Dealing with the deluded.

duchy

So offer on properties that ARE reasonably priced then -Honestly I don't know what you are complaining about !

abaxas

Catherine_Johnson wrote: »

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.

I dont care if I get turned down. Just not sure I have the balls to offer that low.

All offers are within means and EAs know are position.

sinbad182

The worst they can say is no! Offer as close as you can afford if you like the place.

girl_withno_name

abaxas wrote: »

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?

Are none of these suitable then, as their pricing certainly seems to be more palatable for you?

Itismehonest

abaxas wrote: »

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?

To be fair some of these people will have no choice but to try to get above a certain figure because, for example, that is what the owe on their mortgage.
It's wrong to believe they are all 'deluded'.

cattie

Perhaps it isn't the vendors who need to rethink their prices, but you?

If you can't afford any of these houses or don't want to pay the prices the vendor would like, then time to look at cheaper houses I'd say. With luck you'll find one you like and get an offer accepted on before another year is out.

If you are in rented, how much rent have you forked out over the past year? This needs to be taken into account when wasting time looking for a vendor who wants to practically give his or her house away to you.

harrup

[QUOTE=abaxas;54146813
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.[/QUOTE]

I'm not entirely sure there is an "insulting asking price". I suppose one could graciously term it "being really, REALLY optimistic with a spoonful of nuttiness" ?

And yes, you could absolutely apply the same principle for the offering price if you think the vendor is of the above ilk. As long as you are civilised about it, I can't see the harm in saying:" very much like the property but am puzzled by the price; my offer for it would be £ xyz and my rationale for this is as follows: ( insert reason(s) why YOU deem this property is worth that amount).

If nothing else you might get an informative chat with the EA why the seller wants that much (e.g some vendors want you to finance their substantial jump into their next house and can't afford to sell for less... or they wouldn't have the required funds), whether they are serious about moving (surprisingly many aren't), what the EA thinks the house will ultimately go for, etc, etc.

Go for it! You could see it as a "study exercise" in honing
your property buying skills...AND snag yourself your dream house at the same time if you are Really lucky.

abaxas

girl_withno_name wrote: »

Are none of these suitable then, as their pricing certainly seems to be more palatable for you?

The problem is we are looking at rural properties. The selection is good but the quantity of places that have been on the market >2 years is huge, probably 60-70% of it.

Our only requirements are 4 bed, detached, non communal, broadband (!), non main road, character and commutable for us.

Maybe I'm just being impatient as our purchase fell through, only to find the same people asking for the same money as 6 months ago.

DVardysShadow

sinbad182 wrote: »

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

abaxas wrote: »

My cash, my rules.

One is tempted to say that you are possibly as deluded about your money as they are about their houses.

abaxas

cattie wrote: »

Perhaps it isn't the vendors who need to rethink their prices, but you?

If you can't afford any of these houses or don't want to pay the prices the vendor would like, then time to look at cheaper houses I'd say. With luck you'll find one you like and get an offer accepted on before another year is out.

If you are in rented, how much rent have you forked out over the past year? This needs to be taken into account when wasting time looking for a vendor who wants to practically give his or her house away to you.

We have rented for the last 4 years since moving area. In terms of the value of the properties we are looking to buy and the relative drop in the market, renting has been very financially rewarding, mostly due to living in the North East.

I agree I may have the pricing all wrong. But if someone has marketed for 3 years and had no offers, something is wrong. What else can it be but valuation? Correctly valued properties sell, I know that, you know that, the EAs know it but lots of vendors dont.

If anything we have found EAs to be 'on side'. They know what they can sell and what they cant. Why should they waste their time too.