Dealing with the deluded.

abaxas

ess0two wrote: »

Surely agents aint that far off the mark,to list something at 450k,expecting it to go for 300k,a purely hypothetical example.

One of the main problems is the NE has never really had any form of property depreciation. Even the 80's boom didn't really matter as things were so cheap! It was more of a marginal slowdown than the crash the South had.

If it is hard to think something had devalued by 33% over 4 years, why is it easy to think it doubled in 6 months?

ess0two

Something will come along when you least expect it,just gotta be in the best position to take advantage,as plenty of others like you will be watching intently.

Either way good luck.

RenovationMan

When we sold our house in 2010,we had the estate agents trying to under value it at 220k or 230k, probably for a quick sale so they could pick up their commission. We stuck to our guns and put it up for sale at £250k (stamp duty threshold). It sold within 6 days at full asking price.

abaxas

ess0two wrote: »

Something will come along when you least expect it,just gotta be in the best position to take advantage,as plenty of others like you will be watching intently.

Either way good luck.

I think we are a bit sick of it all really. Maybe a bit of a rebound from a very stressful conveyancing, that ended up with us pulling out due to no water rights.

Only to look again 9 months later and see the same houses that no-one wants to buy.

abaxas

RenovationMan wrote: »

When we sold our house in 2010,we had the estate agents trying to under value it at 220k or 230k, probably for a quick sale so they could pick up their commission. We stuck to our guns and put it up for sale at £250k (stamp duty threshold). It sold within 6 days at full asking price.

As did the house down the road. Right price, right area, right time of the year.

The only problem is the person who 'bought' it, still hasn't sold their house.

RenovationMan

abaxas wrote: »

As did the house down the road. Right price, right area, right time of the year.

The only problem is the person who 'bought' it, still hasn't sold their house.

Not a problem for us because our buyers were in rented accomdation. I believe they STRd. They tried to get us to reduce the asking price and I said "Sorry, but the house has only just gone onto the market 3 days ago". They came back a day later and said they would pay full asking but that we would have to pay their stamp duty, I replied "Sorry but our own stamp duty is going to be £13.5k and so there's no way we're paying someone else's as well". 2 days later they accepted and 4 months later we all moved.

Talking to my old neighbour the other week, he said that they absolutely love the house and they're starting a family. Nice to hear. I dare say that they thought their STR status (effectively FTBer status) would mean they could drive a hard bargain, but we really weren't that bothered about moving so quickly. In the end once they moved they didn't care about a few grand and they are just getting on with their lives.

A lesson there somewhere.

beegees_2

I am in the same situation as abaxas. We've made 3 offers on a house, increasing each time to a price that we believe is more than fair. The EA agrees that the vendor is deluded as to the price he is looking for, and that our offer is probably the best they are going to get, but can do no more to reason with a very stubborn vendor.

The vendor is retired and seems happy to leave an empty family home on the market for as long as it takes to get a few grand closer to the asking price.

The EA says he's seen this before, that the house will sit on the market for a year and will end up selling for less than what we've offered, and the vendor will have lost out on their best offer.

We sold our house in 3 days (it was realistically priced and in pristine condition), and are renting. We thought our position would give us an advantage in negotiating, so far, this is not so!

DRP

beegees wrote: »

I am in the same situation as abaxas. We've made 3 offers on a house, increasing each time to a price that we believe is more than fair. The EA agrees that the vendor is deluded as to the price he is looking for, and that our offer is probably the best they are going to get, but can do no more to reason with a very stubborn vendor.

The vendor is retired and seems happy to leave an empty family home on the market for as long as it takes to get a few grand closer to the asking price.

The EA says he's seen this before, that the house will sit on the market for a year and will end up selling for less than what we've offered, and the vendor will have lost out on their best offer.

We sold our house in 3 days (it was realistically priced and in pristine condition), and are renting. We thought our position would give us an advantage in negotiating, so far, this is not so!

i wouldn't say this vendor necessarily belongs in the 'deluded' category as they seem to have no huge impetus to sell quickly. If the financial driver is absent, why not just wait & see?

I speak from a bit of experience of this kind of vendor - an elderly couple who after 8 weeks on the market , rejected 3 of our offers (final one >91% of asking price) ... 6 weeks later they received a higher offer from someone else which they accepted. Clearly there weren't deluded! :money:

lessonlearned

ess0two wrote: »

Low offers are fine providing you trust the agent is gonna forward them?

Could also label you as a time waster in the long run?

Someone offering 300k on a 450k property,are they really gonna be taken seriously?

As EA's would phrase it - "Oh that guy, he's looking for a mansion for sixpence".

Davesnave

I think the title of this thread is an oxymoron.

By now, it should be clear that you don't deal with the deluded, you leave them to their reveries and move on.