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khakitthecat
Posts: 7 Forumite
Hi everyone -
First time poster and FTB and wanted to get some feedback from the good folks on the forum as myself and my partner aren't sure if we are going crazy or not!
We just put an offer on this property
(sorry can't post links, i think you can find links if you google below)
rightmove property-63272106
Some quick notes from the EA
* Vendor is trying to sell quickly, “open to offers” has family member sick
* Currently a rental, last tenant moving out 2nd week of September
* Listed June, no offers, two price drops, initial price at £1.1m
* EA mentioned that he feels price is very high as well during the walk through
* Worse condition than pictures suggest
Two comparables on the same street (both were given by EA!)
rightmove: property-82083950
* Sold Jun 2019
* Slightly smaller yard, refurbished two bath two bed, with a study
* £970,000 - £903 per sq feet
* Refurbished
rightmove prop=55232229
* Sold Sept 2018
* £1,100,000, £921 per sq foot
* More bedrooms
Given the slow down in London housing market, the larger macro issues with Brexit, the state of the flat, and most importantly recently sold properties we offered £815k and were rejected. We upped the offer last week and now waiting to hear back...
Now we are aware that the vendor can sell at whatever price they so chose, but we can't reconcile what the EA is saying about the vendor being "very motivated" yet at the same time having the offer price so high. We also spoke to the EA's manager when our initial offer was rejected and he indicated that we should use a £1000/sqft benchmark even though they had provided comps closer to £900/sqft.
How much of this is just posturing vs vendor getting bad advice? Is it often that agents within the same agency disagree like this? Are our expectations unreasonable? We are a bit flummoxed at the moment and getting quite frustrated...
Thanks for reading
First time poster and FTB and wanted to get some feedback from the good folks on the forum as myself and my partner aren't sure if we are going crazy or not!
We just put an offer on this property
(sorry can't post links, i think you can find links if you google below)
rightmove property-63272106
Some quick notes from the EA
* Vendor is trying to sell quickly, “open to offers” has family member sick
* Currently a rental, last tenant moving out 2nd week of September
* Listed June, no offers, two price drops, initial price at £1.1m
* EA mentioned that he feels price is very high as well during the walk through
* Worse condition than pictures suggest
Two comparables on the same street (both were given by EA!)
rightmove: property-82083950
* Sold Jun 2019
* Slightly smaller yard, refurbished two bath two bed, with a study
* £970,000 - £903 per sq feet
* Refurbished
rightmove prop=55232229
* Sold Sept 2018
* £1,100,000, £921 per sq foot
* More bedrooms
Given the slow down in London housing market, the larger macro issues with Brexit, the state of the flat, and most importantly recently sold properties we offered £815k and were rejected. We upped the offer last week and now waiting to hear back...
Now we are aware that the vendor can sell at whatever price they so chose, but we can't reconcile what the EA is saying about the vendor being "very motivated" yet at the same time having the offer price so high. We also spoke to the EA's manager when our initial offer was rejected and he indicated that we should use a £1000/sqft benchmark even though they had provided comps closer to £900/sqft.
How much of this is just posturing vs vendor getting bad advice? Is it often that agents within the same agency disagree like this? Are our expectations unreasonable? We are a bit flummoxed at the moment and getting quite frustrated...
Thanks for reading
0
Comments
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The price is going to differ between sides of the street on that one. One side is in a council estate and the other isn't. Excouncil property is cheaper even in London.0
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https://www.rightmove.co.uk/property-for-sale/property-63272106.html
https://www.rightmove.co.uk/property-for-sale/property-82083950.html
https://www.rightmove.co.uk/property-for-sale/property-55232229.html
Sold in the last 2 years
more like this 1/2 mile 0-£1.25m 2b+
forsale 113/39 SSTC
plenty of stock, not that many in the process of being sold.
more like this 1/2 mile 0-£1.25m 3b+
18/10 might be worth checking those 18 out to.
800-900 2b+
15/6 I would compare to those if you went in a £815.0 -
sq ft is a nice thing to note, I do it myself. But, when it comes to what a place is worth it's about the size to you, how it flows to you, whether it suits your needs.
A bigger place, seemingly cheaper per sq ft, could simply be dismal and laid out poorly....
Look at the property, not the £/sqft. Just be annoyed they want more than others per sq ft, but is each foot nicer?0 -
Downstairs bathroom put me off.0
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I wouldn't trust those listings that are removed from rightmove by EAs, those show asking prices, not what they sold for.
that 3bed sold for £1.1m
asking was £1.2m0 -
The only person who knows is the vendor, and the opinions of "the internet" ain't gonna change what he or she thinks, regardless of how much you want it to.
You can't force someone to sell at a price they don't want to sell at, so if you can't agree a price, move on.0 -
Vendor being motivated is one thing, dropping £200k under asking is a bit too much to swallow.
There is much more to a property than just raw £/sqft. Layout, location, neighbours, building materials/quality/age0 -
Vendor being motivated is one thing, dropping £200k under asking is a bit too much to swallow.
There is much more to a property than just raw £/sqft. Layout, location, neighbours, building materials/quality/age
Thank you for the reply, agree that there is more than £/sqft however when looking at the property the one we bid on has a worse layout and buildings are right next to each other. Just trying to think if we are missing anything obvious0 -
Vendor being motivated is one thing, dropping £200k under asking is a bit too much to swallow.
There is much more to a property than just raw £/sqft. Layout, location, neighbours, building materials/quality/age
Yes that is a fair point which is why I mentioned that expectations seemed to be very far apart. I think the factors that your pointed out seem to support the lower price0 -
ReadingTim wrote: »The only person who knows is the vendor, and the opinions of "the internet" ain't gonna change what he or she thinks, regardless of how much you want it to.
You can't force someone to sell at a price they don't want to sell at, so if you can't agree a price, move on.
Totally agree. Just trying to see if we are missing anything in terms of why asking is so high. In the end we probably will end up moving on.0
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