Seller has wildly overvalued their property - help

oldturn

Of course not!

knightstyle

Just to say Zoopla valuations are a waste of time, Our house did not sell at £135k but is valued on there at £152k and one 3 doors away in poor condition is valued at £170k.

izzy65

Viewed a house with my niece and it was the same situation, turned out the seller really didn't want to sell but was being forced too so the sale could fund a nursing home bill, hence the over inflated asking price, as long as he advertises it it satisfied the funding rule.

Davesnave

How long are you prepared to wait?

In 2009 we viewed a property at £375k, which I thought was worth £275k. That's what we offered. The owners, who were very elderly and taking advice from their children, weren't prepared to negotiate, even though they'd been on the market for 2 years at that price.

Subsequent delving into Rightmove's archive revealed that the house eventually sold for £275k.....3 years after we offered that.

So vendors can change their minds about price......eventually. Just be patient.



What's that? Didn't quite catch it....

Davesnave

oldturn wrote: »

Of course not!

Like a lot of newbies, you need to find and use the quote button. If you just put in random interjections like this, it may not be clear which post you are referring to, especially if it's on a different page.

Mutton_Geoff

spadoosh wrote: »

New roof is about £5000
Central heating about £4000
Decor a few hundred quid a room.
Kitchen £10k
Bathroom £5k
Windows £5k
Insulating

We don't know anything about the house. I've done two renovations in the last few years. First house cost me £730k and I spent this:

New roof £25,000
Central heating £18,000
Decor inc switches/sockets/lighting/carpets c £1,000 per room
Kitchen £35k
Bathrooms (3) inc tiling/plumbing £25,000
Windows (stone mullion and new steel windows) £50,000
Insulating (stud walling/stud flooring then Celotex) £10,000

In total I spent over £500,000 renovating and extending.

My current house has had ..

Part new roof

Central heating & HW
Decorare and new carpets/flooring throughout
Kitchenupdate plus new utility room
Bathroom updates
Windows (secondary glazing and 12 new windows & doors)
Insulating (studding out and insulating 2 rooms for change of use to habitable).

I've finished now, total cost around £290k.

Both renovations have paid for themselves and added value to the property. Without seeing them and the OPs plans, we don't know what needs doing. Not everyone has a 3 bed semi that can be started up on minuscule DIY SOS budgets.

Crashy_Time

Emalou2 wrote: »

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.

Contradiction there though, eventually they will get what a buyer wants to give then, if they really want to sell that is....

movilogo

johnathan45 wrote: »

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.

This is called Endowment Effect
https://en.wikipedia.org/wiki/Endowment_effect

Sometimes buyers wildly undervalue the properties as well - just saying

spadoosh

Mutton_Geoff wrote: »

We don't know anything about the house. I've done two renovations in the last few years. First house cost me £730k and I spent this:

New roof £25,000
Central heating £18,000
Decor inc switches/sockets/lighting/carpets c £1,000 per room
Kitchen £35k
Bathrooms (3) inc tiling/plumbing £25,000
Windows (stone mullion and new steel windows) £50,000
Insulating (stud walling/stud flooring then Celotex) £10,000

In total I spent over £500,000 renovating and extending.

My current house has had ..

Part new roof

Central heating & HW
Decorare and new carpets/flooring throughout
Kitchenupdate plus new utility room
Bathroom updates
Windows (secondary glazing and 12 new windows & doors)
Insulating (studding out and insulating 2 rooms for change of use to habitable).

I've finished now, total cost around £290k.

Both renovations have paid for themselves and added value to the property. Without seeing them and the OPs plans, we don't know what needs doing. Not everyone has a 3 bed semi that can be started up on minuscule DIY SOS budgets.

That might be the case but i suspect their budget is closer to DIY SOS if they intend on getting an extension and loft conversion in their £200k budget. After you spent the £175k or so on the kitchen, bathrooms windows etc, theyd have £25k left to build an extension and loft conversion. Thats not going to happen.

ReadingTim

Crashy_Time wrote: »

Contradiction there though, eventually they will get what a buyer wants to give then, if they really want to sell that is....

Not really. What a property is worth is only determined when seller and buyer mutually agree a price.

Before that time, the property is either worthless or priceless, depending on your perspective.