Dealing with the deluded.

abaxas

Mrs_Z wrote: »

"I'm talking about people who have priced their properties out of kilter with the market. Am I wrong to assume that 2-3 years of marketing is a reasonable length of time to sell?"

They are in no rush to sell - simples!

Not what I wanted to hear!

Maybe you right. Take the hint from the EA and dont bother.

COLOURBOUNCE

If the market is moving in your favour, I wouldn't be in a rush to get back in now anyway.

abaxas

COLOURBOUNCE wrote: »

If the market is moving in your favour, I wouldn't be in a rush to get back in now anyway.

Finding a home at roughly the right price, is far more important.

Itismehonest

abaxas wrote: »

We have only been back looking for 4 weeks!

If the stupid vendor hadn't forgotten to check that they didnt have a right of water extraction from a private supply. We would have bought.

I'm still in a little shock that someone bought a house without any rights to water :O

I've known properties sold without water rights. They usually, for obvious reasons, are marketed below the price they would normally achieve if they had the rights.
There's usually a way around it depending on the circumstances - an agreement with the landholder involved or even installing a bore hole.

The rural market is considerably different in many ways to the urban market. I can show you rural properties that have been on the market for much longer than 2-3 years. Their owners are quite happy to stay where they are until they get something like the price they want or feel they need.

zagfles

There's not a lot you can do - next door but one to us have had their house up for sale since 2008, they bought in 2006 for £121k and did a lot of mainly superficial work on the house - it was quite run down and they built a small extension, new windows, load of superficial rubbish inside like jacuzzi and floor spot lights etc, then put it on the market in 2008 for £279k !! And they have refused to budge on that price at all!!

In the meantime the house next door to them, which is slightly bigger, sold for £199k, but they still wouldn't reduce their price. They're a standing joke amongst the neighbours!

abaxas

Itismehonest wrote: »

I've known properties sold without water rights. They usually, for obvious reasons, are marketed below the price they would normally achieve if they had the rights.
There's usually a way around it depending on the circumstances - an agreement with the landholder involved or even installing a bore hole.

The rural market is considerably different in many ways to the urban market. I can show you rural properties that have been on the market for much longer than 2-3 years. Their owners are quite happy to stay where they are until they get something like the price they want or feel they need.

We went down the right of extraction route. They refused to sort timeframe, stating lots of case law. We then gave them a date to sort by, which passed and we pulled out. Problem was extraction point was a different landowner to the holding tank, also there were two other properties using the supply. Of which one is now for also sale! Didnt really want to go down the bore hole route as the house was built on this huge slab of bedrock!

I agree, lots of houses for sale for long periods. House down the road was on for about 18 months at 600k, went off for 6 months and came back at 425. Still for sale and no we dont want it as communal.

equus

OP, I totally agree with all your comments and feel the majority of replies are probably from EA and/or vendors hoping to acheive their "correct" valuations for their own property.

I could have written your post! I never view properties which are above my budget so ignore all the posts from those saying you should look at properties "you can afford". EA and vendors do not seem to understand buyers can view recent sold prices and access propertybee, they do not like buyers to have information! I can see EA have sold property 20-30% below asking and yet they totally deny it!

E.

SG27

abaxas wrote: »

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.

I see this quite a bit. For example people who bought in 2007 asking £40k more than they paid!! The way I deal with them is don't view and don't offer. In my opinion these properties are not really on the market, not for me at least. Stick to people who actually want to sell!

Itismehonest

abaxas wrote: »

We went down the right of extraction route. They refused to sort timeframe, stating lots of case law. We then gave them a date to sort by, which passed and we pulled out. Problem was extraction point was a different landowner to the holding tank, also there were two other properties using the supply. Of which one is now for also sale! Didnt really want to go down the bore hole route as the house was built on this huge slab of bedrock!

I agree, lots of houses for sale for long periods. House down the road was on for about 18 months at 600k, went off for 6 months and came back at 425. Still for sale and no we dont want it as communal.

Then I can understand you pulling out.

All you can do is offer but not be surprised if you're turned down.
There are probably people with more pressing need to move who will either accept a lower offer or, eventually, lower price into your range. It's just going to take patience. However, to fit your wanted criteria (not communal etc.) you obviously have to expect to pay something extra or get somewhere that needs more work done.

robatwork

equus wrote: »

I never view properties which are above my budget

Don't really get this. For example if your budget is £200,000. Would you not see a house priced over £200,000, or one that you think you can GET for £200,000? Or one that you think is overvalued at £205,000?

A house priced at £230,000 may well take £200,000 in the right situation - would you miss seeing that one?