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Original poster

Guides prices?

23 replies

Chuggingthrough · 31/10/2023 15:03

Just posting as I’m sitting here absolutely bamboozled. House comes on the market two months ago at £1,250,000, it then gets reduced to a ‘guide price’ of £1,150,000.

We go and view and make a best and final offer of £1,100,000 due to the falling market, the garden being neglected (compared to the house) and the houses location.

EA says no way will vendor accept as that’s not what it’s worth, it’s worth more and they want 1.2m. The reduction was just to drum up interest and get offers in, and I obviously don’t understand how guide prices work?!

We are the only proceedable offer on the table, sold our hours to cash buyers 5% under asking. I think it’s more that the EA is failing to sell the house at the inflated prices he has dangled in front of his client.

but what is going on with this market?!

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Twiglets1 · 31/10/2023 15:07

Pah… it is a good offer for a house that failed to sell at anywhere close to 1.250M.

It’s probably just EA tactics to soften you up prior to asking for more money. They have by law to put your offer forward to the Seller.

The owner may want 1.2M but they haven’t been offered that in 2 months and the fact they have lowered the price suggests they are motivated to sell.

Original poster
Chuggingthrough · 31/10/2023 15:50

This is it I don’t understand the delusions? When it was on for 1.25 when it was first marketed then you might of got 1.2, but not this far down. They have had a higher offer apparently but they still need to sell. I guess that’s a risk that they can take.

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NewFriendlyLadybird · 31/10/2023 19:02

My bet is that the sellers were grumbling about a lack of viewings. The EA persuaded them to reduce in order to attract more interest, but reassured them that they would be able to talk any offer up. And now they’re in a bind.

Original poster
Chuggingthrough · 31/10/2023 19:34

I think you might be right @NewFriendlyLadybird he was chuffing on about how that’s how he sells things and that he can send me his website page to show me that he has has sold houses based on guide prices and it’s always the higher end. I just thought what is this guy on?! Actually put me off the house a bit!

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rainingsnoring · 31/10/2023 21:23

It's an odd sales tactic as insulting a potential buyer is pretty off putting.
The sellers can want whatever figure they like but it doesn't look as if they are likely to get it in this market.

DrySherry · 01/11/2023 07:36

Your offer is perfectly reasonable and you are in a position to move forward quickly having sold. Stand firm, the agents "sale strategy" is not your business. Only what you feel comfortable paying for the house matters. I would particularly ignore his "it's worth more" comments. It's not - because your offer is the only one ready to move forward. Sounds to me like this agent is struggling to accept the new market conditions and still thinks he can use tactics appropriate for a rising market.

Muddle2000 · 01/11/2023 08:22

I thought guide price was, eg 230
To 240 and no offers below otherwise, what is the point

BlowingInTheWind82 · 01/11/2023 08:24

Ask the EA if they have put the offer to the Seller (including your background). If not post it through the door with your contact details. And screw the EA.

Original poster
Chuggingthrough · 01/11/2023 08:32

Yes @Muddle2000 people can of course ask for anything they like, but in this case it hasn’t sold. And they’ve got one proceedable offer just under the lower end.

@BlowingInTheWind82 I almost want to get in touch with the seller to tell her how awful the EA is and how he treats potential buyers and that it’s really off putting.

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C8H10N4O2 · 01/11/2023 08:44

Chuggingthrough · 01/11/2023 08:32

Yes @Muddle2000 people can of course ask for anything they like, but in this case it hasn’t sold. And they’ve got one proceedable offer just under the lower end.

@BlowingInTheWind82 I almost want to get in touch with the seller to tell her how awful the EA is and how he treats potential buyers and that it’s really off putting.

EAs do best out of quick sales rather than a small percentage higher on the sale price. Its quite possible its the vendor wanting the higher price - not surprising if they have a higher offer on the table.

Not everyone is in a rush to move, they may be quite happy to sit it out and see if the better offer sells theirs. I don't see anyone rushing to sell at the moment unless they need to move in a fixed time frame.

mondaytosunday · 01/11/2023 08:51

The EA must put your offer to the seller. Whatever tactic they use to get the best price is up to him - his rudeness will not help. He obviously doesn't understand himself how guide prices work! Stick to your guns.

Original poster
Chuggingthrough · 01/11/2023 09:04

No I agree @C8H10N4O2 and a lot of downsizers particularly are hoping for a certain price and if they don’t get it then they will just come off the market. The trouble is they’re about 18 months too late for the price they are hoping for.

the seller actually has a deadline in two weeks to sell (don’t want to out) but they are motivated. If they pull off the market they will lose money put it that way.

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Original poster
Chuggingthrough · 01/11/2023 09:05

Also the other offer still need to sell - that could mean a two or three house chain before they get to that buyer, where as we have a cash buyer ready to go.

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Allthegoodnamesarechosen · 01/11/2023 09:16

You need to put these arguments to the vendor, not to us. Write a polite and simple letter with your offer and your circumstances, saying that you have concerns that the agent has not put it to them. Say that you are not trying to cut the agent out ( which would be illegal for them) just that you are eager to crack on as you are in a position to move quickly. Don’t say he is rude, they can discover that for themselves, and it may make you sound touchy.

Good luck

Original poster
Chuggingthrough · 01/11/2023 09:47

He did say that he has spoken to the vendor and she liked our position but she needed more money to move. So I have no reason to doubt that he has put it forward?

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DavidOpines · 01/11/2023 20:01

Easy this one. The sellers are deluded and have a price in their head that will deliver them the lifestyle they feel they are entitled to in the future, based upon a mirage of false wealth created in the last two decades. The reality is the value is much lower and they are effectively only on the market in an emotional, fantastical and egotistical sense. The EAs happy to go along with this of course, for a while - they need the transaction eventually.

Offer lower and reduce it every week by a sensible amount, for a duration you are comfortable with.

LindorDoubleChoc · 01/11/2023 20:05

Obviously the vendors hoped that if they reduced the price they would get offers at the new asking price.

Just leave your offer on the table. It's really not that difficult to get your head round the idea that vendors won't want to accept a lower offer when they've only just reduced the asking price.

Original poster
Chuggingthrough · 01/11/2023 20:33

Think it’s just been a hard pill to swallow as we really loved the house. Felt it was a good offer and we were in with a shot, but alas, such is the ups and downs of house buying!

Unfortunately our buyer has been hanging on but I can’t see anything moving now until the new year? Think this is a very quiet time?

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rainingsnoring · 01/11/2023 20:36

Chuggingthrough · 01/11/2023 20:33

Think it’s just been a hard pill to swallow as we really loved the house. Felt it was a good offer and we were in with a shot, but alas, such is the ups and downs of house buying!

Unfortunately our buyer has been hanging on but I can’t see anything moving now until the new year? Think this is a very quiet time?

You never know, perhaps they might even come back to you when they don't achieve 1.2 million in the next 2 weeks!

debandsteve · 01/11/2023 20:39

Have you had a look at mouseprice.com? We used them to price our house.

SleeplessNights2011 · 01/11/2023 20:42

We viewed a property on for £1.175 m.
DH wasn’t keen but the vendors had an onward offer accepted and EA kept emailing that they were motivated and would accept offers. After around 4 weeks price was dropped to £1.1 and a further email to say that they would accept offers even after the price reduction.

3 weeks later it is relisted on RM for £1.2m and showing underneath ‘reduced on 9/th October’.

Original poster
Chuggingthrough · 02/11/2023 06:31

I looked at that @debandsteve but it just gave an overview of the area by postcode?

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debandsteve · 02/11/2023 17:57

Ah yeah right, we paid a subscription to get the actual valuation.

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