Seller has wildly overvalued their property - help

jimmyjammy001

People will only accept a lower price if they are forced to I.e job loss, recession e.t.c

Crashy_Time

jimmyjammy001 wrote: »

People will only accept a lower price if they are forced to I.e job loss, recession e.t.c

Use PropertyLog and you will see hundreds of people cutting their asking prices all the time, many people just want to sell a house and move on with their life not sit as if under siege and wait until they are more or less forced out.

sst1234

OP what exactly do you need advice on? If we go in what you have told us, which is all we can do right now, the you know people will tell you walk away.
If you want to know if you are being unrealistic or the buyer is, or even how much others would offer - then you need to post a link. Posts like this are interesting to read but bizarrely vague.

elsien

Is the comparison with next door based on the asking price or the figure it actually sold for?

PasturesNew

They will never change their mind on price by £150k.

What others have sold for is irrelevant.

Maybe they see/know of potential that others might see that makes it worth the higher price. Maybe they're just nuts. But you won't change their mind.

You lost this one.... end of. Move on.

kerri_gt

Do you actually have any idea why the house next door sold for £150k less? It could be th house you're viewing is overvalued, or that the house next door was sold below perceived market value for any number of reasons, debt, divorce, quick move, needing to up sticks change their identity and escape the !!!!!....

You can't force the people to sell you their house at the price you dictate, either be prepared to negotiate upwards to a mutually agreeable figure or look for something else. Or hold out for potentially years until they may or may not lower their price.

Mickygg

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:

Oh dear god no. If I was given a zoopla valuation as back up to a low offer I would tell the EA to pass on foxtrot Oscar.

carrotland

A place we are buying was on the market for 285,000 since april 2018.
The semi next door sold for £300,000 back in 2013, but with an extension out the back.
This house in this area probably would have sold for their asking, but for the fact the bathrooms are old and !!!!!! as is the kitchen!
We put in an offer for £232,000 and it has been accepted as they have sat around for so long with two failed purchases that they gave in.
But you have to be around at the right point in time when they have finally capitulated to the inevitable , to have your offer accepted sadly.
You probably won't have any luck with this one at this point in time.

ReadingTim

Mickygg wrote: »

Oh dear god no. If I was given a zoopla valuation as back up to a low offer I would tell the EA to pass on foxtrot Oscar.

I'd just laugh at them - no sense in being rude...!

Crashy_Time

carrotland wrote: »

A place we are buying was on the market for 285,000 since april 2018.
The semi next door sold for £300,000 back in 2013, but with an extension out the back.
This house in this area probably would have sold for their asking, but for the fact the bathrooms are old and !!!!!! as is the kitchen!
We put in an offer for £232,000 and it has been accepted as they have sat around for so long with two failed purchases that they gave in.
But you have to be around at the right point in time when they have finally capitulated to the inevitable , to have your offer accepted sadly.
You probably won't have any luck with this one at this point in time.

70k less than the neighbour got years ago must have stung? Especially if they were fanatical believers in the magic of ever rising prices.....