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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Holding on to original house valuation

69 replies

JacksonvilleJaguars · 09/04/2019 09:48

Found a wonderful house, after 2 viewings and several drives to the area at different times (we don't know the area) we decided to put in an offer. We put in 370k on a 385k house as next door went for 390k last year which had an extension, conservatory and loft conversation. It's the same style house (link detached) but end of the row. The house a couple up was a 4 bed fully detached house and 3x the garden which also went for 390k last June. The house round the corner needing decorative modernisation went for 340k this Jan. We thought it was a fair price and whilst prepared to negotiate didn't think it was worth the full 385k due to the other sold houses.

Offer was rejected as it was originally up for 400k. It's been on for 7 weeks, we were the only offer and the only second viewing. Price dropped to 385k a month ago. EA said that's the minimum they'll accept.

AIBU in thinking that the 400k valuation couldn't have been right as they would have sold for that and why hold on to it?

OP posts:

hula008 · 09/04/2019 09:55

Maybe they are sort of happy to stay where they are unless a decent offer comes through. They don't have to accept your offer for any reason.

7 weeks isn't that long on the market

HarrysOwl · 09/04/2019 09:58

Essentially, the house is worth what someone is willing to pay.

If they're holding out for £385 then I'm assuming they're in a position where they can wait - so they might be lucky and another buyer comes along willing to pay asking price.

Yours was a good offer, they were dumb to flat out reject and not counter offer.

If that was your best offer then walk away, you might get a call in a few weeks from the EA.

But if you love the house and would pay £385, make another offer.

chazwomaq · 09/04/2019 10:00

YABU. Sellers can wait for any offer they like. There is not "right" or "wrong" offer. Did you negotiate when it was rejected? Have you bought a property before?

SparklyLeprechaun · 09/04/2019 10:00

If you don't want to pay £385, that's your right. It's their right to hang on to the price. Maybe it's what they need to buy their new home.

wink1970 · 09/04/2019 10:03

Depends if you're willing to lose a house you like for £15k. Even if you have a mortgage that's something like £60 a month...

YoThePussy · 09/04/2019 10:08

The fact the house was originally up for £400k is not your problem, you saw it priced at £385 so that is what your offer is based on. I had the same two years ago and told the estate agent the sellers needed to give their heads a wobble. I offered a couple of 1000 more on condition they didn’t allow any more viewings. They did, I moved in a couple of months later and love my house. I was a first time buyer and was So nervous bargaining like that but it worked for me so give it a try. YANBU.

Original poster

JacksonvilleJaguars · 09/04/2019 10:12

DH are discussing what to do. As I said EA advises it's 385k or nothing. I bought a house many moons ago, but we are now technically FTB in rented with mortgage and solicitors in place plus 15 - 20% deposit, they are retired and downsizing. 7 weeks here in the SE is a long time. I haven't said they have to accept or sell to us, they most certainly can wait if they choose, I was just genuinely surprised at the reason for the decline was because they originally had it up for 400k

OP posts:

Gatehouse77 · 09/04/2019 10:18

Depends how much you want the house, I suppose.
DH and I nearly pulled out of a purchase because one of the EA in the chain caused a problem (which we found out about when all the sellers/buyers talked to each other).
I gave the till the close of business that day to pull their finger out and the EA would have lost 2 sales. Funnily enough it was all sorted by 5pm!

It could also be that the EA is covering their commission.

But, ultimately a house is only worth what someone's willing to pay and the owners will realise that over time.

Cuckoochime · 09/04/2019 10:29

I understand your frustration- last week we put an offer on a house that's been on the market for nearly 2 years, with various agents. The sellers refused the offer, and refused to negotiate - they will only accept full asking price- though the current agent, equally frustrated, says we are the first and only people to ever make an offer for that entire time , and have no chain. Sometimes you have to walk away (as we have done), despite the disappointment.

badlydrawnperson · 09/04/2019 10:42

I was just genuinely surprised at the reason for the decline was because they originally had it up for 400k

What would have been a less genuinely surprising reason for the decline?

thecatsthecats · 09/04/2019 10:42

There's a 2 bed bungalow local to me on for £385k. Clearly very well cared for, much loved, and lived in for a long time. I've never viewed, but it's still on the market two years after we completed purchase of our £272k three bed - which was at the top end for a 3 bed in the area.

Some people just cling on, but it's their affair.

HeadsDownThumbsUpEveryone · 09/04/2019 10:47

We put in 370k on a 385k house as next door went for 390k last year which had an extension, conservatory and loft conversation.

They are living in another reality if they think their house is worth 5k less than one with an extension, conservatory and loft conversion!

I would walk away. Your offer of £370k was more than fair. They can ask for £385k but they will be waiting a bloody long time when people compare what the new neighbours next door got for just £5k more.

howabout · 09/04/2019 10:50

Some people are serious about selling and price accordingly. Some just live in cloud cuckoo land and decide their house has intrinsic value based on what it is worth to them. Downsizers often fall into the second category and are also often in no hurry.

My rule of thumb in current market would be to not even bother looking at anything priced "optimistically" especially if it has a higher pricing history. The only thing which would alter my thinking would be a serious price drop to slightly below market.

MatildaTheCat · 09/04/2019 10:56

How upset will you be if they accept another offer for the full asking price tomorrow? We’ve just sold my FIL’s house as he’s gone into residential care. The EA told us they had a buyer lined up who had been outbid on a neighbouring property. Indeed they were keen and offered below the price which we rejected ( this was before it went on the market openly).

A few weeks later we had a full asking price offer and accepted it. At which point to previous people came back and also offered the full price and were very upset that we continued with the full offer.

So they still don’t have a house in their desired location.

If you really want it, pay. If you intend to stay and improve the house over years it’s a small amount to lose the house over. The sellers have said they want that price and actually, even in the SE, 7 weeks isn’t long at all- especially with Easter and spring coming.

Bluntness100 · 09/04/2019 10:59

It's moot though op, they can hold onto any valuation they wish, it's their house. They don't need to sell it, they can keep it, and they can chose at which point they will sell it and at which price point they won't, that they would rather stay put.

If they don't want to sell it to you for the price you wish to pay, then you need to accept that. It's 100 percent their decision .

AndWhat · 09/04/2019 11:01

I remember viewing one house which was nowhere near its price point, we found out that the woman was living there with her 2 sons after her ‘d’h walked out on her and was refusing to lower the price.
She was desperate to move but he was almost holding her ransom as she knew they would not get the marked price.

Weenurse · 09/04/2019 11:03

Some people look at how much they think they need to move and not at current market value. They can’t see that they are two different things.

EL8888 · 09/04/2019 11:09

They can hold on as long as they want. Personally l think they sound rather deluded for expecting that price bearing in mind what recently £390k got someone nearby but l know people get deluded about what their properties are worth. When l was last buying a property then l put an offer for the full asking price and was a first time buyer. Seller kept me dangling for weeks, declined to give me an answer so l started viewing other properties. I had the last laugh as l found something better and the original property didn’t sell for months. It didn’t end up going for over what l offered either. Prices are starting to slip where l live so the sellers of the house you offered on, are quite likely to regret that decision.

downcasteyes · 09/04/2019 11:18

I don't blame them for holding out when the house has been on for 7 weeks - in the current political climate, they may feel that playing a longer game will work better for them. If I were you, and I had time to do it, I would sit and wait and see too.

However, I do think it's insane when people put a house on the market for months on end and refuse to lower the price. There's a house on the corner of my road which has been for sale for literally 5 years because it was overpriced. It's just sold. That's simply because prices in the area have been rising over that time, so that their original valuation - which was insane at the time - is now in line with values generally.

BlackAmericanoNoSugar · 09/04/2019 11:21

Some people just aren't realistic. The house next door to me has been going on the market every couple of years for far, far too much, I would estimate at least 20% above its actual value. Then it fails to sell, or even get many viewings, and comes off the market again. We are in Dublin where it's a sellers market and in a sought after area but there's just no interest in OTT priced houses. People are being careful after the last crash. Anyway the neighbours have had lots of tradespeople in doing the garden and house so I expect it will go on again in the next month or so. It'll be interesting to see whether they are still trying for the same price.

Peridot1 · 09/04/2019 11:23

Have you talked to the estate agent about the fact that the one for £390k had an extension, loft conversion etc?

Are you prepared to go a bit higher?

I would have thought if you were to offer 375 and they came back with 380 you could agree to meet in the middle and end up at 377,500. But only if they are willing to negotiate. Which they don’t have to obviously.

I would call the EA and say ‘look we are still interested but the price seems unrealistic given what other properties have gone for”. See what they say.

The fact they had it on for 400k probably says a lot. Presumably they also know what others have sold for.

CMOTDibbler · 09/04/2019 11:24

I think its also very common for retired downsizers to think their house is worth more/ more desirable than it is. I live in an area that has a lot of older people, and there are currently two houses on the market close to us which have been for sale for ages. Both are immaculate inside. If you are 70+. And both are big, so appealing to those in their 40's - I'm no interior decorator but both have lots of bathrooms that make my teeth itch and the whole house would need redecorating. Both are priced like they need no work

tenbob · 09/04/2019 11:25

A couple of years ago, we looked at a house which was on for the ceiling price of the street, but had a really tired kitchen and needed some TLC, so put in an offer just under asking price

The feedback was the seller needed to get the full asking price as they wouldn't be able to afford the house they had their eye on if they took anything less.

We tried to explain houses sell for what they are worth, and not what the seller needs as a deposit, but they wouldn't budge
It sat around unsold for another year or so and was then taken off the market

Some sellers are totally dellusional
But then so are some buyers, who will try and knock down the price to cover redecorating because the colour isn't to their liking etc

onlyk · 09/04/2019 11:26

In the current market 7 weeks is not along time. Also the sellers are downsizing for retirement which does mean they are in no hurry to sell.

Also was your offer your first offer on the house? Have you gone back with a slightly higher offer? Most people see the first offer as an opening bid (I.e. your lowest offer) so if you waited a week and offered 2k more you may get a different response.

Charmatt · 09/04/2019 11:26

This happened with the house we bought. It was up for one price but we had a survey and offered lower because it needed some drainage repairs. The sellers declined the offer, so we just said that we were unwilling to offer more, but said the offer stood until we told them we had retracted it (ie, until we found somewhere else).
We actively looked but didn't find anywhere in the time it took them to reconsider and accept the offer.

I'd just tell them that the offer stands and look elsewhere in the meantime.

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