Buying a house - what would you offer for this, is agent playing a game?

[ASecretLemonadeDrinker]

My mum is buying a house, being told by some agents chains are crashing all over the place, by others they cannot get enough houses to meet demand . My mum and I saw and fell in love with a house, viewed 7 more but decided tomake an offer on house 1. My mum is a cash buyer. It is on for £279,000 but has no garden really, is overlooked, is abit quirky but perfect really for mum. THe owners say they have lived there for 22 years, but zoopla says it sold in 2009 for £250,000. We have been told previously (no idea when) a sale had fallen through at the last minute - would that make it seem like it had fully sold when infact it hadn't? Anyway, mum offered £250, it needs alot of work - nothing major but it's all very tired. That offer has just been turned down. Surely 250 seems fair for a house that sold for that in 2009? I think we will regret not getting it though, but offering the min. £275 they want will leave zero money to decorate/new kitchen/bathroom and possibly a little to finance. (mum is retiring in a month). THey also say there is an offer of £277 but that person is in a chain (I still though their offers counted?) Is there really another offer?? Are houses reaching a tiny bit under full asking price? My mum came down 30k on hers. :(

[DuplicitousBitch]

walk away. your mum is in a great position to get a bargain and you will find another house.

[ASecretLemonadeDrinker]

Seriously? It's perfect though , or as near to perfect as we can find. 3 minute drive from the new forest, 5 miles from the beach without being in a bungalow city, downstairs bedroom & bathroom for mum, 2 upstairs bedrooms for me guests... I think we havemade the mistake of practically decorating the place. The guy was an old guy, I can well imagine they have been there for 22 years (he's dne alot of work tinkering putting electrics in a summer house etc. but the decor looks like someone has lived there years), I just cannot work out why it says it sold in 2009 for 250 - wither tha was the sale that fell through which means it's been for sale for 2 years??

[PatriciaHolm]

Who knows? The only thing that matters really is that they didn't accept your offer. Zoopla is based on land registry records so it should only appear if it actually sold.

Keep looking, if it hasn't sold in a month and you haven't found anything, then go back to them and see if they are feeling more flexible!

[LadySanders]

look on nethouseprices.co.uk and see what similar houses on the road have sold at, that'll give you an idea of what it's worth and might clarify the position re the 2009 sale (though i'd just ask the agents to explain rather than keep wondering about it).

all you can do is make the offer, tell them its your final bid, if it is, and then perhaps you could put a time limit on the offer which might force their hand a bit. but maybe they need the 275 for some reason and won't budge.

[supadupapupascupa]

doesn't sound like a bargain at full asking price. Tell them what you discovered on zoopla, explain that prices have dropped since 2009 and that £250k is a good price and that's your final offer.
Double check what surrounding houses have sold for to be sure first though.
If they are fibbing they will be caught out and now know you are not a fool. If they are not I would let them sell at £277k.

You have all of the bargaining power!!!!!!

Good luck!

[belledechocchipcookie]

The market has slumped since 2009 so it could already be over-priced. I'd look for something else.

[BeenBeta]

Double check whether it really sold by going to Rightmove.

The data on Rightmove is drawn from the Land Registry data so if it is there as well it will really have sold.

[scurryfunge]

Maybe they lived there and rented for the first twenty years and then bought it.

A near £30k drop as a first offer not a great offer so I am not surprised it has been rejected.

If there is another offer that was suggested then call their bluff.

Personally I would make one only fair offer and get back to them in a month to see if things have changed.

[ASecretLemonadeDrinker]

It's on rightmve too, 2009 for £250,000. They say (agent) it fell through at exchange - would this not make this happen? Zoopla says it is now worth £274-277 - all houses on the road are unique so very hard to tell from that - there are some 750k+, some little semi detached cottages etc.

[Fiddledee]

Say £250k on the table for a week - set a date then walk away. That will make them think.

[Fimbo]

It couldn't have fallen through at exchange, if it is on Zoopla and Rightmove then it has been sold. You need to go back and tell the estate agent so.

Tell them your best and final offer is £250k, then don't contact them anymore. Go view other houses, you can bet in a couple of weeks they will come back to you. It's all about holding your nerve.

[DuplicitousBitch]

it would be on rightmove etc if it fell through.

[BeenBeta]

There is no way it woudl be on there if it had fallen through. The price of the transaction is reported to the Land Registry by the solicitor. It would not be on their database if it had fallen through.

If you are willing you can go to the Land Registry and pay £8 and download the actual detail from there of the current owner and the when it was sold and the price (unless it was a firm that bought it).

[pooka]

Check land registry i.e. www.ourproperty.co.uk for sales that actually went through. Will give you a better idea.

[bibbitybobbityhat]

See nethouseprices.co.uk - it will only be on there if it actually sold.

[LostArtOfKeepingASecret]

Does it really matter if it was sold in 2009?

Offer what you think the house is worth and if he's happy with that, he will accept. Some people (like my FIL) are under the impression that their house is the only house not to devalue and won't accept offers below the asking price. There isn't much you can do about it. Give it a bit more time and offer again - if he hasn't had any other interest, he might snap you up.

[WincyEtNightie]

I agree with LostArt. A house is worth what people are willing to buy it for and what people are willing to sell it for. I think you need to decide what you/your mum wants and can afford to pay, offer that then sit tight. By all means consider previous prices, similar properties in the area, work that needs doing etc but the vendor doesn't have to let it go for any particular price.

Agree with everyone else that Land Registry Data (which is where all of these websites get their figures from) is from a sale transaction only and wouldn't include offers that fell through etc. Could it have changed hands within the family etc? But in any case, it's only a guide as to what the house is worth now, it's not hard fact.

[noddyholder]

offer 250k as someone else said with a time on it and thats that.If there was an offer of 277 in this market they would take it!

[Fizzylemonade]

Offer £250k then walk away if it isn't accepted.

In this market he should bite her hand off. Cash buyer means pretty much a guaranteed sale. I accepted a cash buyer offer last year, below what we said we would sell our house for because we wanted to move.

Question lies in whether the chap really wants to move.

[lalalonglegs]

The LR does make mistakes from time to time and attributes the sold price to the wrong house etc but I don't know why the agency would try to make an excuse to explain it. Like everyone else has said, offer what you feel it's worth and be prepared to walk away.

[Helennn]

The offer of 277 was from somebody who wasn't in a position to proceed, so why would they take it, they could be waiting years for them to be able to go ahead? Also, the figure of 250 in 2009 may well have been a "in the family" sale for tax purposes so may well not have been the true value.

So, don't get caught up in everything else - ignore it. Offer what you are happy to pay, and see what happens. The vendors may have set their heart on somewhere else and can only sell at a certain price or else its not worth moving - its up to them!

[giliair]

I keep an eye on house price calculator and Zoopla etc but I'm not sure it is accurate as when I am having a nose to see how much friends and neighbours have paid for their houses I often find that they aren't always listed.

[MrMayoNessie]

I agree with Helen, they could be waiting ages for the buyer with the better offer (and thats not to say that they are battered down on their sale price) so offer a lesser offer in the end.

Maybe offer a further 5k to show your willing to improve the original offer but say to them that will be your final figure and it will be on the table for a month, then the offer is withdrawn and you will look elsewhere.

Cash buyers are like hens teeth, they should be biting your hands off (but we don't know their situation).

[mylovelymonster]

Don't offer any more. Offer the amount you are prepared to pay. Let the agent know that the offer is available until a specified date (three weeks maximum) after which it will be withdrawn. Gives the vendor plenty of time to mull it over. Your mum is in an excellent position.
Look at other houses. Download the propertybee.com toolbar - interacts with most property sites e.g. Rightmove, and tells you when the instruction came on, any STC action/upsets or reductions (although some instructions are 'refreshed' to look more recent).

If the data says it was sold in 2009 for £250k, then that is a useful benchmark.
The vendor can ask whatever they like and accept whatever they like - their perogative, after all - but if no-one wishes to pay the amount they're holding out for then they won't get a sale. You could always go back to them and discuss/negotiate a month or two down the line if it's still not sold and you still want to buy it.
Will there not be more houses coming to the market as spring gets underway?
Lots of luck.

[mamatomany]

Would the £250k be a remortgage and that's why they won't accept any less because they are up to their eyes in debt despite having lived there for 22 years ?
I would leave the £249,999 (to keep below the stamp duty threshold) on the table and play the waiting game it's hardly going to be snapped up any time soon is it ?