Dealing with the deluded.

abaxas

Hi all,

After about a year of looking for a house, we missed out on two we should have bought and almost bought one, but the sellers decided that a right to water wasn't important! :mad:

So back to the market we go and as ever, we find there is in reality two markets. One for people who wish to sell and price according to the market. They get offers, they sell, they move on with their lives. Then comes the second set, the people who simply cant understand why their property is not selling. They reduce their asking prices, the remarket with different EAs, they get friends to do a special in the local rag, etc. But still no offers, no sale. Why? The answer is almost always price. Everything has one, just they have decided they wish to sell at a price no-one is willing to pay.

My question is, how do deal with these people? I know that, in terms of valuation, I will often get it wrong. But should I just offer what I am willing to pay and see what happens?

Problem being, it's not so easy to offer 30% less than marketed price. Can I really 'insult' that much? Or maybe their asking price is just as insulting to the market?

Any views/thoughts appreciated.

go_cat

You can't make anyone accept a low offer even if it is realistic. These owners will have their houses up for sale for years .

abaxas

go_cat wrote: »

You can't make anyone accept a low offer even if it is realistic. These owners will have their houses up for sale for years .

I understand that. Just think it's time I do something about it, be proactive rather than just avoid.

sinbad182

What prey tell are you going to do about it?!

Their houses, their rules I'm afraid. doesn't matter how unrealistic you consider them.

abaxas

sinbad182 wrote: »

What prey tell are you going to do about it?!

Their houses, their rules I'm afraid. doesn't matter how unrealistic you consider them.

My cash, my rules.

That is why I was wondering how people deal with them. My current system is to basically avoid, like everyone else does.

sinbad182

You dont seem to understand.

If they own the house, and they value it more than you are willing to pay for it, then they are in the driving seat. They don't have to sell if they don't accept your valuation.

Yes, some of these people will never sell their houses, but that's their problem and their lookout

Catherine_Johnson_2

abaxas wrote: »

.......should I just offer what I am willing to pay and see what happens?......

Well, yes! Hopefully you wouldn't be going around making offers that are beyond your means?


Also, it might be your cash, but it's NOT your rules. You can't force them to sell at your price.

MoneySaverLog

Check market values before putting in any offers, homeowners obviously want the best price, buyers want to buy as cheap as possible. It's a cat and mouse game, if you're not desperate I guess bargains can be had but you have to wait and put in offers well below the asking price for houses that are not overly inflated by the owner for the area.

girl_withno_name

There's a jacket that you like the look of... problem being that the market trader is asking £100, but you're only willing to pay £70 and he won't budge on price - what do you do? (Same principle, no?)

Or maybe it's more pertinent to ask - what can you do?

By the way, I appreciate that it's frustrating and I've come across my fair share of sellers who think that new carpets have added £15k value in a falling market. Unfortunately, all you can realistically do is (as you say) offer what you're prepared to pay and walk away if they don't accept.

duchy

There are deluded sellers who price unrealistically and deluded buyers who offer unrealistically. Neither are likely to move anytime soon.

abaxas

MoneySaverLog wrote: »

Check market values before putting in any offers, homeowners obviously want the best price, buyers want to buy as cheap as possible. It's a cat and mouse game, if you're not desperate I guess bargains can be had but you have to wait and put in offers well below the asking price for houses that are not overly inflated by the owner for the area.

I'm not looking for a bargain, just a home for me and the wife!

My point is with vendors who have marketed for the same price for 2-3 years while the larger house down the road, sold for 80% of their asking price last year. etc.

Worst of them all are the developers who are 'waiting for their profit'. Sorry but a lick of paint, a new bathroom and kitchen does not convert a £275k house into a £600k house. Especially when the other conversion down the road is marketed at 500k and is much larger, better finished and still hasn't sold in 3 years.

Sorry for the rant. But what do these people smoke?