Wanting to sell...and just wasting everyones time..

Alias_Omega

A bit of a rant really.

House A. 3 Bedroom Semi priced at £124,950.

Seller has had house on market for 12 months (May 13) and has not reduced the price. Has had many viewings and offers, but the house has failed to sell. Estate agent told us that they have had some stupid offers, but cant tell us.. LOL.

Anyhow, now starting to feel that we are wasting our time even going back for a 2nd viewing. The house is not on par with the other houses, aka -

Needs new boiler
Parking Issues
Has a garage but you cant drive to it
Kitchen needs a wall/chimney taking out, and a new kitchen to be on par with the £140k houses...

Just makes you want to skip to the £140k houses in the street...

DRP

Alias_Omega wrote: »

A bit of a rant really.

House A. 3 Bedroom Semi priced at £124,950.

Seller has had house on market for 12 months (May 13) and has not reduced the price. Has had many viewings and offers, but the house has failed to sell. Estate agent told us that they have had some stupid offers, but cant tell us.. LOL.

Anyhow, now starting to feel that we are wasting our time even going back for a 2nd viewing. The house is not on par with the other houses, aka -

Needs new boiler
Parking Issues
Has a garage but you cant drive to it
Kitchen needs a wall/chimney taking out, and a new kitchen to be on par with the £140k houses...

Just makes you want to skip to the £140k houses in the street...

Maybe it's just impossible for the vendor to sell at less than the asking price - have you checked what they paid for it?

It does sound like the lower price is intended to account for the difference this house has from the 'better' houses at 140k?

Thrugelmir

Possibly trapped by the mortgage, bought at the peak.

suziqqq

sounds like you are not in love with this house , forget it and find another

Alias_Omega

Well we had a 2nd visit...

Boiler is downstairs, the house has 3 chimneys which the boiler occupies 1 of them. The boiler is old, about 20yrs old. It needs changing. Its central heating only, which heats the water via immersion heater/heating pipes through tank.

Electrics - No RCD in sight, so pre-16th Edition. The garage has electrics, but its really really old and does not look correctly wired. I don't think its armoured cable.

Garage - The roof has caved in, its not water tight. Its basically a concrete garage which needs a new UPVC roof. The door has seen better days.

Parking - Parking in the street is tight, however we are happy to lose the front garage for off-road parking.

Price is £124,950 which we were thinking of offering £108,000 as a start..

lighting_up_the_chalice

Alias_Omega wrote: »

Well we had a 2nd visit...

Boiler is downstairs, the house has 3 chimneys which the boiler occupies 1 of them. The boiler is old, about 20yrs old. It needs changing. Its central heating only, which heats the water via immersion heater/heating pipes through tank.

Electrics - No RCD in sight, so pre-16th Edition. The garage has electrics, but its really really old and does not look correctly wired. I don't think its armoured cable.

Garage - The roof has caved in, its not water tight. Its basically a concrete garage which needs a new UPVC roof. The door has seen better days.

Parking - Parking in the street is tight, however we are happy to lose the front garage for off-road parking.

Price is £124,950 which we were thinking of offering £108,000 as a start..

That must be a very expensive replacement boiler you're looking at.

Alias_Omega

Yeah I know, tell me about it.

The usual starting price is 10% less than asking price, then deduct any immediate work from that.

So £125,000 becomes £112, 500 then minus for repairs... = £108,000... at a starting price..

Do you not agree?

Newly_retired

Sounds as though the house was already priced to take its condition into account.

justjohn

I have found our local EA's initially price properties new to market with no discount for work needing done/hassle.


eg. if it needs DPC and dpc cost 4k then the price will only be discounted 4k.(no extra discount for hassle)


only after a time on the market and the seller can afford to let it go cheap do you see a decent discount/viable sale price.

Alias_Omega

Newly_retired wrote: »

Sounds as though the house was already priced to take its condition into account.

Maybe that's why its not sold in 12 months.

Annisele

Alias_Omega wrote: »

The usual starting price is 10% less than asking price, then deduct any immediate work from that.

So £125,000 becomes £112, 500 then minus for repairs... = £108,000... at a starting price..

Do you not agree?

I don't agree at all. The asking price of a property tells you something about what a vendor wants for it - but very little about what it's worth.

If the vendor had asked for £1 million, would you be offering £895,500? At the other end of the scale, if they'd asked for £90k then (once you'd satisfied yourself it wasn't a complete lemon) it sounds as though you should be biting their hands off, not negotiating down.