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Ftb - Property Advice Sought Please...


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Received a call from the EA today saying that the vendors were looking at a price closer to £97k....my response was a loud choking sound.

I left a 2nd and final offer of £84k on the table....the EA said that he imagined it would be rejected. We await their response....

The EA has obviously priced the property incorrectly and raised the vendors expectations too high. The house is only worth what someone is willing to pay for it (in this case £84k). If the EA had priced the house correctly it would have sold by now.

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It turns out that I know the partner of the vendor. They claim to have turned down £95k already and will not settle for less than £100k. Deal is dead in the water.

So far the "market" has told them it's worth £95k.

If it's been on for 18 months then that "market" valuation is probably right, and their £100k wish is probably wrong.

So they will sit it out for a while longer, but in the end they will sell. Given the likely direction of property prices it will be for £95k or less. My advice, for what it's worth, would be to keep it on your watch list and offer again in the late spring early summer (when prices may well be sliding, and interest rates rising meaning the sellers need the cash for their own debts).

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So far the "market" has told them it's worth £95k.

If it's been on for 18 months then that "market" valuation is probably right, and their £100k wish is probably wrong.

So they will sit it out for a while longer, but in the end they will sell. Given the likely direction of property prices it will be for £95k or less. My advice, for what it's worth, would be to keep it on your watch list and offer again in the late spring early summer (when prices may well be sliding, and interest rates rising meaning the sellers need the cash for their own debts).

Cheers mate - will probably do that . I'm really disappointed that our valuations are so far apart given market conditions and the condition of the property etc.

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