Unrealistic EA/Vendor?

davilown

Looking at lots of properties at the moment, with most selling within days on sealed bids. 

We have an best and final offer on one property but don’t believe it will be successful so have been a look elsewhere.

We’ve taken a liking to one such property, it has some compromises, like a small garden and a main road close by, but it’s still nice.

The issue I have is with the price - it came on the market at £525k in mid February and hasn’t had lots of interest from what I understand.

We made a very cheeky cash offer of £465k which was rejected (as expected) then went back at £486k. Rejected again as the EA and vendor expect to get very close to, if not, the asking price.

I said to the EA that it was overprice, at which point they said no, they had priced it correctly, and they’d sell it for that price.

The EA isn’t a local company either so not sure they completely understand the local market.

But then again, I could be completely wrong - it has happened before!

Anyway, end of moan.

moneysavinghero

It might not be anything to do with the local (or other) market. It may just be that the vendor has a price they want to get that is set in stone in their heads - if they don't get it they will stay put.

davilown

We thought that but the EA said they had to move due to relocation.

Thrugelmir

Why should the vendors accept an offer that's over 7% below asking price. Overly optimistic on your part. The opening cheeky offer would suggest you aren't a serious purchaser. 

davilown

Again very true, but its been on the market for 3 months and not sold. The general consensus on here is that it’ll be overpriced or something is wrong with it. Give that it’s going to cost an extra £15k after June as well

AdrianC

If they want £525k, and you don't think it's worth within £40k of that, then I guess you're keeping looking...

If every potential buyer in the area agrees with you, then they're going to be waiting for a long while.

AnotherJoe

davilown said:

Looking at lots of properties at the moment, with most selling within days on sealed bids. 

We have an best and final offer on one property but don’t believe it will be successful so have been a look elsewhere.

We’ve taken a liking to one such property, it has some compromises, like a small garden and a main road close by, but it’s still nice.

The issue I have is with the price - it came on the market at £525k in mid February and hasn’t had lots of interest from what I understand.

We made a very cheeky derisory cash offer of £465k which was rejected (as expected) then went back at a still ludicrous £486k. Rejected again as the EA and vendor expect to get very close to, if not, the asking price.

I said to the EA that it was overprice, at which point they said no silt was net and they’d sell it for that price.

The EA isn’t a local company either so not sure they completely understand the local market.

But then again, I could be completely wrong - it has happened before!

Anyway, end of moan.

"No silt was net"
ok I'll bite, what's that?

looks like you and the vendor have very different ideas of the value and you should walk.
Maybe they'll drop it to 510 ina few weeks so even at that you are still well apart. And prices seem to be rising still so maybe they are happy to sit there and wait for the market to rise to them. 

Redwino222

There is nothing you can do about this.  It’s the vendors house and their right to chose the asking price.

its not for you to educate the vendor on the ways of the world.  You may well be correct, but there is nothing you can do to change their minds so either pay what they want or move on to the next house.

billy2shots

davilown said:

Looking at lots of properties at the moment, with most selling within days on sealed bids. 

We have an best and final offer on one property but don’t believe it will be successful so have been a look elsewhere.

Do you think the title should read,

Unrealistic Vendor/EA/Buyer?

It sounds like you could be undervaluing your local market.

davilown

billy2shots said:

davilown said:

Looking at lots of properties at the moment, with most selling within days on sealed bids. 

We have an best and final offer on one property but don’t believe it will be successful so have been a look elsewhere.

Do you think the title should read,

Unrealistic Vendor/EA/Buyer?

It sounds like you could be undervaluing your local market.

Totally true, I could be being very unrealistic - however, the realistically priced properties sell within a week (or is it just that they are underpriced?)

davilown

AnotherJoe said:

davilown said:

Looking at lots of properties at the moment, with most selling within days on sealed bids. 

We have an best and final offer on one property but don’t believe it will be successful so have been a look elsewhere.

We’ve taken a liking to one such property, it has some compromises, like a small garden and a main road close by, but it’s still nice.

The issue I have is with the price - it came on the market at £525k in mid February and hasn’t had lots of interest from what I understand.

We made a very cheeky derisory cash offer of £465k which was rejected (as expected) then went back at a still ludicrous £486k. Rejected again as the EA and vendor expect to get very close to, if not, the asking price.

I said to the EA that it was overprice, at which point they said no silt was net and they’d sell it for that price.

The EA isn’t a local company either so not sure they completely understand the local market.

But then again, I could be completely wrong - it has happened before!

Anyway, end of moan.

"No silt was net"
ok I'll bite, what's that?

looks like you and the vendor have very different ideas of the value and you should walk.
Maybe they'll drop it to 510 ina few weeks so even at that you are still well apart. And prices seem to be rising still so maybe they are happy to sit there and wait for the market to rise to them. 

Apologies -no idea what happened there! should read 'they had priced it correctly'