Am I being unreasonable?

gettingtheresometime

Just to put your dilemma into context....

I viewed a 3 bed semi that was advertised as needing renovation.....for which what was actually needed was gutting...& I mean that politely. It was one of those places that manners prevented you walking in, turning around & walking back out.

It was advertised at £175k and word on the street is that it went for £190k.

And no we're not talking about a major city ...we're talking about a deprived area in reality 

lookstraightahead

gettingtheresometime said:

Just to put your dilemma into context....

I viewed a 3 bed semi that was advertised as needing renovation.....for which what was actually needed was gutting...& I mean that politely. It was one of those places that manners prevented you walking in, turning around & walking back out.

It was advertised at £175k and word on the street is that it went for £190k.

And no we're not talking about a major city ...we're talking about a deprived area in reality 

Whereas I bought for 10% under asking in a popular area because I stuck to my guns. 

There's so much hearsay about the market - I would never buy or sell over asking because as far as property is concerned, I have an amount in my head, and really I just want to move on.

Noneforit999

lookstraightahead said:

gettingtheresometime said:

Just to put your dilemma into context....

I viewed a 3 bed semi that was advertised as needing renovation.....for which what was actually needed was gutting...& I mean that politely. It was one of those places that manners prevented you walking in, turning around & walking back out.

It was advertised at £175k and word on the street is that it went for £190k.

And no we're not talking about a major city ...we're talking about a deprived area in reality 

Whereas I bought for 10% under asking in a popular area because I stuck to my guns. 

There's so much hearsay about the market - I would never buy or sell over asking because as far as property is concerned, I have an amount in my head, and really I just want to move on.

What is 'asking' though?

Many have a single price which you could say was the asking but many have guide prices, a range of prices and its becoming more common to do 'Offers Over' considering how hot the market is at the moment. 

Our EA valued ours at £360k-£365k but said to do offers over £350k with an open house as he had loads of buyers lined up. 17 viewings within 3 hours and 6 offers that same day. Ranging from £358k through £380k.  We have only considered the top three offers. 

caprikid1

"Whereas I bought for 10% under asking in a popular area because I stuck to my guns. "

Alternatively the sellers knew it was marketed at 10-15% over its value so were happy to accept a 10% under offer. There is no strong system or logic behind offers, on each side there are multiple people with emotional attachment and individual circumstances.

I was reading a thread on a forum the other day where someone had spent 3 years looking for a specific model of car and still not found one, I suspect those cars have gone up 30% in that time and will continue to do so. There is a point you just need to get on the ladder and move on. Very few people these days die in their first home, so why stress about the forever home.

newsgroupmonkey_

I love the fact that the last 3 pages have not at all involved the OP, but just arguments made by others.

This was a week ago. What did the OP do?

lookstraightahead

newsgroupmonkey_ said:

I love the fact that the last 3 pages have not at all involved the OP, but just arguments made by others.

This was a week ago. What did the OP do?

Guilty 😂😂😂

lookstraightahead

caprikid1 said:

"Whereas I bought for 10% under asking in a popular area because I stuck to my guns. "

Alternatively the sellers knew it was marketed at 10-15% over its value so were happy to accept a 10% under offer. There is no strong system or logic behind offers, on each side there are multiple people with emotional attachment and individual circumstances.

I was reading a thread on a forum the other day where someone had spent 3 years looking for a specific model of car and still not found one, I suspect those cars have gone up 30% in that time and will continue to do so. There is a point you just need to get on the ladder and move on. Very few people these days die in their first home, so why stress about the forever home.

No they had higher offers - we were just in a better position, which was really important to them. But I do understand your point. I just think with figures flying out of fresh air both parties need to be realistic 

Reginald74

I would be very cautious about buying any flat just now

HotPantsCruiser

Reginald74 said:

I would be very cautious about buying any flat just now

What would be your main worry?

greenleaves70

lookstraightahead said:

greenleaves70 said:

The seller thinks £320k is achievable and isn't desperate to sell. The other flat is irrelevant, it's a different property and market conditions change quickly.

If the down valuation isn't affecting your mortgage that isn't good a reason to try and chip down the price. If you weren't prepared to pay it, you shouldn't have offered it in the first place. 

On the other hand, it does sounds like you were misled about the lease, which I personally would not be happy about.

You can pay what you offered or walk away. 

Like there's any morals from the vendor. What they want is to have their cake and eat it. I would have already walked to be honest.

I probably would have walked too. The seller sound like they've set the asking price too high, which is dumb if they want to sell. It's also up to them. 

My point was that it's up to the buyer to do their due diligence before putting in an offer. If they put in an offer and then find out negative information about the property because the seller is unethical, the right thing to do is walk away before wasting any more time and money. As someone upthread said, the buyer can always say bye and move on. 

Trying to chip down the price after an offer has been accepted is gazundering. Any seller is going to find it enraging.

If you love a place and end up buying it, but pay slightly over the odds because you didn't know key details in advance, well great. You still get what you want.