants is viewers through the door, it's the only way to sell a house and reducing it to less than you actually want gets people in.

It seems to me that the seller is in no rush to sell and have a set price they want, which they may or may not get. In all honesty £10k over the offers in excess of is not that much.

In Scotland, with the Offers Over system, it was not uncommon for selling prices to be 25% over the Offers Over price.

Doozergirl

dippy wrote: »

Just because it happens a lot in property sales just shows how the whole system is crooked. Does not make the practice any more right.

Secretly tape the estate agent admitting this and send the recording to the OFT and any association that the EA may be part of, such as ARLA.

This is one reason why a lot of people are asking the government to license EAs. It's one of the most crooked professions in the world.

What are you talking about?! What are secret tape recordings going to prove?

You can market a house at any price you like. Property prices are totally subjective. Whilst it might be possible to regulate EA practice, it would be impossible to regulate asking prices. Markets can change from one end of a street to another. It's up to a buyer to decide if they think the price is worth it, and their surveyor to guide them.

ARLA is for letting agents?!

"I acted like a total paranoid in front of an EA today and they dismissed me. Why don't they think I'm serious?"

The whole thing would be a lot easier if everyone stopped playing games. It's usually the vendors/buyers playing silly beggars, and agents stuck in the middle of people trying to outwit them, from my own experience. EAs are usually either inept, or really quite nice people. You get idiots in any profession.

nomoneytoday

It's on at the lower starting price to attract more viewers.
If the house was on at the higher price you wouldn't have looked.

The aim is then for multiple viewers then to bid back up.

madmish00

It seems to me that the seller is in no rush to sell and have a set price they want

They have changed EA from a local agent to a 'sell your house in two weeks' agent. And had it on with them for nearly 6mth! It is a messy divorce and the property is currently vacant with a mortgage being paid on it. The agent reckons their finances won't allow a lower offer.

madmish00

It's on at the lower starting price to attract more viewers.

That is why I am frustrated though. We knew we could afford up to £170k. If they had left it on at £180k we wouldn't have viewed it...and therefore wouldn't have missed it if we went for something else. But now I am comparing everything we look at and arrgh! Just needed to rant really!

Richard_Webster

It is a messy divorce and the property is currently vacant with a mortgage being paid on it. The agent reckons their finances won't allow a lower offer.

Walk away - they will probably have an argument half way through your purchase even if they do accept your offer initially and one of them may refuse to sign etc and you will end up giving up and buying somewhere else.

General advice is not to buy properties involved in a messy divorce.

Doozergirl

madmish00 wrote: »

That is why I am frustrated though. We knew we could afford up to £170k. If they had left it on at £180k we wouldn't have viewed it...and therefore wouldn't have missed it if we went for something else. But now I am comparing everything we look at and arrgh! Just needed to rant really!

You should be looking at houses for £180k and knocking them down if you're looking to pay £170k. You'll probably find something better if the £180k asking wasn't shifting this one that you like...

Just tell this buyer that you could accept their offer if you can find a house with the money you have. It's fair. Ask your agent to keep marketing yours though until you've found something.

And call the local agents. Tell them you're potentially SSTC if you can find a suitable house for £170k and see if they have anything being marketed for more that might take an offer - I bet there are a few.

dippy

Doozergirl wrote: »

What are you talking about?! What are secret tape recordings going to prove?

Doozer, did you use to be an EA before?

I think everybody here will agree that you may have been the exception rather than the rule.

dippy

nomoneytoday wrote: »

It's on at the lower starting price to attract more viewers.
If the house was on at the higher price you wouldn't have looked.

The aim is then for multiple viewers then to bid back up.

Classic false advertising. It wastes the time of so many people. If it happened in another industry, such as a shop for example, it would be an entirely different matter. It's still so wrong though.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/misleading-advertisements/what-is-it
What is a misleading advertisement?

An advert is misleading if it deceives or is likely to deceive its audience and affect their economic decision-making.