Seller has wildly overvalued their property - help

oldturn

My husband and I are interested in a property that is currently way over the market value (by up to £150k). It's been lived in by the same family for the last 50 years and needs approx £200k spending on it. The next door house is under offer, having been totally upgraded, for £30k under the asking price of the property we are interested in! The seller has already turned down a cash offer (no surveys no searches) which was £95k under the asking price. We don't want to pay over the odds for the house - but we need some help in helping the seller to see that his asking price is totally unrealistic....

Any advice?

danlewi2

Find somewhere else - if they don't want to sell for your price they wont - simple.

SmashedAvacado

find another house. You're wasting your time with this one.

johnathan45

I have seen quite a few of those. Anecdotally speaking, the longer the vendor has lived in the property, greater the expectation.

The best course of action is to just ignore it for a while. When there's no viewings they will come down on their own.

Skiddaw1

I'm with johnathan.

ToadsFriend

If you feel brave and dare risk an ear bashing...print off the one next door that has sold and knock on their door and explain to them why you put the lower offer in..
Or ask the EA to do so...surely they must know it won't sell at that price? and even if it DOES...any mortgage surveyor will not lend to them based on what you say about it.

spadoosh

Thats not really how house buying works. Youre supposed to agree a price. If they want 10 and youll only pay 5, you arent buying that house. If they want 7.5 and youll pay 7.5 youre more likely to make progress.

If that house is massively overvalued there must be loads of other options available to you.

getmore4less

Tell the EA you are interested but feel you need to wait for the vendors to be realistic.

Do not view it will just encourage their expectations.

[Deleted User]

What makes you think it needs 200k worth of work? I'm guessing its not derelict as its being lived in.

TiredOldDog

@OldTurn,

Have you checked Zoopla or The Move Market for the current property valuation?

It might be worth sending a link of the valuation onto the agent and ask they pass on to the owner?

The Move Market is slightly different as it lets you alter the property valuation based on the property's condition so might be more help to justify the lower offer. We used this when we put an offer in on a house recently.:beer:

tom9980

I am bemused why you think you need to spend £200k you realise you can build a house for that right? I highly suspect your judgement is as suspect as the sellers.