Rather insulted and upset

c_denise

doyouwantfrieswiththat wrote: »

Maybe I should make her day and accept her offer and then the next day tell her I thought it was 165k not 65k :p:p:p

Absolutely :T

Let us know what happens next.

squeeks

May be a daft question but what was the house last sold for and what were they selling for in 2003. £65K seems like an odd number to pluck out of thin air.

doyouwantfrieswiththat

squeeks wrote: »

May be a daft question but what was the house last sold for and what were they selling for in 2003. £65K seems like an odd number to pluck out of thin air.

I bought the house in 2004 for 90k

CharlieBubble

Just reject it. Don't be tempted to string her along. If you get more viewings in the meantime and they ask the EA if you have had any offers and he says yes a very low one and that you are thinking about it, it may put them off, or worse still make others think you will consider very low offers. I can see that stringing this woman along for fun would be tempting, but it may turn around and bite you if you do it.

zzzLazyDaisy

If there is a bottom line that you simply will not go below, just tell the EA not to pass on any offers below that figure as you will reject them. That way you will avoid getting upset like this again. She is obviously bonkers.

squeeks

humm, Okay the average house price in Q3 of 2004 nationally on the land registry was 187k. Dec 2011 figures puts the national average house price at 160k.

The price you paid divided by the average in 2004 gives you an idea of how much your property was worth against other properties available at the time

90/187 = 48%

So you paid 48% less than the average property price for your house.

Taking 48% off the Dec 2011 house sale figures
48% of 160k = 77K

Then take another 15% off that and you pretty much end up at 65k. Which gives herself some bargaining room to move up to the value you believed it was worth back in 2004 + or - deductions for any outstanding work that may need doing.

I am making a swathe of assumptions, but it is possibly the sort of steps that the potential buyer went though to reach 65k.

breadlinebetty

squeeks wrote: »

humm, Okay the average house price in Q3 of 2004 nationally on the land registry was 187k. Dec 2011 figures puts the national average house price at 160k.

The price you paid divided by the average in 2004 gives you an idea of how much your property was worth against other properties available at the time

90/187 = 48%

So you paid 48% less than the average property price for your house.

Taking 48% off the Dec 2011 house sale figures
48% of 160k = 77K

Then take another 15% off that and you pretty much end up at 65k. Which gives herself some bargaining room to move up to the value you believed it was worth back in 2004 + or - deductions for any outstanding work that may need doing.

I am making a swathe of assumptions, but it is possibly the sort of steps that the potential buyer went though to reach 65k.

Are you sure you're not Brit's brother?

You're as bonkers as the crazy woman who made the mad offer - she's clearly deluded and living in la la land.

I would advise the OP to just IGNORE and tell the EA not that you'll NOT accept any offers under a certain price. That will weed the nutters out!:money:

namecheck

CharlieBubble wrote: »

Just reject it. Don't be tempted to string her along. If you get more viewings in the meantime and they ask the EA if you have had any offers and he says yes a very low one and that you are thinking about it, it may put them off, or worse still make others think you will consider very low offers. I can see that stringing this woman along for fun would be tempting, but it may turn around and bite you if you do it.

I agree.
I'm sure I would be furious in the same situation. It would not feel so bad if you'd had also had other viewings (and maybe offers), but best to forget about this woman!

squeeks

breadlinebetty wrote: »

Are you sure you're not Brit's brother?

You're as bonkers as the crazy woman who made the mad offer - she's clearly deluded and living in la la land.

Pretty sure I am not, wrong gender for a start.

Now where did I say she should accept the offer? I have no idea if 90k was a fair market price for the house. For all I know the house was just a shell in 2004, with no electricity or water. The OP has since added the conservatory, built a garage and fixed everything that is wrong with the property - hence the house is now worth over double the low price she paid in 2004.

Given the average house price now, and the house is worth 48% less than this when the OP purchased it, something significant must have changed about the property to make it worth so much more or they purchased it at a rock bottom price.

You can't just go house prices double every ten years, it has been 8, so thats 142k I then need to add + 10% of the purchase price as I want room to negotiate, so that's 150k

Looking at the other houses in the area, are they actually the same and selling for 150k? Also check the sold price values, rather than the sale price - also see if there are differences, like our property is next to a pub and under an electricity pylon or something daft.

Again, I am making assumptions. I haven't seen the property and I've no idea about the area your house is in, so it may be worth 150k, 2,000k or 20p I've no idea what someone is willing to pay in your areas, other than the offer mentioned and the price you paid.

I've just tried to rationalise how people came to the numbers they have. You can prove anything with numbers if you set your mind to it, so take everything with a pinch of salt.

DVardysShadow

CharlieBubble wrote: »

Just reject it. Don't be tempted to string her along. If you get more viewings in the meantime and they ask the EA if you have had any offers and he says yes a very low one and that you are thinking about it, it may put them off, or worse still make others think you will consider very low offers. I can see that stringing this woman along for fun would be tempting, but it may turn around and bite you if you do it.

Any half decent agent could play along with this. Frankly, you are just as much at risk of being stitched up by the agent in this way without any offer on the horizon.