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Original poster

Viewing a house overpriced by nearly 100k.

57 replies

greendoorbluehandle · 19/07/2024 12:23

Is it cheeky to offer what it's actually worth?

The estate agent has told us it's a vendor led price. It's been for sale a year this month and was originally listed for 370k, now for OIRO 330k. It's a 3 bed semi detached bungalow in a village where similar houses sell for 245-265k. They bought it in 2017 for 135k and have put new flooring down and a new bathroom and done the garden up but to expect 200k more than they paid is absurd.

We need a small mortgage so it will get valued by the bank, Zoopla is usually very accurate with valuations on houses we've bought in the past matching bank valuations and that's valuing it at 260k.

My DH thinks we view it then offer 250k of we like it and leave the offer on the table (we're in no rush) and hope they come to their senses. We know that competing estate agents valued it at 245k and 255k but they listed it at 370k?! The greed is quite shocking!

OP posts:
Mumofoneandone · 19/07/2024 12:24

Very odd- might be a totally try on by the sellers but nothing to loose! Go for it!!

SheilaFentiman · 19/07/2024 12:29

If zoopla thinks it’s worth £260k then it’s currently overvalued by £70k at £330k, not nearly £100k.

Put an offer in if you like it - nothing to lose!

Sweetswede · 19/07/2024 12:31

I think they can ask what they want for their own house. It's a bit cheeky to take up their time to go and view it if you wouldn't be happy to offer near the asking price.

Tel12 · 19/07/2024 12:31

I think that you are wasting your time. Seems little point in viewing something so fantastically overpriced.

thaisweetchill · 19/07/2024 12:32

A house is only worth what a person will pay for it.

WhatMe123 · 19/07/2024 12:32

The value is the value though. Even if you think it's worth less. You can always try but I doubt they'd accept an offer that low

PickAChew · 19/07/2024 12:35

It may be that they don't actually want to sell.

sugarbyebye · 19/07/2024 12:36

There's a house for sale in our village that's been on the market for two years now. We went to view it too, thought they might be open to some negotiation. On viewing, we realised it was way pokier in real life, and my partner couldn't even stand up in the bathroom. It's also been self built, and the floors are a wonky mess. It's on for £525k and we would pay about £400k for it. They have refused to consider even a penny reduction, and the estate agents have given up doing anything for the sale, the vendors do all the viewings themselves. They're a couple in their 70's who seem to think it's a buyers issue rather than a vendor issue. Some people just have no sense.

CellophaneFlower · 19/07/2024 12:37

They're not divorcing/separating are they? Sometimes in these scenarios vendors over price as one doesn't want to sell.

They have perhaps got carried away with the prices around 2021, when people were queuing round the block to enter into a bidding war for a hovel.

I doubt they'd accept but obviously you have nothing to lose. Have the agents told you about other offers they've refused?

Tupster · 19/07/2024 12:40

You can try, but the bit about the estate agent describing it as a "vendor-led price" implies that the estate agent has already tried to persuade them to market at a lower price and they have refused, so I would imagine the chances of them agreeing to your offer are exceedingly slim.

DappledThings · 19/07/2024 12:42

You can offer whatever you want. If they think someone will pay close to their asking price they might turn you down but you have nothing to lose by offering under.

GasPanic · 19/07/2024 12:44

Well it sounds like they have been watching too much TV and think that slapping down some flooring entitles them to 100k+ of someone else's money.

So if that is the kind of mentality you are dealing with.

Given the above, do you expect them to be reasonable or worth trying to deal with ?

MigGirl · 19/07/2024 12:48

Go look if you like, but if they are not reasonable and open to offers then walk away as the house buying process will be a nightmare and not worth the hassle even if you do manage to get them to reduce the price.

LindaDawn · 19/07/2024 12:50

i am not sure I would even view it! Just tell the estate agent when it is more realistically priced you will have a viewing.

LindaDawn · 19/07/2024 12:55

Further to my post, you are only encouraging them if you make a viewing at that price!

Original poster
greendoorbluehandle · 19/07/2024 12:56

Tupster · 19/07/2024 12:40

You can try, but the bit about the estate agent describing it as a "vendor-led price" implies that the estate agent has already tried to persuade them to market at a lower price and they have refused, so I would imagine the chances of them agreeing to your offer are exceedingly slim.

Edited

That's an excellent point, hadn't thought of that.

Thanks everyone for replies, always useful to get someone else's take on it.

We've been looking for the perfect place for ages and 2 houses both ended up selling for 150k and 135k less than marketed price so we're going to book a viewing and put an offer on the table if we like it. They can say no which just means we'll take our money elsewhere!

OP posts:
Bear2014 · 19/07/2024 13:04

Absolutely just offer what you think it's worth and leave on the table. I would be wary of a vendor like this though, they may well pull out later on, once you've wasted money on surveys etc.

dbeuowlxb173939 · 19/07/2024 13:05

No harm in offering, if they genuinely want to sell and have been trying for a year they might accept.

I think house prices are a bit difficult to predict at the moment, have seen a few higher end houses around us being reduced to a more realistic price after a few months on the market

Butterworths · 19/07/2024 13:08

If it's no bother to get there and view I'd do it. If I had to travel I'd probably ask the estate agent if there was any point in viewing if your price ceiling is 250.

QOD · 19/07/2024 13:15

I would say they are crackers but yeah go view it. My house was up for £900 000 then they reduced to £800 000 and then took off the market - we then got it for £620 000 when they went back on a year later as the vendors realised things had changed
(ours is a large house, we have split internally to live speratate to mum - if it were a traditional layout with almost equal up and down stairs it would probs be worth more like the 800k - but its a weird lay out for single family living. People who want 5 bedrooms dont normally want 3 downstairs 😐

TemuSpecialBuy · 19/07/2024 13:18

Tupster · 19/07/2024 12:40

You can try, but the bit about the estate agent describing it as a "vendor-led price" implies that the estate agent has already tried to persuade them to market at a lower price and they have refused, so I would imagine the chances of them agreeing to your offer are exceedingly slim.

Edited

This is a clear sign of ever one was needed

tara66 · 19/07/2024 13:19

What buyers need to realise is some sellers want a certain amount of money rather than any sale. They probably have their own individual reasons for that.

Livelovebehappy · 19/07/2024 13:45

Nothing stopping you putting an offer in for it. They equally have the right to accept, negotiate or decline. They can’t be forced to accept it, but tbh sounds really doubtful they will take such a hit on it.

Livelovebehappy · 19/07/2024 13:47

If your budget is £250k why are you looking at properties with a £330k price tag?

TheYearOfSmallThings · 19/07/2024 13:50

It is never cheeky to offer what you think it is worth, then move on when they say no. If you are right about it being overpriced, you will have no trouble finding something equivalent for a reasonable price.