Sellers wanting over advertised guide price for property?

getmore4less

You need to get people through the door and fall in love with the place.
People can find a bit more when they really want it
£8k over 10years only adds £40pm
Stick with your £200k they can squeeze their onward purchase if they want to move.

NinjaTune

csgohan4 said:

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

Agreed.  Usually people searching in the 'up to £200k' bracket are doing so because that's the maximum they can afford.  If they really love the house then they may be able to scrape up a bit  more but I doubt they'd be able to find £8k extra. 

If the house has been on the market for 8 months then it sounds like the vendors are not being realistic with the price.  They are asking for what they need to buy their next house, not what their current property is actually worth.  If they didn't receive an offer of, or near, £208k when it was being marketed at £215k then it's unlikely they'll get one now.  

Crashy_Time

If the vendors need X for a new house tell them to get rid of the smart phone or buy less coffee on the way to work, you are not obliged to backstop their price for a new house.

Davesnave

I've not much to add to what's been said, except to point out that two apparently similar houses in the same street might be worth very different amounts to discerning purchasers, but  not to valuers.

We were very happy with our first house, but neither of us would have wanted one of the identical houses on the opposite side, due to aspect and environmental factors. To us, a house on the 'right' side would have been worth paying £10k more for, but I doubt if the lender would have agreed!

Mgman1965

csgohan4 said:

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

Agreed as well.


Looked at a house on RM yesterday and they'd obviously used a fish-eye type lens in the bathroom as it looked huge (but the description measurements said otherwise), but the bath, toilet and window were all misshapen and looked deformed. 

diggingdude

Perhaps leave the offer on the table but inform the estate agent you were very cross by having your time wasted. for the sake of £8,000 and their commission they would probably it rather sold, 

NameUnavailable

The 'guide price' thing seems a recent development. Properties used to be marketed at a set price and obviously interested parties would make offers based on that price. If you really wanted a place you'd offer the asking price, no hassle, off the market and sold. There was always the risk that someone else who viewed but didn't offer decides they wanted it more and you could get gazumped.

The guide price is most confusing. If I view a home with a guide price of £200-210K why would I offer £210K? I don't know why agents bother with it - I can only guess it's to make their valuers job a bit easier by not having to commit to a price they think they can achieve.

I recently offered on a house. My offer was rejected because 'a neighbour recently sold theirs for X and the vendor wants at least the same for theirs'. It's still on the market despite the agent assuring me back then that they had huge levels of interest and lots of viewings lined up......

Davesnave

NameUnavailable said:

The 'guide price' thing seems a recent development. Properties used to be marketed at a set price and obviously interested parties would make offers based on that price.

Maybe where you are, but guide price has been here in the West Country for well over a decade, especially on harder to value rural properties.

Flugelhorn

getmore4less said:

You need to get people through the door and fall in love with the place.
People can find a bit more when they really want it
£8k over 10years only adds £40pm
Stick with your £200k they can squeeze their onward purchase if they want to move.

unless there is no mortgage involved - depends on stage of life

warby68

I've always thought guide price was used mainly for properties that were difficult to value mainly because of lack of direct comparables eg something quirky or a one off country mansion. It's just to put you in the right ballpark and the actual price would then be determined by the amount of keen buyers at any one time.
Here it seems like purely a tactic to come up on more searches.
Really this was more like an 'offers over' situation but it probably wouldn't have changed your offer just your expectations regarding the likelihood of rejection.
Its now just like any other negotiation - leave your offer on the table but keep looking. Let the vendor decide if, what and when they want to concede. Don't take your ball home because you're disgruntled. Buyers and vendors expectations can take a while to come together. Also don't forget plenty of vendors will only sell IF they get what they want, not all shrug and accept market forces of the time if they are moving with an element of choice rather than from necessity.