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Undervalued and seller won't negotiate

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Comments

  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    westernpromise wrote: »
    Saying there's a cash buyer champing at the bit is a very old trick.

    It might be a very old trick, but its longevity is due to the fact that every now and again, it's not a trick at all - it's the truth.

    So, it might be a trick, it might be the truth, it might be a bluff. Does the OP want to call it?
  • westernpromise
    westernpromise Posts: 4,833 Forumite
    I don't think the OP has any choice but to do so, as the mortgage lender won't lend on the price proposed.

    Changing mortgage lenders will involve paying for another survey which may very well arrive at the same conclusion.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    1234zoe1234 wrote: »
    Hi,
    We offered 140,000 and it came back valued at 130,000 because no properties in the area have sold for that price. No properties have really sold in the last 5 years in that street/local area so nothing recent to compare to.
    We made the seller a new offer but they won't budge on price at all. Our broker has said we could put a 5% deposit and top it up or walk away.
    The seller's reasons are because they had a cash buyer but chose us over them.
    Is it usual for a seller to do this? We thought they would negotiate a bit, maybe not all but a little.
    What are your thoughts?


    No sales in five years puts the seller in a weaker position than you, especially with central banks now starting to raise interest rates.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ReadingTim wrote: »
    Put yourself in the vendor's position - why give someone a discount when there's someone else willing to pay full price?

    Hardly a massive intellectual challenge is it?!?


    How much did it eventually sell for?
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Crashy_Time wrote: »
    How much did it eventually sell for?

    Assume you're resurrecting old zombie threads because you've nothing new to say?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ReadingTim wrote: »
    Assume you're resurrecting old zombie threads because you've nothing new to say?


    Thought that was the first time I asked how much it sold for?
  • konark
    konark Posts: 1,260 Forumite
    ReadingTim wrote: »
    Assume you're resurrecting old zombie threads because you've nothing new to say?


    Holy Thread Resurrec.....


    ........hold on, the threads only a few months old.
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Crashy_Time wrote: »
    Thought that was the first time I asked how much it sold for?

    On this thread, yes.

    But on this thread, this thread or this thread where you've been doing exactly the same sort of thing, no.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    konark wrote: »
    Holy Thread Resurrec.....


    ........hold on, the threads only a few months old.


    The taboo "P" word was mentioned, I think that`s all it is.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ReadingTim wrote: »
    On this thread, yes.

    But on this thread, this thread or this thread where you've been doing exactly the same sort of thing, no.


    To be fair on that last link the graph I posted....


    japanese-home-prices.png



    ...probably could have gone on another thread, but I think the last points I made on the two other threads you linked to were very very good points. IMO.
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