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Seller has wildly overvalued their property - help
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Let's see the RM link...0
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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?
I think you need help to see that you cannot help a seller to see that his asking price is totally unrealistic. Only time and lack of offers / viewings may do that. In the meantime there are two unrealistic parties here, them and you if you think that having turned down a £95k lower cash bid you can get them to drop and extra £50k merely through word play.
I also suspect your use of the word "need" is exaggerated. Does it need a new roof, underpinning, dry rot treatment, new drains, complete rewire and replaster ?
Or Is £200k your estimate for a shiny new kitchen and bathrooms for which you think the seller should reduce his price to cater for your tastes?0 -
TiredOldDog wrote: »@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:
Zoopla is not something to be quoted. Overvalued one of mine by over £150k and undervalued another by around £100k.
Can be wildly inaccurate.2024 wins: *must start comping again!*0 -
These numbers don't sound particularly unreasonable for a £1.5m house. I am not saying that it is a £1.5m house, but it could easily be so.0
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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?
Accept that you can’t control people and look for other properties instead.
If you offered 95k under the asking price then they’re clearly not asking 150k over market value. At the most it’s 95k over.0 -
Yes - its needs new roof, central heating, complete redecoration, kitchen, bathroom, insulating, windows - plus it has loft and extension potential.... hence the £200k.
Its habitable - but has no carpets and everything is falling apart.
EA know the situation and are trying to talk down seller...but he is grittily determined despite knowing about next door!0 -
can we see a link?Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0 -
Yes - its needs new roof, central heating, complete redecoration, kitchen, bathroom, insulating, windows - plus it has loft and extension potential.... hence the £200k.
Its habitable - but has no carpets and everything is falling apart.
EA know the situation and are trying to talk down seller...but he is grittily determined despite knowing about next door!
New roof is about £5000
Central heating about £4000
Decor a few hundred quid a room.
Kitchen £10k
Bathroom £5k
Windows £5k
Insulating (Assuming loft here and not extrenal walls or anything) not a lot of money.
So needs about £35k worth of work.
Loft conversion and extension are your desires and currently not incorporated in to the value of the house, so should be completely disregarded.
So it seems like at most its about £70k over valued. Or has the house that sold for £35k less got the extension and loft conversion too?
Again ultimately,if you can not meet an agreeable price with the seller there is literally nothing you can do. You can not force people to sell things to you at a price they do not agree with. On that basis, you would be better going for one of the properties that youve come across that is more realistically priced.0 -
Yes - its needs new roof, central heating, complete redecoration, kitchen, bathroom, insulating, windows - plus it has loft and extension potential.... hence the £200k.
Its habitable - but has no carpets and everything is falling apart.
EA know the situation and are trying to talk down seller...but he is grittily determined despite knowing about next door!
You are not actually expecting the vendor to fund your loft and extension, are you? I think you need a serious reality check, OP.0 -
Surely it’s their house to sell for what they want. It’s not for you to say what you think it’s worth.
It’s only worth what someone will pay.0
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