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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
Original poster
JacksonvilleJaguars · 09/04/2019 12:55

I have to say @WBWIFE I have been following the nightmare you've had over on the buyers/sellers thread in property. Oh how I want to join that thread

OP posts:
Jsmith99 · 09/04/2019 12:56

By definition, a house is worth what someone is prepared to pay for it. Not a penny more or less.

In this case, the house is worth £370k. That will only change if & when OP increases her offer, or someone else comes along who is prepared to pay more.

WBWIFE · 09/04/2019 13:03

OP you will join soon!

This buying and selling game is a bloody rollercoaster.

I di believe everything happens for a reason though, sonic they dont accept maybe something better is around the corner for you

thecatsthecats · 09/04/2019 13:03

ChesneyHawkes

I do that too Blush.

Next door went on for the same price ours was advertised for (£275, we paid £272). But ours is extended, and what's more, next door COULDN'T be extended, because we have a non-reciprocal right of way across their back. Ours was also refitted to a very nice standard, and had - in my opinion - a much better layout.

It goes onto the market every time our house is sold, for the same price ours went on for, even though ours is categorically nicer. Then goes back to rental when they fail to achieve their desired price.

howabout · 09/04/2019 13:07

In fairness the market could turn upwards and in the long long term always will so a downsizer is crystallising their gain and seeking to maximise it, whereas an upsizer is only at risk of paying slightly too much for today - assuming house prices never return to realistic values relative to earnings.

So if it is a matter of £20k on a £400k purchase and you really love the property then you could take the view it is worth overpaying to lock it in earlier. Unfortunately it sounds like the sellers will not expedite the process and so you could end up overpaying for a locked in long delay.

Shinesweetfreedom · 09/04/2019 13:19

Estate Agents traditionally over value to beat the competition from other Estate agents.Sellers with pounds in their eyes will stick with that or grudgingly reduce when they don’t get a bite after a while.
Depending on area prices are dropping and there’s no point in going into negative equity at the very start.
You might even go to their full asking but if the surveyor down values it and they won’t budge on price then you will have wasted time and money.
It’s too soon in the day with this house and I would look elsewhere

shakenfizzydrink · 10/04/2019 01:21

Honestly it sounds overpriced and I wouldn't even have offered 370k. I'd find something similar and better priced!

MzHz · 10/04/2019 07:28

If they are this clueless and difficult now.... imagine if you’re in a transaction/chain with them...

This isn’t the house that’s for you, you will find better.

How about you drop letters into houses you like to see if they’ve thought of selling?

Jokie · 10/04/2019 07:39

One house we looked at was priced at: bids from X. They originally had it on the market for 30k more than that but after 2 months, dropped it to bids from X. The agent said they did that to get into potential buyers searches.

InfiniteSheldon · 10/04/2019 07:44

We paid well over the odds for our house don't regret a penny of it I love my house. It was on for 310k one brother selling it wanted full asking one was ok with offers. The only offer was 260k so they reduced it to 300k we offered 280k which was what it was worth but they refused and we went through exactly the same thought processes as you. But I loved it it was my dream house. We paid 295k and have spent 70k on it and it's now worth in the high 500's. A house is worth what they are prepared to sell it for not what you or even the market thinks it's worth.

ThreeAnkleBiters · 10/04/2019 07:48

Like PP have said it depends how desperate they are to sell. I've seen houses sit on the market for months at a very optimistic price. They might get an offer from someone who isn't bothered about over paying a bit.

Original poster
JacksonvilleJaguars · 10/04/2019 14:11

Well I've just had a call followed by email, from a different estate agent about a house in the same street as this one.
It's literally opposite and is a 4 bedroom and up for 390k...

OP posts:
downcasteyes · 10/04/2019 14:14

I'd be over there like a shot! Grin Keeping fingers crossed that this is a better house for you!

Original poster
JacksonvilleJaguars · 10/04/2019 14:17

I've got DH sorting out an appointment to go view. How funny!

OP posts:
MzHz · 10/04/2019 17:08

Houses come to you... looks like this one has chosen its next owner!
Fingers crossed! Hope you love it!

ChicCroissant · 10/04/2019 17:20

Is it the same style of house, because it's on for more than the one you viewed (£390 against £385)?

Good luck with the house search OP, hope it's lovely when you go to view.

Original poster
JacksonvilleJaguars · 10/04/2019 18:08

Yep very similar house although this new one is a 4 bed with bigger living space too (other was a 3). It's also more modern than the other one needing no upgrade to the kitchen or bathroom. Not that the other house wasn't pleasant and functional, very well cared for just it was old if you see what I mean

OP posts:
Mitzimaybe · 10/04/2019 18:19

Ooh sounds promising about the 4 bed, OP. It sounds like the first sellers haven't really made their minds up to moving yet. Kind of like "we ought to downsize" but there's no rush and no real incentive for them to accept a lower offer even though their asking price is unrealistic.

ChicCroissant · 10/04/2019 19:12

That sounds lovely, I hope it's the same IRL!

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