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Mildura

What To Do With A Deluded Seller

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Thought I would share this little tale with you all.

We have a house on the market for £895,000, which has been for sale since early May. Today I receive an offer of £890,000 from a buyer who is under offer on their own sale.

Fully expecting this to be one of the most straightforward negotiations I've ever dealt with, you could say I was a little surprised to be told that the owner considered this offer to be unacceptable.

Speechless.

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Thought I would share this little tale with you all.

We have a house on the market for £895,000, which has been for sale since early May. Today I receive an offer of £890,000 from a buyer who is under offer on their own sale.

Fully expecting this to be one of the most straightforward negotiations I've ever dealt with, you could say I was a little surprised to be told that the owner considered this offer to be unacceptable.

Speechless.

:lol:

I guess it depends on the house.

If it ticks every single possible box which is unlikely as most houses in the UK are so cr*p, and similar properties sell for more, then maybe they're right. However I assume you're an agent, so if you think they're deluded, they must be!

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Thought I would share this little tale with you all.

We have a house on the market for £895,000, which has been for sale since early May. Today I receive an offer of £890,000 from a buyer who is under offer on their own sale.

Fully expecting this to be one of the most straightforward negotiations I've ever dealt with, you could say I was a little surprised to be told that the owner considered this offer to be unacceptable.

Speechless.

Simples - The seller has £895K debt. He has no way of finding the £50K cash to pay back to the bank. Just because he has an expensive house, it doesn't mean he is not in negative equity or financial trouble (have you checked?). During the crazy years, you could have borrowed more than 100% - The magic negative gear.

It's a big problem that the govenement is keeping these sellers afloat. It really kills the market.

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Nope, original asking price.

:lol: I think I know the area you cover-ish Mildura... Some crazy peeps out there indeed.

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The people offering should have gone in much lower with their first offer. No room to negotiate up otherwise, especially considering it's only £5k on £895k.

Is it possible that the seller thinks that the offer is so close to asking that they think the buyer could easily match it and so they're pushing back just for the sake of it / to save face (i.e. getting their asking price)?

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Simples - The seller has £895K debt. He has no way of finding the £50K cash to pay back to the bank. Just because he has an expensive house, it doesn't mean he is not in negative equity or financial trouble (have you checked?). During the crazy years, you could have borrowed more than 100% - The magic negative gear.

It's a big problem that the govenement is keeping these sellers afloat. It really kills the market.

Yes but it`s £5k difference. Most of us expect to take a bit off and agents price this factor in. I thinks it more like seller having second thoughts about moving.

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Simples - The seller has £895K debt. He has no way of finding the £50K cash to pay back to the bank. Just because he has an expensive house, it doesn't mean he is not in negative equity or financial trouble (have you checked?). During the crazy years, you could have borrowed more than 100% - The magic negative gear.

It's a big problem that the govenement is keeping these sellers afloat. It really kills the market.

The seller is a retired widow, and this isn't her main home.

There is no mortgage on the property, I've checked the Land registry and there are no charges listed against the property.

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Yes but it`s £5k difference. Most of us expect to take a bit off and agents price this factor in. I thinks it more like seller having second thoughts about moving.

Point out that it's highly unusual to get an offer within 1% of the asking price - and state that the seller should (i) accept the offer or (ii) take the property off the market and compensate you for time wasted.

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:lol: I think I know the area you cover-ish Mildura... Some crazy peeps out there indeed.

Aren't there just?!

A worringly large number of them seem to be trying to sell their houses with me at the moment. Plenty of good offers, at least in my view, but not many sales coming together. All very frustrating.

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Aren't there just?!

A worringly large number of them seem to be trying to sell their houses with me at the moment. Plenty of good offers, at least in my view, but not many sales coming together. All very frustrating.

If we are talking same areas. I agree that there is still a lot of activity. With good offers are you saying that the biggest problem is the deluded seller?

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The seller is a retired widow, and this isn't her main home.

There is no mortgage on the property, I've checked the Land registry and there are no charges listed against the property.

She is rich therefore she knows everything.

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The people offering should have gone in much lower with their first offer. No room to negotiate up otherwise, especially considering it's only £5k on £895k.

Quite, I very nearly told them to come in with something a bit lower and go up, but thought to myself "What prat of a seller would turn down £890k on £895k?" Little did I know......

Is it possible that the seller thinks that the offer is so close to asking that they think the buyer could easily match it and so they're pushing back just for the sake of it / to save face (i.e. getting their asking price)?

I think this is what's happening. The seller could comfortably afford to sell for £5k less, just as the buyer could pay the asking price. We're now waiting to see who blinks first.

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If we are talking same areas. I agree that there is still a lot of activity. With good offers are you saying that the biggest problem is the deluded seller?

My area is mainly Guildford/Godalming and surrounding villages.

I reckon I'm close to having offers on half of our available stock at the moment. But I'm surrounded by sellers who aren't that bothered unless it's their asking price. Many of them don't have to sell, although they would quite like to.

So yes, deluded sellers are a very big problem at the minute. It's a very cash rich area, and whilst there are people who have stretched themselves, there are few who are really struggling. At least at present.

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My area is mainly Guildford/Godalming and surrounding villages.

I reckon I'm close to having offers on half of our available stock at the moment. But I'm surrounded by sellers who aren't that bothered unless it's their asking price. Many of them don't have to sell, although they would quite like to.

So yes, deluded sellers are a very big problem at the minute. It's a very cash rich area, and whilst there are people who have stretched themselves, there are few who are really struggling. At least at present.

I`m not a million miles away in Esher. Still seems to be plenty of movement in 750k - 1.5m houses.. think lots of people in my area are either downsizing or trying to position for better state schools.

The really over valued are obvious and have not and will not shift. Makes me wonder from your posts if they have had offers but like the widow lady refuse to do buisness unless it`s asking price on the nose.

Still £5k is a joke..

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So what do you plan to do? Drop the seller for not being realistic? Push the buyer to up their offer?

I imagine the commission is too good for you to drop her too quickly.

Truly mad seller though - perhaps she thought there would be a number of interested parties and the actual selling price would be well above what she marketed it for. Other than that she is either stubborn or doesn't actually want to sell.

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So what do you plan to do? Drop the seller for not being realistic? Push the buyer to up their offer?

Sit back, do nothing and hope reality descends.

I imagine the commission is too good for you to drop her too quickly.

That, and we have spent a reasonable sum already - professional photography, printed brochures, additional adevertising in local magazines etc so I'd rather like to hold on and try and get the expenditure covered.

Truly mad seller though - perhaps she thought there would be a number of interested parties and the actual selling price would be well above what she marketed it for. Other than that she is either stubborn or doesn't actually want to sell.

I sometimes wonder.

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You're joking, right? You have a £900k deal at the critical point, so you post the details on a property mongboard? I smell it

You seem to be suggesting that these events are fictional.

I am not sure what you think I might hope to gain, but you're entitled to your opinion.

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Don't you stand to make £20-25k in fees on the back of this? Offer to reduce your fee a bit and if she still says no then you know that she's got no interest in selling.

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Don't you stand to make £20-25k in fees on the back of this? Offer to reduce your fee a bit and if she still says no then you know that she's got no interest in selling.

I wish, probably nearer half that.

I may start to think about it if neither party budges, but I suspect one or other will give in soon.

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The seller is a retired widow, and this isn't her main home.

There is no mortgage on the property, I've checked the Land registry and there are no charges listed against the property.

Can you tell me how i'd go about doing this?

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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