Advice Wanted For 'confronting' House Sellers At Viewing

[ScrewsNutsandBolts]

That's all very well but their property is worth the asking price. There is no such thing as buying at peak, prices only ever go up. If you don't buy it now you will miss the boat as the prices only rise and next year it will cost you more. How dare you suggest their house could be worth less than they paid.

Sellers must eventually start to question their self-belief when they get no viewings or offers for month after month. If the property in question has been on for a while, then they must see that it is not good value otherwise it would have sold. I guess the exception is sellers who kid themselves it is the banks fault for not lending enough (difficult mortgage market), but fail to see that lending practises are what actually sets prices.

[Pent Up]

Going to view a house day after next.

Last sold almost exactly 3 years ago to the week at £280K. BUT asking price today is £320K.

Initial enquiries with EA reveal that improvements to the house (e.g modest ground floor extension) were done prior and that, effectively, present owners have done nothing to add value to the property in last 3 years. They may have given the interior rooms a lick of paint or put down new flooring? But havent done tens of thousands of pounds worth of value enhancing work.

Also, if same as previous viewing of other property in same area, I suspect the agent attending will be the same spotty faced twentysomething without a clue!

I suspect I will like the property and would want it, but.... need to know how to go about dealing with bare faced optimism (greed?) of the current sellers.

Am very tempted to break civil English behavioural conventions and, if sellers are present during the showing, 'confront them' (albeit politely) and ask them to justify the £40K price increase in just 3 years - nevermind the deteriorating wider economic situation and hence reduced prospects for selling at yesterdays prices, etc etc.

Perhaps something along the lines of, with quizzical look, "But.... is it correct that you paid only £280K almost exactly 3 years ago?....."

Perhaps they may even be shocked that a prospective buyer has even been able to look up what they paid for the place!? Certainly the EA over the phone gave a slight indication in his voice when I pointed out this price issue to him.

On plus side? House has only been on market very short time, so this may be an opportunity to 'pop their little bubble' vis a vis what they think it should sell for.

Sounds like a fairly similar situation to me (except I don't actually want to buy the house in question). The mrs wants to a view a house that was bought April last year for £177k now up for sale again asking £199k! I told the mrs no point viewing because it will just confirm in the vendors minds that the price is right. (I've read plenty of MSE and know how these deluded nutcases think) but she is still insisting so I've given in and said in a months time. Although in reality she knows it too small for us and I think she just wants to be nosey more than anything.

Anyway here's the interesting info. The house was on the Market for over a year before they bought it for £177k asking price was £185k they have done nothing to it whatsoever. In fact the old pictures made it look nicer. It's a "2 bed" terrace that has been converted from a 1 bed (chopped bathroom in half) so it now has a modest size walk in cupboard off the main bedroom. It's not a bedroom, although described as on, as you can't even fit a small bed in there, also the bathroom is now smaller than a tiny ensuite.

The house next door still unconverted but otherwise identical was on the Market for 4 years until January this year when it was removed. It started at £185k and ended at £160k but couldn't sell. The house next door to that, the end terrace is up for £199k and has been for three years. It's still 1 bed but room sizes and garden are bigger, also has a car port and workshop.

So to your original question. Confronting the greedy bastards. Well if the vendor is present I will ask what improvements they have made since they bought it in April last year. Which should make it quite clear what I'm

Implying without being rude. Then on the feedback to the agent after I will make quite clear how overpriced it is.

If the agent is taking the viewing I will just ask outright why is it priced £23,000 higher than they paid when the market has fallen since then.

Should be a laugh.

[Tiger Woods?]

Why are you wasting your time viewing this house? Do you enjoy watching other people fly kites?

[R K]

They've hired an agent.

You know the asking price and you've decided you want to view the house and have booked the viewing through their agent. That's you choice.

So view the house, ask them whatever you like about the house, but don't be an ar5e about it. It's a house viewing not a price negotiation. By saying anything you're revealing your hand. Be pleasant but say as little as possible.

If you want to view again or offer on it later then do it with their agent - that's what he's for.

But I'd ignore the idiots suggesting you get into a discussion about how the seller has decided to price it - that's up to them. You'll just look like an ar5e and nobody wants to sell to an ar5e.

[Caveat Mortgagor]

If you arent sure about whether you can keep calm or not sure whether you will lose your bottle then the answer is simple.......Dont confront them. Let them accidentally discover that you have a price issue.

Walk around the house, compliment them, tell them how lovely the place is. Talk excitedly to Mrs anonguest, compliment the couple some more whilst throwing in some questions about how long they have been there, what work theyve had done etc.

Then leave. But not before you carefully leave behind your copy of the sales particulars with some notes on.

Your notes should include:-

Previous sale price (followed by some very bold exclamation marks!!!!!!!) and date with a prompt to ask questions such as What improvements have they made (ask about bathroom / kitchen / garden / extension / conservatory etc)

And then at the bottom - a couple of questions designed only for yourself to read........How has the local market fared since the date they bought - (also make a note of the sstc house for £50k less) and the crunch question - perhaps you should underline this one for effect Do we like the house enough to ignore the figures???

If that doesnt get the message across, nothing will.

Edited June 14, 2011 by Caveat Mortgagor

[rantnrave]

If you arent sure about whether you can keep calm or not sure whether you will lose your bottle then the answer is simple.......Dont confront them. Let them accidentally discover that you have a price issue.

Walk around the house, compliment them, tell them how lovely the place is. Talk excitedly to Mrs anonguest, compliment the couple some more whilst throwing in some questions about how long they have been there, what work theyve had done etc.

Then leave. But not before you carefully leave behind your copy of the sales particulars with some notes on.

Your notes should include:-

Previous sale price (followed by some very bold exclamation marks!!!!!!!) and date with a prompt to ask questions such as What improvements have they made (ask about bathroom / kitchen / garden / extension / conservatory etc)

And then at the bottom - a couple of questions designed only for yourself to read........How has the local market fared since the date they bought - (also make a note of the sstc house for £50k less) and the crunch question - perhaps you should underline this one for effect Do we like the house enough to ignore the figures???

If that doesnt get the message across, nothing will.

Wont they just think 'Let's hope the next viewer isn't this informed...'

I could see such an idea working though if you were to include say a print off the Property Bee history or where you got the previous sold price data from - making sure it's clear which website you used etc. Most vendors have no clue that so much info is out there ready for anyone to see. Knowing that people can access such data should give them something to think about. Heck, print off pages of Rightmove graphs too if they show increasing supply and falling prices in the area.

Edited June 14, 2011 by rantnrave