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To think that you don't view a £200k house if you can only afford to pay £120k?

(95 Posts)
StarsInTheNightSky Mon 15-Jun-15 14:58:12

We emigrated a while ago, and prior to that we owned three homes in the UK (we are lucky, I realise that), two of which were rented out. We sold the home we lived in, and then sold one of the other homes when the tenancy came to an end. The other home was on a longer tenancy so we waited for that to end and then put that house on the market. The tenant had young children and a disability, so we agreed not to market the house until after they'd moved out so that it didn't make life difficult for them, they were a lovely family so we didn't mind at all. (Sorry, trying not to drop feed.)

It's on the market now at 20% below the realistic bottom end market value to try to get a quick sale, its in a very popular area where houses don't often come up for sale and its in immaculate recently redecorated condition (all neutral colours), we had a full structural survey done too at our expense to show viewers. We are paying a cleaner and a gardener to keep it immaculate. We've had lots of viewings, nearly all of which have turned into offers, which would be great, except every single one is at least £50k (normally £80k) below the asking price, and on a £200k house that seems a bit unreasonable. The estate agent can't understand it either, and I've checked with them to make sure they aren't saying anything to give people the wrong impression.

Am I just out of touch, is this what people do now? When our estate agents have gone back to them they've all refused to up their offers saying they can't afford anything more. So why look around in the first place? Am I being unreasonable?

ThinkIveBeenHacked Mon 15-Jun-15 15:00:20

Maybe they are offering what they generally think it is worth?

If everyone is offering tens of K lower, then I think you need to re-adjust your expectations.

echt Mon 15-Jun-15 15:00:25

Put up the pics and let the MN jury decide.

Mopmay Mon 15-Jun-15 15:00:27

Round us the estate agents ask buyers their budget and don't allow them to view unless it's realistic. They tell them it's offers around xxxx only. You can state offers above xxx?

Backforthis Mon 15-Jun-15 15:00:54

Maybe the 20% below the bottom of market value is attracting the wrong people?

ThinkIveBeenHacked Mon 15-Jun-15 15:00:55

Cant afford anything more or cant justify anything more?

Bluetonic123 Mon 15-Jun-15 15:02:18

Are you sure that the house is worth what you think it is?

Mopmay Mon 15-Jun-15 15:02:27

And who told you it was worth 200? In our area when we sold, 3 agents said the same price and 1 massively more. They were convincing but unrealistic - did you get several agents to advise you?

PeterParkerSays Mon 15-Jun-15 15:03:21

No, you're not. I wouldn't even look at a house that far adrift of my pricing.

Were the bids from individuals or their estate agents though? Estate agents will sometimes start bids very low and build up, so you might find that some of them come back with a higher offer and were just starting very low.

The5DayChicken Mon 15-Jun-15 15:03:35

How many valuations did you get? For all offers to be 50-80k below the asking price, despite asking price supposedly being 20% below market value, is very odd.

bostonbaby Mon 15-Jun-15 15:03:37

That's probably all its worth then.

KoalaDownUnder Mon 15-Jun-15 15:04:10

I think YABU, a bit.

I don't think it is unreasonable for people to look around and offer what they can afford to pay, no.

I supposed I don't really understand why this bothers you. I'm assuming that the agent is legally obliged to present all offers to you; all you have to do is say 'no'.

StarsInTheNightSky Mon 15-Jun-15 15:04:20

I would think that, but we were offered £190k by three different fast sale companies. Maybe I should just go with one of them, or put it up for auction.

It is offers above 200k, I think I do have to be stricter with the ea. Grrrr.

SurlyCue Mon 15-Jun-15 15:04:56

If all the offers are so much lower then i reckon youve been too optimistic with your asking price. A house is only worth what the highest bidder is willing to pay.

NRomanoff Mon 15-Jun-15 15:05:06

It could be a few things.

It depends on why you think its worth what you say it is. Our neighbour is trying to sell their house for 250k which they think is low. The houses here aren't worth anywhere above 180k, so their offers have all been low.

Also you are probably getting alot of people hunting a bargin. Low priced for a quick sale and empty, means the seller needs to sell. So they are trying to make you come down. These people probably don't pay the asking price ever.

Then look at the estate agent. We were selling our first house for 120k, the estate agent sent a couple round who couldn't afford anymore than 90k. The estate agent told them we were likely to take a low offer. Just to book the viewing.

Backforthis Mon 15-Jun-15 15:06:07

I'd double check my figures for recently sold comparable properties in the area (Zoopla is good for this) then make sure the price, adverts and estate agents aren't giving out an air of desperation. If the current pricing is really 20% below bottom people are taking the piss. Is the estate agent being free with the info that you've emigrated?

GiddyOnZackHunt Mon 15-Jun-15 15:06:37

Is it so cheap that it shouts desperate and people are taking a punt.

ThinkIveBeenHacked Mon 15-Jun-15 15:06:47

Link it. We will help!

Cherryblossomsinspring Mon 15-Jun-15 15:07:13

We bought recently and as a buyer if it was on at £200k, We would firstly offer £150k to test the seller. Put it up to £250k and test the market again but be sure to relaunch the house on the market (ie take it off all sites then start again so that people searching the history online don't see the increase easily). We would also view approximately £50k above our budget as there us nearly always fat for negotiation built into initial prices. It's all a stupid game but I think your EA has set you up to fail.

QuintShhhhhh Mon 15-Jun-15 15:09:07

Raise the price by the 20% you already lowered it, and see what happens.

Then you lose the "bargain crowd".

Market it with a new agent, and dont give the impression you are after a quick sell.

Backforthis Mon 15-Jun-15 15:09:11

'I think your EA has set you up to fail.'

^ Exactly

bostonbaby Mon 15-Jun-15 15:09:17

I'd take the money from the fast sale people tbh. Far less hassle

StarsInTheNightSky Mon 15-Jun-15 15:09:28

We had five agents out to value, valuations ranged from £250 - 280k. I know they can overprice, which is why I thought putting it on for £200k was a good idea. A RICS surveyor valued it at £260k.

It bothers me because I can't understand what we're doing wrong, or what's going on. Just wanted some insights from other people. I wonder if our ea are just marketing it to developers, they said they weren't but maybe?

RandomFriend Mon 15-Jun-15 15:11:53

If you are advertising your house for quite a bit less than it is worth, people may think something is wrong with it. Can you give yourself a bit more time? If so, put it on at what you think is the correct price.

Alternatively, if you want to sell it quickly, can you have the EA organise a private auction for the three that have offered 190? It is likely that one of them will go to the 220 that you think it is worth.

KoalaDownUnder Mon 15-Jun-15 15:12:44

Oh sorry, I thought you meant people bothered you by making low offers. I see what you mean now! That would bug me too, as it really doesn't sound as if you've overpriced it...

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