Vendor wanting too much for property...and won't show us 'valuations' he's had!

Nature_Lover74

@AdrianC thank you, I completely understand what you're saying.  We know that he doesn't want to deal with an EA (let alone the ensuing solicitors/other EAs/possible lengthier chain than he'd have with us) but if he puts it on the market, then of course, that's his prerogative.  I can sense that we're going to have to walk away from this, not least of all for our sanity!  Thanks for your thoughts.  

Niv

Sounds like getting a survey is a waste of time and money. Your max is 300k regardless of the house value. Tell Relative A that your offer is 300k and you cant go higher and go from there.

If relative A doesn't like that offer then you cant afford the house, if relative A has to then deal with an EA to get more money thats up to him and frankly, not your problem.

Nature_Lover74

Thank you everyone for your input, it's been helpful.  I think I've exhausted this topic (let alone myself!); is there any way I can close the thread please, does anyone know?  (I expect you can't?!).  Thanks.  

Niv

Nature_Lover74 said:

Thank you everyone for your input, it's been helpful.  I think I've exhausted this topic (let alone myself!); is there any way I can close the thread, does anyone know?  (I expect you can't?!).  Thanks.  

Sometimes a mod will do it but normally only if the thread has got out of hand (or doesn't fit their agenda). Just stop replying and the thread will drop off the top page and slowly die.

Nature_Lover74

@Niv; thank you, yep, that's fair enough; we're pretty much expecting to walk away from all of it tomorrow; we'll at least get his thoughts on a survey and what it may say and whether he'd accept what it says but I have a feeling he'll stand his ground.  That is completely up to him, of course.  (Then he'll have to go through all this with someone else and involving EA/other EAs/potential lengthier chains - which he says he wants to avoid).  Never mind.  Thanks for your comment.  

GeordieGeorge

Nature_Lover74 said:

Thanks @Alter_ego.  He's wanting £330K; given its condition our top offer is £300K; we can't go any more than that, sadly.  I know ultimately he can command what he wants but that's not how we'd do it; if it were in reverse we'd have got a couple of valuations and shown evidence of this with any prospective buyer as we feel it would be fair to all parties. I'm not saying we're right and he's wrong but we'd just want to come across as transparent.  Everyone is different of course....that much I'm learning in this process.  Thank you for your comment.  

I would never justify my offer price, or enter into a discussion about what it “ought” to be.

It’s clearly not going to make a buyer increase their bid, and my thought process is nothing to do with the buyers.

purplebutterfly

As a FTB (although I have sold an inherited property) one of the things I didn't realise is that there is no such thing as a true valuation that gives the exact amount a property should/will fetch.

EA valuations can be plucked out of thin air simply to try to get your custom.  We sold a property for £150K and had had 6 EA valuations.  They ranged from £120K to £180K.

Even a surveyor only uses knowledge of the local market sold prices combined with the Nationwide house price calculator and the rebuild estimate calculator. 

There is no specific figure that shows a property value - it's worth what somebody will pay.   A 2 bed house on a "prestigious" road in a certain postcode can sell for more than a 4 bedroom property three streets back. 

 I believe that, in London, even which side of a street you are on can change the asking price of a house!   

getmore4less

Don't overthink or get into discussions.

Do your own research on what is selling around there.
Set your price.
Stick your offer on the table.

Leave it to them to decide what to do next.

The main issue with probate sales is motivated seller and you don't have one yet.

Sunsaru

Thought I'd just add my tuppance worth before the thread closes.

When I bought, I stuck to my budget. I made an offer (under asking) it was refused. They tried to haggle but I stuck to my guns. "This is my max, not going higher". I walked away leaving my offer on the table. A week and a half later I got a call....

Don't break your budget over a house, there will be others.

Crashy_Time

Nature_Lover74 said:

Thanks @Alter_ego.  He's wanting £330K; given its condition our top offer is £300K; we can't go any more than that, sadly.  I know ultimately he can command what he wants but that's not how we'd do it; if it were in reverse we'd have got a couple of valuations and shown evidence of this with any prospective buyer as we feel it would be fair to all parties. I'm not saying we're right and he's wrong but we'd just want to come across as transparent.  Everyone is different of course....that much I'm learning in this process.  Thank you for your comment.  

He can`t though, hence the reason he is getting uptight about the "valuation" IMO. Are you buying with a mortgage?