Sellers wanting over advertised guide price for property?

[Deleted User]

I recently put an offer in for £195k on a property (the property has a guide price of 200k, reduced from 215k 3 months ago). The estate agent came back to me this afternoon saying the sellers cannot sell the property for less that £208k, because that's the amount they need to purchase the property they're interested in. 

While I appreciate they need to achieve a certain amount in order to get the property they want, it seems ridiculous to have a guide price of almost £10,000 less than what they are willing to accept. I told the estate agent I was prepared to increase my offer to £200k, but was unwilling to increase it further. The house itself has been on the market for 8+ months, and talking to the seller at the viewing, there hasn't been a lot of interest - so it's not even like the property has just recently been put on the market or, they're waiting to hear back from other viewings. 

While I appreciate there are other properties on the market and undoubtedly I'll find another property - I just feel it's a massive waste of everyone's time advertising a guide price so far away from what the sellers are willing to accept. 

hazyjo

Not your problem if they don't have enough money, it doesn't make their house worth more. You might as well be giving them a cash gift to buy what they want.

[Deleted User]

hazyjo said:

Not your problem if they don't have enough money, it doesn't make their house worth more. You might as well be giving them a cash gift to buy what they want.

Oh I 100% agree that it's not my problem - I just feel like it's a waste of everyone's time - my budget allows for up to £200k. So why advertise a house for that price if they can't actually sell it for that? 

hazyjo

More a case of won't rather than can't.

If nobody will pay it, they won't sell. Hopefully they'll realise that, or try to get the price down on the one they want.

csgohan4

seems the sellers are timewasters this time, walk and view something else which is more realistic in their price

NinjaTune

Sounds like the £200k figure is just a carrot to try and pull in viewers.  I agree that if they have no intention of accepting the figure, or very close to it, then it's a bit of a waste of time all round.

I'd tell the EA that £200k is your best and final offer and leave it at that.  You may find that they come back to you again if there's no further interest in the property.  If the sellers leave it too long, then needing £208k for the house they want could be a moot point as it may end up sold to someone else.

eidand

Yeah I saw that yesterday. Bungalow advertised at 450 in january, dropped to guide price of 425 a few days ago.
Asked what's the minimum the seller wants and it's 435k ... Good luck, I'll keep looking basically.

[Deleted User]

NinjaTune said:

Sounds like the £200k figure is just a carrot to try and pull in viewers.  I agree that if they have no intention of accepting the figure, or very close to it, then it's a bit of a waste of time all round.

I'd tell the EA that £200k is your best and final offer and leave it at that.  You may find that they come back to you again if there's no further interest in the property.  If the sellers leave it too long, then needing £208k for the house they want could be a moot point as it may end up sold to someone else.

That's exactly what I've done - I'm willing to go up to the guide price of£200k, but even if I could, I wouldn't exceed it. I appreciate it pulls in more viewers,  but clearly not viewers in the sellers price range haha! 

Jeepers_Creepers

A 'guide price' is just that - a guide. Some will go for less than this, some for more - it depends on the desirability of the individual property and the market conditions.

Who know what went on in this case. It might be that the seller has just found the property they are ideally after, and achieving £208k for the one they're selling is simply what they need? It could be that they were always hoping for over £200k, and making this a 'guide' - whilst always intending to push for more - was their game plan? 

Who knows. 

All that really matters is what you - or anyone else - is prepared to pay for it. £200k for a property with a 'guide' of £200k and which has been on the market for over 8 months and which the seller seemingly admits has had little interest seems very fair, so I can't blame you for thinking this is all a bit crazy. You can either say "That's it - it's on the table but I'm going to keep on looking" or, well, anything else. Your call.

Wkmg

They’re just trying to hit the right move brackets

csgohan4

Wkmg said:

They’re just trying to hit the right move brackets

That's just as irritating as those who use fish eye lens to make a box room look like a double room, when you get there your disappointed and just want to leave straight away