Deluded vendor

laidbacklou

Really disappointed as the vendor of the house has refused to negotiate a lower price after our survey came back 15% lower than agreed. He has put the house back on the market and is apparently waiting for a cash buyer. I know there is nothing we can do but i feel so frustrated with us being a week from exchange and have been so patient while he sorts the JK problem out (which is another story!). I mean what person in their right mind would want to pay 15% more than what a house is worth, with JK in the garden, and repairs to do, and pay in cash as well! Surely it will be a rare find for such a buyer to come along?! Feeling upset.

suebfg

I think some people believe the estate agents so much that they cannot then make the mental shift when their property is actually worth less than they were originally told. We had two instances where houses were down valued by surveyors and the vendors would not budge. Neither properties sold and were later taken off the market. Both vendors had bought years ago and had substantial equity in their houses. Does make you wonder how serious some people are about selling.

pinkshoes

Well, just say your offer stands for 14 days, and be prepared to walk away!

Thrugelmir

The vendor may have all sorts of reasons for achieving a certain price. More often or not vendors do have the option of just sitting tight. As they are the ones in no rush.

terrierlady

there are plenty of houses just start relooking or otherwise pay the price, you cant make them lower the price buyers are still gold dust so move on.

HAMISH_MCTAVISH

laidbacklou wrote: »

Really disappointed as the vendor of the house has refused to negotiate a lower price after our survey came back 15% lower than agreed. (

Why should he reduce his price?

The longer he waits the more money he'll get as prices are now rising rapidly.

Particularly if he can successfully treat the JK problem....

Forget about it, and find another house.

Just don't take too long...

Prices rising by £65 a day on average at the moment, and they'll rise faster next year once help to buy kicks in for existing houses as well as newbuilds.

http://www.mindfulmoney.co.uk/economy/uk-house-prices-rising-at-average-of-65-a-day-in-three-months-to-june/

G_M

Perhaps dropping the price by 15% would put him in negative equity.

Perhaps it would leave him unable to afford the property he planned to move to.

Perhaps he is not that bothered about moving unless he gets what he believes it is worth.

Perhaps....

It's his house. He can sell, or not, as he wishes.

You offerered him £XK and he agreed to sell. Now you are offering £X - 15% and he has not agreed to sell.

Either increase your offer again, or find a new house.

moneyistooshorttomention

Thrugelmir wrote: »

The vendor may have all sorts of reasons for achieving a certain price. More often or not vendors do have the option of just sitting tight. As they are the ones in no rush.

Did the downvaluing happen just because of the Japanese Knotweed? Would the house have achieved its 100% valuation if there wasn't any JK there? Is this the only property in the area with JK and therefore there is a realistic chance that it will be removed totally (ie no lazy/selfish neighbours with it in their gardens inadvertently sabotaging the owners chances of getting rid of it).

If it would achieve an 100% valuation without JK present and there aren't any lazy/selfish neighbours with it refusing to treat theirs and thus give a chance the vendor would get it back again even if he treated it, then I guess the vendor is just thinking "All I have to do is get rid of the JK and the valuation will go up to 100% and then I will sell, or meanwhile I'll get a cash buyer and it doesn't matter what the valuation says".

In his position I'd blast the JK out of existence and then sell to someone at a 100% valuation (or wait for a cash buyer) if that IS the sole reason for downvaluing.

laidbacklou

No the jk was not the reason for the downvalue, it was valued less because of comparable sales going for a lot less (some on the same street in same month).
This whole cash buyer thing confuses me, surely a cash buyer is not going to want to pay over the odds for a property? Will they have it valued or not bother?

kwmlondon

laidbacklou wrote: »

Really disappointed as the vendor of the house has refused to negotiate a lower price after our survey came back 15% lower than agreed. He has put the house back on the market and is apparently waiting for a cash buyer. I know there is nothing we can do but i feel so frustrated with us being a week from exchange and have been so patient while he sorts the JK problem out (which is another story!). I mean what person in their right mind would want to pay 15% more than what a house is worth, with JK in the garden, and repairs to do, and pay in cash as well! Surely it will be a rare find for such a buyer to come along?! Feeling upset.

Hey, just gather yourself up, dust yourself down and find somewhere better. New places come on the market every day - maybe you'll do better for less....

phoebe1989seb

laidbacklou wrote: »

No the jk was not the reason for the downvalue, it was valued less because of comparable sales going for a lot less (some on the same street in same month).
This whole cash buyer thing confuses me, surely a cash buyer is not going to want to pay over the odds for a property? Will they have it valued or not bother?

We've been cash buyers on our last two purchases - both wrecks of varying degrees - and we didn't have either surveyed/valued. Our current house was sooooooo bad (and was very realistically priced to reflect that, yet it had been newly re-thatched which was obvious), that the defects were blatantly obvious so it wasn't necessary......plus we brought someone with us that could advise on condition/work required........;)