Seller has wildly overvalued their property - help

RelievedSheff

Crashy_Time wrote: »

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

It probably has gone up in value since the vendors bought it though :rotfl::rotfl::rotfl:

Crashy_Time

RelievedSheff wrote: »

It probably has gone up in value since the vendors bought it though :rotfl::rotfl::rotfl:

Maybe, but isn`t it more like thinking your scratchcard won, and then just getting the stake back plus enough for a packet of crisps?

RelievedSheff

Crashy_Time wrote: »

Maybe, but isn`t it more like thinking your scratchcard won, and then just getting the stake back plus enough for a packet of crisps?

Doesn't that rather depend on what the vendor bought the property for in the first instance?

Crashy_Time

RelievedSheff wrote: »

Doesn't that rather depend on what the vendor bought the property for in the first instance?

Maybe, but 70k under what the neighbour got six years ago goes against how most people have been programmed about property and must be psychologically disturbing to them on some level?

steampowered

Just tell the EA that you think the house is only worth £x, and tell them to get back to you if the seller decides to be more realistic.

The only thing that will make the seller be more realistic is a lack of offers over an extended period of time.

Maybe they'll see sense, maybe they won't. Best to keep searching.

Davesnave

steampowered wrote: »

The only thing that will make the seller be more realistic is a lack of offers over an extended period of time.

Maybe they'll see sense, maybe they won't. Best to keep searching.

This is what I said, tongue in cheek, in post 25, based on a real scenario lasting 5 years. Given their state of health, I wouldn't be surprised if one or both vendors had died before the house sold!

In a different scenario around the same time, the vendor caved-in after another 6 months and sold for £20k less than we'd offered him. Obviously, financial matters changed somewhat radically in that short time, but we'd purchased by then.

In a third scenario, a year or two before, we were unable to 'meet in the middle' over another potential sale, so that vendor took the house off the market and, to my knowledge, it's has not been offered on the open market since. That was a 'want to move nearer Mum' scenario, not a 'need to sell-up' one.


Unless you know how desperate the seller is, you won't predict what will happen with any accuracy, so the best thing is to leave an offer open and, as on the Apprentice, say: "The search continues..."

Crashy_Time

Good advice.

Crashy_Time

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.

What if it backed up a silly high offer?

atencorps

Hi,


Ive seen a house for sale. Listed at £140,000 but it needs a full refurb throughout ( interior looks like its from the 1980's and been empty for a while).


Zoopla says Estimate of £150'000.


Anybody here with experience on how estate agents value homes, how much the listed price differs from the actual realistic price .

additionally its a probate sale but agent not sure how long its been empty.

As a guide its a 3 bed , semi detached.



Also any guidance of what price to start the initial offer on.



Thanks

AdrianC

atencorps wrote: »

Ive seen a house for sale. Listed at £140,000 but it needs a full refurb ( interior looks like its from the 1980's and been empty for a while).

Comparables...
What else is in the area, similar size, without the drawback of the condition?
What will it cost to resolve the condition issues?
Does it just need a coat of paint, or new kitchen/bathroom/rewire/windows/heating?
How much can you DIY? How much do you want to DIY?

Zoopla says Estimate of £150'000.

Even a stopped clock is right twice a day.

Anybody here with experience on how estate agents value homes, how much the listed price differs from the actual realistic price .

The "actual realistic price" is what somebody's willing to pay and the vendor is willing to accept. It sounds trite, but it's true.

And people place offers taking regard of what else that money would buy them in the area. Is this house better than that one for the same money? Is it better to buy this one in need of work than pay more for that one that's ready? Is the premium for this area worth it, or would you rather trade off for extra space elsewhere?

The EA may have suggested a very competitive price to the vendor that takes account of the work needed and that he knows will sell in days flat. Or they may be flying an optimistic kite in the hope that somebody who believes daytime TV will see "potential". The vendor may have totally ignored the EA and insisted on a wildly optimistic price that nobody will go near.

As a guide its a 3 bed , semi detached.

Is the front door blue?

Go on, give us a rough guess as to at least which end of the UK it is... I'm guessing it's not the heart of Knightsbridge or the Surrey commuterbelt, right?