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Original poster

What is worng with sellers!?!?! ARGHHH

100 replies

navyeyelasH · 13/02/2009 22:47

am a First Time buyer with mortgage agreed and 40% deposit. Have offered on a house that has been for sale for 1 year, is currently empty and "sold" for £180,000 3 months ago but the buyer did a bunk. It's ont the market for £185,000

Have put in three offers, the highest being £165,000. All rejected.

Why oh why! The headline of the property on rightmove is something like "quick sale needed, all genuine offers considered" etc. Second house we have offered on now, the first was a very cheeky offer (although house still on market about 8 weeks after made offer).

What is it with people who want to sell houses but don't actually want to face up to the fact that the market sucks in most areas right now!

AIBU?

OP posts:
hf128219 · 13/02/2009 22:54

They are all greedy fuckers! Tis true!

Original poster
navyeyelasH · 13/02/2009 23:04

It's driving me bloody mad and I hate the arrogance of estate agents they treat you like you are a total idiot! He told me the seller is holding out for £180k. Why would anyone pay £180k when stamp duty is £175!!! Why put "all genuine offers considered" when you're unwilling to even consider an offer £20k under asking (although really only £15 due to it's last "sale" price IYSWIM?)

Then the estate agent tries to tell me the house is worth so much more than £165,000, "it was on for £260,000 a year ago" etc. Why oh why was it on for £260,000 when the highest selling house on the street is £220,000 in 2007 and that house has a side extension! Just because you overvalued it originally it does not mean the house it "worth" more!

getting so cross - no wonder housebuying is so stressful. Why can't people just be straight with you!

OP posts:
Sorrento · 13/02/2009 23:14

Give them time, 10 years of the headlines screaming house prices only ever go up is not going to be turned around over night.
I have never come across a forced buyer, plenty of forced sellers though.

Original poster
navyeyelasH · 13/02/2009 23:29

sorrento - did you miss the part where I said it's been on the market for 13 months!

How much time are we talking here? I'm thinking of calling off the search until asking prices in my area fall more. V annoying though as I have mentally moved IYSWIM?

OP posts:
wools · 14/02/2009 07:00

NavyeyelasH - I wouldn't be at all surprised if that seller came back to you in a few weeks once he/she realises what you realise. A house is only worth what people will pay for it not what they think it's worth - hang on in there!!!

JimmyMcNulty · 14/02/2009 11:19

I suspect once people realise later in the year that there will be no recovery any time soon, only further falls, that there will be another lurch down in prices. And I reckon more houses on the market around summer/autumn as potential sellers who were 'waiting it out' realise all they've done is wait too long.

katylou25 · 14/02/2009 12:38

we sold ours recently was orignally on market fro 195k, dropped it to 185k and accepted 174,950k as knew noone would pay more than 175k due to the stamp duty. We made a loss but had to move, and were reasonable about it.

I think the problem is a lot of people trying to sell bought at the peak point where the asking price was often a minimum with people outbidding each other. Whereas I would always expect to pay slightly less, and likewise would accept offers slightly less

At the same time one up the street from ours was on originally for 205k, he turned down 200K - why I will never know! It's still on the market now but the price has dropped to 170k - bet he's kicking himself!!

Can'y believe the OP - that's only just over 10% drop in this market very good offer. My friends have just put in a rediculous offer of 130 on a 190 asking price and had it accepted!

Sorrento · 14/02/2009 12:38

13 months ago people were openly laughing when I said house prices would come down at all. December the newspapers started publishing the drops.
Sorry' its going to take at least until the summer for the penny to drop.

Dubh · 14/02/2009 13:07

They clearly don't need to sell at any price. I'd walk.

ChampagneAndStrawberries · 14/02/2009 13:35

Quite possibly they are in a chain and need £175K or so to finance buying the new place -- so they "need" a quick sale to stop the chain collapsing, but if they sell for £165K then the chain collapses anyway.

Also I think too many people believe that prices will pick up again any time now.

notanicepersonnow · 14/02/2009 15:14

Hello
We are on the 'other' side of the fence!
House been on market for two years, two sales but buyers have then pulled out (last one gave no reason and we had already spent a small fortune on house surveys, legal fees etc . We are complete realist's and have now reduced asking price by a whopping 25%!! We positively want first time buyers to be able to afford our property and have just accepted an offer for 10k less than the really low asking price. WE WANT TO MOVE!!!!!

I think that a lot of people maybe just can't afford to drop as much as we have simply because they have such high mortgages etc, so for that reason alone I hope the market doesn't drop too much further or the whole system will grind to a shuddering halt- not good for anyone!!

I know if we had our house up for 185 we would virually devour an offer of 165 lol!! It seems extremely reasonable! Are you wiling to keep it 'on the table' for a few weeks, maybe they will reconsider- good luck.

Original poster
navyeyelasH · 14/02/2009 17:16

I rang them today and basically said this is my max offer, it's on the table so let me know when you figure out it's very reasonable but in the meantime we are actively looking at other houses. The EA said the vendor was "angry and insulted at my cheeky offer". I'm not violent but wanted to lamp him! Quite tempted to cut my loses with that attitude regardless?

Have been back for a third viewing on a different property today (about 200 yards away, £13k cheaper and on quieter street) - it's a repossession so buying process is horrible but we do love it so will be offering on that in the morning too.

Am less furious today thankfully!

OP posts:
Sorrento · 14/02/2009 17:33

The vendor probably is angry, but he'll have to get over himself if he wants to sell the house, the person the vendor should be angry with is the estate agent for telling him such a crock of shit in order to get the property on their books.
Glad you've found something else though, sounds like your flogging a dead horse there and good for you standing your ground.

Mintyy · 14/02/2009 17:38

Perhaps the seller doesn't want to sell to you because they think you are money-grabbing and untrustworthy?

Sorrento · 14/02/2009 17:41

Or perhaps the seller is a greedy fucker ???

Miyazaki · 14/02/2009 17:55

You obviously pissed them off with your first couple of offers. Which given that your final and highest offer was £165k 20k less than asking price, must have been significantly lower.

They can't be that desperate to move if they have been on for 13 months. I'm sure you'll find somebody who is, who will accept a low offer though.

Sorrento · 14/02/2009 18:06

They aren't low offers, they are what the market dictates the house is worth

Original poster
navyeyelasH · 14/02/2009 18:12

Our first offer was £155 IMO the house is worth £165 so we effectively ignored the asking price and I outright told the EA I think it's currently on for too much, hence the £155 offer.

Minty - I would love to hear why you think a seller would draw such a conclusion!

Sorrento - I agree with you totally!! The vendor is cross because he was told he would be getting £260,000 over a year ago. But of course even in a good market this figure is insane and the vendor was misguided to ever believe it.

At the end of the day I'm not out to rip anyone off - all I want is a house that I can buy now and be relatively sure that in x amount of years it's not going to be worth less. I don't want to make money on my home - I just want to safeguard my hard earned cash. Is that so bad?

OP posts:
Miyazaki · 14/02/2009 18:15

Eh? Is that aimed at me? Am unsure why you are giving me the old ...

It may well be what the market dictates the house is worth. However, they are low offers. As in lower than the asking price.

When the OP finds somebody who wants to move I'm sure she'll find her offers accepted. Market forces and all that.

Mintyy · 14/02/2009 18:22

It was pure speculation on my part.

Much as you are speculating on the value of that house.

Its not an exact science although Sorrento seems to think it is:

"its what the market dictates its worth"

Well thank goodness none of us have to scratch our heads over house prices (buying or selling) ever again. We can run the sum we think is reasonable past Sorrento and she can tell us whether or not it is what the market dictates the property is worth.

Sorrento · 14/02/2009 18:37

And yet Mintty people do exactly that with estate agents

Original poster
navyeyelasH · 14/02/2009 18:44

Oh sorry mintyy - it sounded like I had given you reason to think I was moneygrabby and untrustworthy!

I wouldn't say I'm speculating on the value of the house - more an educated guess. I've been monitoring the market for about 10 months and my computer programmer partner has developed software that monitors major databases such as rightmove et al which combined with property bee, the land registry, zoopla, hometrack etc makes for a pretty accurate unbiased figure IMO.

I'm not the sort of person who would try my luck; viewing properties we feel are worth more than we can afford is a waste of time.

OP posts:
Original poster
navyeyelasH · 14/02/2009 18:48

good point settento and yet estate agents have a distinct bias! eg> overestimate houses value so that vendor puts house on with them with ££££ signs in their eyes. Silly really. But I bet even some vendors have told EA that the valuation is taking the mick a little?

OP posts:
Mintyy · 14/02/2009 19:12

If you were prepared to offer £165,000 max on a house on the market for £185,000 why did you offer, twice, at a lot lower than that?

One could say it was cheeky or one could say it was money grabbing.

Miyazaki · 14/02/2009 19:17

And you know, I don't really think there are all these vendors with ££££ in their eyes. Possibly a minority, but most are just concerned about keeping their chain going, if they can still move forward, or not going into negative equity. Luckily for you, none of these things are your concern as a first time buyer, but it's probably worth keeping these things in mind as motivations, rather than greed, even if just for the sake of your sanity.