Overpriced by £35K?

Running_Horse

When we sold someone wasted our time with an offer we would never have accepted in a million years; even the EA apologised for passing it on to us. I assumed they were not serious about buying the house, and would not have incurred any legal costs accepting any subsequent offer. You have an opinion on the value of houses in that area, the vendor disagrees. You can't force someone to be reasonable and sell for less.

RoxieW

I'm not trying for force anyone to do anything. They said no, we cant afford to offer more so thats that. And this isnt a private vendor its a building company so I'd say its their job to deal with all offers. Perhaps they shouldn't waste my time with alternative offers of a 3 bed house thats overpriced by at least 35K. I'm sure I'm on their mailing list now so I hardly think I've inconvenienced them.

boinging_2

Roxie - I for one, support your stance. You can offer what ever you like for a property. If they don't accept they don't accept. Just keep an eye on the property and see what happens to it over the next 3 months.

As for the value of the house, at the moment it's valued at your offer, because that's all someone is willing to pay for it. It may well be that some one will pay more, but then again maybe not. A house in only worth what some one is willing to pay.

Rover

Running_Horse wrote: »

When we sold someone wasted our time with an offer we would never have accepted in a million years; even the EA apologised for passing it on to us. I assumed they were not serious about buying the house, and would not have incurred any legal costs accepting any subsequent offer. You have an opinion on the value of houses in that area, the vendor disagrees. You can't force someone to be reasonable and sell for less.

Running Horse, an offer is just that, an offer. It wastes no ones time, other than perhaps the EA's - and they apparently have quite abit of time on their hands at the moment.
There is alot of psychology and sentiment in the housing market, see my sig.

Alot of houses are over-valued and priced aspirationally in the halcyon days of yesterday. Today's valuations are different and tomorrow's will be lower.
We can all !!!!!, whine and disagree but prices are heading South whether you like it or not. I again recommend a quick 12 month scan of any stock relating to housing - like Barratt, Persimmon, Alliance & Leicester, B&B, NR - why do you think that is? What do all the 'smart institutional' investors think of future earnings from these companies?

Running_Horse

boinging wrote: »

As for the value of the house, at the moment it's valued at your offer, because that's all someone is willing to pay for it.

It takes two to agree a contract. It is not valued at a rejected offer. It would not be worth a bag of magic beans if that was what I offered and they rejected it.

Rover

Your avoiding the point and I suspect you know that.
A valuation ain't worth diddly squat. As the old adage goes, a house is worth what someone is willing to pay.

You have some way to go on my sig I fear.

Running_Horse

Rover wrote: »

Running Horse, an offer is just that, an offer. It wastes no ones time, other than perhaps the EA's - and they apparently have quite abit of time on their hands at the moment.
There is alot of psychology and sentiment in the housing market, see my sig.

Alot of houses are over-valued and priced aspirationally in the halcyon days of yesterday. Today's valuations are different and tomorrow's will be lower.
We can all !!!!!, whine and disagree but prices are heading South whether you like it or not. I again recommend a quick 12 month scan of any stock relating to housing - like Barratt, Persimmon, Alliance & Leicester, B&B, NR - why do you think that is? What do all the 'smart institutional' investors think of future earnings from these companies?

Where did I say falling prices were a bad thing? The only person having a !!!!! and whine is the OP, because they cannot get the house at the price they want. If they want to boast how they avoided falling prices 12 months from now they are going the right way about it. If they want to secure the property and turn it into a home, then so far the only successful thing they have done is antagonise the vendor...as is their right.

Rover

Fair enough.

Running_Horse

Rover wrote: »

Your avoiding the point and I suspect you know that.
A valuation ain't worth diddly squat. As the old adage goes, a house is worth what someone is willing to pay.

You have some way to go on my sig I fear.

I am not avoiding anything. A house is worth what one person is willing to pay, and, what someone else is willing to sell for. If they do not agree then there is no sale. As for your sig, not everyone is obsessed by house price rises and falls. You clearly are.

Rover

I sense alot of anger