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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Aibu to ask for house buying advice

126 replies

Arfarfarf · 21/11/2019 19:28

Specifically price related.

We are moving to Brighton. Need a 3-4 bed family home and have viewed several recently. We offered 405k on a 450k 3 bed semi (Brighton - house prices are insane). Got flat out refused without counter offer. It has been on the market for 9 months...

Never mind, we found another one for 450k, 4 beds this time. We really like it but how low do we go? Houses seem to be on for months as a rule which leads me to think they are overpriced, but sellers don't seem too happy to accept less. This particular one has only been on for a month and I want to toe the fine line between not overpaying but not pissing the seller off either... won't post link sorry similar ones in and around the same street vary from 385k (though these tend to not be as nice/need some work doing) to 570k which is laughable really...

Our situation: have to sell our own house (priced to sell, we don't want to mess about) which has only just gone on the market, and we have a mortgage agreement in principle.

Help!

OP posts:

hipslikecinderella · 22/11/2019 07:00

We offered £150k under the asking price, and ended up about £100 under. That was about 10% off asking. We still had a flat to sell (although that sold in 3 days).
Be cheeky I say, but also be prepared to walk away if necessary.

FrostyGirl66 · 22/11/2019 07:01

Avoid whithawk and moulsecoomb. That's all I'm going to say!

Mijnje · 22/11/2019 07:23

We're in a similar situation and have been advised to go £10k under for a property that's just come on the market and £15-20k under for one that's been on for a while

runoutofideasnow · 22/11/2019 07:30

@Mijnje does that advice not depend on how much the property is worth though?

Original poster

Arfarfarf · 22/11/2019 07:31

Myimaginarycathasfleas I understand enough of the property market that if a property has been on for 8 months it is overpriced. In fact, a friend of mine, a current estate agent if you would believe it, has told me that if a property hasn't shifted within a few months it is overpriced. But hey, maybe he doesn't understand the property market either

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Mijnje · 22/11/2019 07:32

@runoutofideasnow Yes but as I said I'm in a similar situation - looking to buy a 3-4 bed house in the south for £400-450k

TheMidasTouch · 22/11/2019 07:39

@Arfarfarf

"I agree and how insulted can you really be when the offer is still 100k than you paid 7 years ago... sigh."
The house increased in value by £100k in 7 years and you are expecting the owner to donate £45k of it to you in the form of reducing the price?
That is CFery on another scale.

Original poster

Arfarfarf · 22/11/2019 07:40

In fact if I were trying to sell a house for 450k and came on here to ask why no one is buying it after 8-9 months everyone on here would tell me it was overpriced...

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Original poster

Arfarfarf · 22/11/2019 07:44

I am grateful for all the advice btw! It does seem I have to readjust my expectations somewhat but it is tricky when a lot of the advice out there is contradictory and I personally would find it CF to put my house on the market for a lot more than it's worth. Luckily because of this I anticipate it being sold very soon, meaning we will then be in a better position ourselves to negotiate

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Original poster

Arfarfarf · 22/11/2019 07:45

Thanks Mijnje will keep that in mind. Good luck in your search! Hopefully we both find something suitable soon.

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Original poster

Arfarfarf · 22/11/2019 07:53

TheMidasTouch I do believe the house increased in value by 100k in 7 years, going by similar houses recently sold in the area. What I don't believe is that the house increased in value by 150k (to 450k), again going by similar properties as well as the fact it has been on the market for so long. So no, I am not expecting them to give me 45k, I am expecting them to sell it for what it's worth. But I have also accepted that they need more time to realise they won't get what they want.

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LavaMagma · 22/11/2019 07:57

The 'Offer 10% below' is very old outdated advice, it might have been ok 20 years ago but not now. Offering 405 on a 450 house, you wouldn't be taken seriously at all. 435/440 would have been more realistic starting price.

Sushiroller · 22/11/2019 08:23

We bought in north london this year (feb -august)
My experience was similar to yours and it was super frustrating so I feel your pain.

You are reading about brexit and plumetting prices yet almost everything we saw had been on the market for 6- 12 months plus.... many were delusionally priced (one was 200k over ceiling price for the road and not the best house. Ie. 4 bed semi vs 5 bed detached) it is STILL on the market with no price reduction in over a year. 😑

The reason seemed (in our case) to be a lot of people in the areas were older so had no mortgage, older children or children left home, or had retired. Many had multiple homes and/or were "thinking of downsizing" Ie. No incentive or pressure to move for schools, work or finance.
We had already sold and had a decent deposit but it still took an age.
You can tell someone what an asset is worth but if there is no pressure to sell what can you do...?
Our strategy eventually was divorce and "poor probates" (we saw several probates that were laughably overpriced but the children could afford the tax so had no pressure to sell and would not move on price. (These were wrecks priced at the same £ per square foot as newly renovated houses on the street and needed 150k plus of work).

We eventually got a place for 10% under asking. This percentage was incidental basically we offered what we believe was a "fair price", it was our opening offer and the sellers accepted immediately (there were 2 other interested parties). I dont think we got a bargain and we could probably have shaved more off the price but we got what we needed and didn't have to mess about.

Good luck!

Passthecherrycoke · 22/11/2019 08:43

Arfarf be careful with guessing how long a property has been on sale for. I have a number of friends who look, on Rightmove, like they’ve been on sale for 9 months but actually they’ve been sold STC and it’s fallen through. RM doesn’t reset this

Passthecherrycoke · 22/11/2019 08:44

Btw I think £100k in 7 years isn’t very much at all

greenlynx · 22/11/2019 08:45

You might be right that this house doesn’t worth 450 for you but does it worth 450 for anyone else?
We bought a house recently after long and stressful house hunting. We were looking in a particular area at first which was very good for us but not perfect. So obviously we always lost in best and final as other people saw it as their dream location and offered accordingly. So we looked at the market again and bought in different area quickly and smoothly (and very glad that we did) So the question is would other buyers judge the house the same way as you?
The other point is about sellers. They sell their family home, their pride and joy, their memories. They are attached to it emotionally. Not all of them but most are. Of course low offer is an insult to them. They also need money for their next move e.g. waiting for 1 year could guarantee them 450k rather then 410k so basically will give them 40k more. Of course they will wait. They won’t wait if they have to move urgently but otherwise..I would wait for quite a lot of things for 40k. One year is no so long, or even 18 months.
Also in your position I would expect to offer full asking. You don’t have a buyer yet so your stance should be: we haven’t sell yet but we’re desperate to buy your house as we love it so much so we’re offering full asking could you wait for us a little bit please. Otherwise why hurry? Get yourself a buyer or even better sell first and then start looking around.

Original poster

Arfarfarf · 22/11/2019 08:51

I'm glad you got there in the end Sushiroller it's all a bit nuts isn't it.

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Original poster

Arfarfarf · 22/11/2019 08:54

Passthecherrycoke if you think that isn't very much at all then we had better massively increase the price of our house too, and then that can be on the market for 8 months plus too... or we could price it realistically.

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AnotherEmma · 22/11/2019 08:54

"how come I am being cheeky when offering 405k on a house which was last sold for 310k 7 years ago? They would make loads of money still."

You can't be this stupid surely?
You do know that house prices change massively over the years?
You do realise that the person selling this house is probably buying a new house and so any profit they make will go directly towards buying a new house - which is also tens of thousands more expensive than it was 7 years ago?

I live in a city in which property is even more expensive than Brighton, and even though the market has stagnated due to Brexit, houses are still being sold for significantly more than the asking price - the asking price seems to be the starting point for bids.

I just viewed a 4 bed property which was on for £900k and when I spoke to the estate agent the highest bid was £930k (it might have gone higher).

I think it's insane money but that's the market.

No one is going to take you seriously if you offer £405k on a £450k property. I don't know who told you the 10% thing but it's nonsense. You need to consider how you will feel if you fall in love with a property and lose out on it because of your attitude.

Africa2go · 22/11/2019 08:58

Zoopla is rubbish though - it might give you a sold price, but that's it. Has there been an extension? Loft conversion? Don't base your offers on Zoopla.

Original poster

Arfarfarf · 22/11/2019 09:00

AnotherEmma no need for insults. A lot of people (including my estate agent friend) + advice from reputable sites have told me that if a house is on the market for a long time it is overpriced. The first thing people on here would tell you if they are struggling to sell is that the house is on for too much. You are calling a lot of people stupid here. Calm down.

Of course a lot of houses in certain areas go over asking price. But they go quickly.

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VioletCharlotte · 22/11/2019 09:02

As an ex-estate agent, my advice is to not make an offer until you have a buyer for your own house. There's no point, as your not in a position to negotiate, and even if they accept the figure you suggest, the house will stay on the market.

Focus on selling your own house, once you have a buyer then you'll be a much more attractive prospect and in a position to negotiate.

AlmaMartyr · 22/11/2019 09:08

It is disappointing when an offer gets rejected. It may be fairly priced and they've had enough interest that they don't feel they need to settle. Even it is overpriced, they don't have to sell it to you for a lower price if they decide not to. Maybe try again with a slightly higher offer once you're proceedable?

Good luck with your house hunting, it is so stressful.

AnotherEmma · 22/11/2019 09:13

"You are calling a lot of people stupid here."

Nope just you.
I think it is stupid to think that the house couldn't possibly have increased so much in value without considering all the factors in the market and the possible reasons that this particular house hasn't sold yet.
It probably is overpriced but not £45k overpriced.
If you want the house, put in a serious offer, and if you don't want it, don't waste everyone's time.

Original poster

Arfarfarf · 22/11/2019 09:16

AnotherEmma

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