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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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

94 replies

StarsInTheNightSky · 15/06/2015 14:58

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?

OP posts:
RandomFriend · 15/06/2015 15:13

If the RICS surveyor valued it at £260K, then your asking price should be £280K.

StarsInTheNightSky · 15/06/2015 15:13

I'm really sorry but I don't want to link, we had a lot of trouble with DH's family being very violent and receiving death threats police had to protect us,big part of the reason we emigrated) and they know we own that house, so I'm being paranoid I know, but I don't want to be outed. I am sorry and I really am grateful of the insights, and sorry my slow typing isn't up to much!

OP posts:
Backforthis · 15/06/2015 15:13

The fast sale people are a businesses looking to make a profit. If 3 different companies have offered you £190k then there is a good profit margin in their expected resale price.

Take it off the market and put it back on with another agent at £250k. Make it clear you're looking for the right sale not a quick sale. You can always accept offers over £210k if they come but don't let the estate agent know that.

FlipperSkipper · 15/06/2015 15:17

In my experience people see an empty house and think you're desperate - we moved across the country and our old house was empty for sale and I think people thought we were desperate to sell (we weren't, my husband's new employer was paying for our rented house). I also think the EA might be giving the wrong impression too.

StarsInTheNightSky · 15/06/2015 15:18

Thanks all, I'll try that and see if it helps. Should I leave it off the market for a week or so then relaunch?

OP posts:
Groovee · 15/06/2015 15:18

Do you have any friends who could contact the agent for a viewing and see what the estate agents say to them?

StarsInTheNightSky · 15/06/2015 15:21

That's a really good idea thanks groovee, I'll get my best friend to phone, she isn't far from the house geographically.

OP posts:
wannabestressfree · 15/06/2015 15:22

I think groovee's idea is a good one :)

Losingmyreligion · 15/06/2015 15:24

My SIL had the same problem. We all decided in the end it was because the house was empty.

MrsRossPoldark · 15/06/2015 15:24

fwiw - I agree with people who say not to advertise it with a 'priced for quick sale' or anything along those lines. If you don't need a quick sale [or even if you do!] don't tell them that as you will get the piss takers bargain hunters otherwise.

NinkyNonkers · 15/06/2015 15:24

Difficult. I tend to think anywhere within 10-15% looks like a realistic offer, these do sound like people are taking a bit of a punt hoping you are desperate if you are after a quick sale.

Heyheyheygoodbye · 15/06/2015 15:25

I would think 'what's wrong with it?' and assume it must have terrible neighbours or something if I knew the area and it genuinely is very underpriced. I'm a FTB who doesn't know anything though Grin

notaplasticgnome · 15/06/2015 15:29

They've probably been watching too much Location, Location, Location and think they'll put in a 'cheeky offer'.

Seriously, I think the 'quick sale' bit leaves buyers thinking they're totally in the driving seat, so I wouldn't mention that.

Cherryblossomsinspring · 15/06/2015 15:31

One more comment. When I searched our budget was £250k (for the sake of this discussion). Your property might have been exactly what I wanted but properties at £200k wouldn't have even shown up in my search! You are not visible to your market at all by pricing it so low. Over price Slightly so the right people can see it.

SurlyCue · 15/06/2015 15:33

Fwiw if the shoe was on the other foot most people would start with lower offers on the "cheekier" end of the scale. You cant blame them really can you? Every penny counts, especially on such a bug purchase.

StarsInTheNightSky · 15/06/2015 15:35

On crikey heyhey I didn't even think of that!

cherry In didn't realise it worked like that, thank you, I really do appreciate yours and all the other advice.

OK, house is coming off and then being relaunched at a much higher price, fingers crossed!

Thanks again.

OP posts:
StarsInTheNightSky · 15/06/2015 15:37

Surly no, I don't blame them at all, I was just baffled about what was going on.

OP posts:
0ldmum · 15/06/2015 16:11

I think the agent is saying to them that you are abroad and will take offers. He is doing it for an easy life! Has your friend rung yet?
Also it would make me a little suspicious if a survey had already been done. I wouldn't push this at buyers.
Good luck!

answersonapostcardplease · 15/06/2015 16:18

I vote for estate agent telling people that you might except a lot less as you want quick sale. Do you need a quick sake?

StarsInTheNightSky · 15/06/2015 16:23

I don't think she has yet oldmum, I texted her but she's a barrister so I haven't heard back, but didn't thin I would until after she finished work. Will update when she does.

answerson not really no, I just don't want to be paying a cleaner and gardener longer than I have to, but that's just me being tight Grin

OP posts:
viva100 · 15/06/2015 16:56

When we were apartment hunting one of the agencies we used only showed us flats that were betwen 60k and 150k over our budget. Very unprofessional from a buyer's point of view. It also gave the impression that the houses were really overpriced. They were the only agency who did this.
So I think you need to change agents.

BoyScout · 15/06/2015 17:14

Just to say, houses in the £250-280k range are tricky because the stamp duty triples at £250K.

We had to overprice ours at £280K because putting it on at £260K would have only resulted in offers at £250K. You need to clear that price zone, or go under it.

Estate agents should have explained all this.

NinkyNonkers · 15/06/2015 17:18

Hasn't stamp duty changed recently?

PurpleCrazyHorse · 15/06/2015 17:19

I agree with really looking at the online websites and how their price brackets are set up for searches. You need to make sure your house is getting to the right buyers.

Also check the photos and description too so again, you're getting your buyer demographic, not just the bargain hunters.

I agree that a too low price would put me off as I'd wonder why. Better to put it on at market value and negotiate with a buyer.

BoyScout · 15/06/2015 17:23

Stamp duty used to be 1% up to £250k and jump to 3%. Now it's 2% and jumps to 5%.