Are we fighting a losing battle for a severely overpriced property?

Crashy_Time

novelty-socks wrote: »

I think the information you need is already covered by other posters, but I just wanted to reiterate that the numbers are what counts. You know what you're wiling to offer, the seller knows what their asking price is.

There's no harm in making your offer and no harm in increasing it a bit if you think the place is worth that. But if you're too far apart no amount of evidence-based justification is going to help here, even if it is grounded in reasonableness and logic.

I wanted to reply really because you've taken some flak on here, but as a fellow first-time buyer I kind of understand where you're coming from. Not sure where you're looking but here in north London not that much is moving: a place we viewed a few months back has been reduced by £100k and is still on the market, so there are some unrealistic expectations out there.

You might need to play a waiting game with this one: give it six months, the see where the seller is with their price. But don't burn any bridges now with over-elaborate justifications for what the seller might see as a low offer. Bide your time, and good luck!

At least they are prepared to try dropping the price.

catshark88

some years ago, I accepted an offer on a house, much, much less than the asking price. It had been very hard to value it, for various reasons. We'd taken advice, had a punt, but known that "the market" would show what the actual value was. Someone who had made what had seemed a low offer, but who was proceedable, got the house.

If I'd received that letter, they wouldn't have, cause they would have seemed to not know what they were doing and so seem unlikely to complete a purchase properly.

By all means make a low offer. No one needs a dissertation.

Crashy_Time

catshark88 wrote: »

some years ago, I accepted an offer on a house, much, much less than the asking price. It had been very hard to value it, for various reasons. We'd taken advice, had a punt, but known that "the market" would show what the actual value was. Someone who had made what had seemed a low offer, but who was proceedable, got the house.

If I'd received that letter, they wouldn't have, cause they would have seemed to not know what they were doing and so seem unlikely to complete a purchase properly.

By all means make a low offer. No one needs a dissertation.

Many people are desperate to sell, the letter won`t scare them if they are keen enough IMO.

quantumlobster

TBH if my buyer presented that letter to my EA, I'd be instructing my EA to politely refuse to entertain any and all offers from them, irrespective of value.

Crashy: what's your opinion based on? Did you ever tell us when you last bought or sold property?

Crashy_Time

quantumlobster wrote: »

TBH if my buyer presented that letter to my EA, I'd be instructing my EA to politely refuse to entertain any and all offers from them, irrespective of value.

Crashy: what's your opinion based on? Did you ever tell us when you last bought or sold property?

That is you though, this might not apply to every seller, IMO it will depend on how desperate they are and on their other options. I would argue that the cutting buyers off if they sneeze approach is way past it`s sell by date, as are silly high prices for average properties

billy2shots

Crashy_Time wrote: »

I would argue that the cutting buyers off if they sneeze approach is way past it`s sell by date, as are silly high prices for average properties

And you do argue. Every day, in every thread loosely based on buying and selling houses.

Luckily people keep correcting you so new members know not to listen to you. You are repeatedly asked to back up your pie in the sky thinking by answering one simple question.

'When was the last time you bought and sold property '.

You fail to answer which shows you have no real world experience regarding the subject.

You joined here on 27.7.14 with the user name 'crashy time' and have been pedalling the same nonsense. The reality is a house that was worth £200k on your join date would now be worth £231,690 an increase of 15.85% (on average). So where is the crashy time you have been predicting since 2014?

Yes, if you keep saying something long enough it will happen. It would be bloody boring if I say in every post that the Sun will burn out soon. I would come across as an idiot, yes I would eventually be right but that doesn't change the fact I have acted like an idiot in the meantime.

Crashy_Time

https://www.bbc.co.uk/news/business-45516678


I would guess new members are listening more to the MSM than a handful of posters with mortgages and BTL`s, or maybe hoping for a retirement pay-out, who try and spin mortgage debt as a positive at every opportunity?

silvercar

Assuming your analysis is correct, the sellers are out of touch with the market. Either market prices will increase over the next few months and you sellers will eventually get their price (and feel they judged it right all along) or they will be forced to reduce their price and then convince themselves that the market has fallen so they need to adjust for it.
Sellers never feel they were wrong.

jimbog

Crashy_Time wrote: »

https://www.bbc.co.uk/news/business-45516678


I would guess new members are listening more to the MSM than a handful of posters with mortgages and BTL`s, or maybe hoping for a retirement pay-out, who try and spin mortgage debt as a positive at every opportunity?

From your link:
he was not predicting house prices would fall by a third

Crashy_Time

silvercar wrote: »

Assuming your analysis is correct, the sellers are out of touch with the market. Either market prices will increase over the next few months and you sellers will eventually get their price (and feel they judged it right all along) or they will be forced to reduce their price and then convince themselves that the market has fallen so they need to adjust for it.
Sellers never feel they were wrong.

It seems pretty obvious that many would-be sellers are WAY out of touch with the market, actual sellers are another matter as you say.