House selling dramas

[manywanderings]

So we were thinking of selling and moving and a neighbour was very interested in buying. Now I know informal sales maybe aren't a good idea but ...... we had a valuation done, chats and he seemed to think that was ok and then out of the blue send a surveyor round. He then put in an offer which was 100k less than our valuation. So a quick easy sale wasn't on the cards! We sent a polite note requesting an offer nearer our valuation. Long story short, it's been stressful - their offer letters are rude, insulting about the property and manipulative - a few further low offers over a couple of months (we had dropped our "price" a bit to try and at least meet half way). It got stressful because a) it made me not want to sell to him and b) it made me not want to live next door to them any more! Aargh. Anyway we just had two other valuations done (and I know you're supposed to have three in the first place, but it was all chaotic and we just went with the one who had the reputation for being "about right"). The two other valuations are both 100k more than our original one! ie about 200k higher than the offers from the neighbour.

So now thinking about putting it on the market - except its the middle of summer and maybe that's not a good time? So yes if our neighbours really wants it they can deal with an agent and put a better offer in but I suspect they won't. And we're also starting to feel maybe we don't want to sell and move after all now. I am sure they were deliberately insulting so we wouldn't want to stay!

Any advice? And yes I know it was stupid to do things informally.

Obviously your neighbour’s attitude is really rude and totally inappropriate.
But I would take the valuation from real estate agents with a pinch of salt. They always inflate the price to get the deal. My previous property was sold £150k less than the real estate agents initial valuation.
It really depends on the property. Where it’s located and also the level of maintenance.
Owners (me included) often overlook the property issues as they have been living with them for years. So you need to really look at your property objectively and understand: Does it need a new kitchen? A new bathroom? What’s the condition of the carpets/flooring? How old is the roof?
Cost of labour has been really impacting the market price of properties that needs improvements.

I recently joined an online auction for a holiay home. It was advertised for €125k, reserve was€125k, it bid up to€166k.

It was v exciting, sold "as is", titled deeds available in advance to review, and buyers can send their surveyors at their own expense. Super way to sell. Cut out all the nonsense.

Have a reserve figure that you are happy with and let the competing buyers get stuck in. Everyone bidding is invested as they ll have spent about 2k on their due diligence. Sunk fund fallacy, keeps them bidding.

Put it in with an EA and see if you get any decent offers or not. Any contact from neighbours, tell them offers go through the EA now.

However I’m a bit confused with what you’re saying about valuations. Are you saying you currently have it in with an EA at 100k less than what other EAs have now values it at?

If it didn’t sell at 400k ( to use an example) it’s not going to sell at 500k.

If you want to move then put your property on the market with the agent you like best & ideally at a price higher than that originally discussed. I would not communicate my plans to the neighbours. They are CFs - have they put their house up for sale yet?

Sorry it did sound confusing. Ok they offered 100k less than our first valuation (informally via email). Our recent valuations are 100k more than our first valuation. Haven't put it with any agent as yet.

Edit sorry quoted the wrong post! Meant to be the post above quoted!

For this quote - thank you. What is CF? :-)

Thank you. What is CF? They are not selling, just buying.

I like this idea, but what if no one bids on it ha ha? We're in a pretty remote area.

That's a huge increase!

But if you want to move you need a good price, a decent EA and Rightmove for the traffic. I know the market is slow at the moment but if your house is the right price it may sell.

Well if it sold at 150k less than our two new valuations, it would still be 60k more than the neighbours last offer! Huge difference!

And just so you know, you can refuse to sell to someone for any reason you like. Or for no reason at all, for that matter. Getting up your nose is perfectly valid.

I suspect your neighbour is a prime CF (cheeky fucker) who thought you might just sell to them very quickly without getting a proper valuation.

Put it with an EA. Neighbours can still buy from them if they REALLY want it and you'll get a better idea of what it's actually worth if you don't get any offers at EAs second valuation then you can still drop it and get more than the CFs were offering.

Ignore the neighbour. Just get estate agents round and market at their advised price or just under based on condition of house and benchmarked against the local market around you.

CF is cheeky fuckers @manywanderings which is what your neighbours are.

I would be concerned by getting such wildly different valuations.

Get at least 3 and ask them how they justify the price they are suggesting. Make them show you examples of similar sized properties they have recently sold in your area at the higher price. If they can't then they are bullshitting you to try to win the business.

I wouldn't sell to them end of, even if they offered me more than the valuation. They sound horrid!

I wouldn’t sell to anyone who was being rude, at any price.

If your house is in a remote location, it may be unique and difficult to value.

Hence the wildly different valuations you are getting. House valuation is not an exact science.

Often the only real way to value a place is to put it on the market and see what the interest is.

Your neighbor sounds like they were hoping to get something on the cheap. Just be prepared for them if they try and stick a spanner in the works on the sale.

Hopefully they are a fair distance away if the place is remote.

Oh and you also mention that he revised his price after the surveyor came round.

But you don't mention what his motivation for doing that was.

An EA is going to value a house based on similar properties in the marketplace and isn't really going to base their valuation on things like it might need a new roof.

A surveyor is going to get much more detail on what is wrong with the house and value accordingly. So possibly his surveyor found it needed 100k of work doing on it ?

That is exactly how I feel. It has been very unpleasant reading their emails. OH is less emotional about it and doesn't quite get how rude and insulting it is somehow! I do think it's deliberate to try and want us to move and not want to have them as neighbours any more! And I did feel like that at one point but now I think I could detach and stay here if necessary (ie if it didn't sell). I think OH sees it as a "bird in the hand" and worries no one might come along and want to buy it. I'd rather stay put than be robbed! We do want to move though, for various practical and family reasons.

Yes these two latest valuations are very different from the first one, but the first one was a few months ago now and maybe that was a low valuation for a quick sale (another estate agents tactic I believe, so they get their commission guaranteed!). So maybe anything in the middle is about right. It's not the type of place people would be queuing up to buy though I think but is in a lovely location and with some land.

Online auction, people have to register to bid, so you ll know how many are seriously interested by how many go through the hassle of registration.

If no one bids, or if it doesn't meet the Reserve, it doesn't sell. Big deal, nothing to lose. The auctioneers will hold open viewings, you ll know how much interest by Internet and real live viewings.

Try it, talk to an auctioneer about this option. Google local auctioneers that do this. Talk to the.m.