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anonguest

Advice For Viewing - Followup

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Apologies to the mods if this is NOT where it should be, as I notice the original thread has been moved. I assumed since it was about house prices.......

This is a follow up to a thread a few days ago about an impending viewing, to buy a house that IMHO is overpriced. Last sold 3 years ago at 285K now asking 325K. Nearby house, albeit slightly different, gone STC with advertised asking of 260K.

The EA showing us round was not the same clueless spotty faced youth who showed us round another place recently in same area.

After following all the usual social norms whilst being guided round the house/garden, I then decided to go for the suggested Lt. Columbo approach in raising the issue of the silly price, i.e raise it at very last moment, indirectly, just as about to walk out the door.

ME- (Hand extended forward, other on my forehead) "Oh! Just one more thing.... have you done/made any changes or improvements in the three years you have been here?" (I REALLLLY REALLLY DID! Boy it was fun!)

(EA looks at me, knowingly, and realises I have done some homework!)

SELLER - "Errr..."

ME- "The extension? Did you do that or was it here already?"

SELLER - "Oh no, that was already here....."

ME - "Any plumbing related work, electrical work,.....?"

SELLER - "We painted the kitchen...."

ME - "and the floor there...."

SELLER - "No thats as it was when we came here........"

We then said goodbyes and left.

Outside....

EA - "So, what are you thinking...."

ME - "I'm thinking.......who advised him to ask 40K more than what he paid for it - given the market at present and that he has just said there have been no meaningful value adding improvements/changes to the property since then?! Was it his choice? or was he advised that by yourselves?"

EA - "Well, er..... of course someone from our valuation team would have sat with him and advised and suggested....I wasnt involved in that....... but ultimately it is for the seller to instruct us what price to sell at"

ME - (looking quizzically at EA) "You feel that confident he's going to sell it at near that price any time soon!?"

EA - "Well, of course, its for you to put in an offer, which of course will be rejected - but at least it will give him an idea what prospective buyers think its worth. AND if this is followed up by a general lack of people viewing/showing an interest then that will help him possibly lower his price expectations......"

ME - "But, given what I have pointed out, will you be advising him anytime soon that, quite frankly £325K is unrealistic? Its wasting his time and yours. Does he want to sell or need to sell?!"

EA - (now squirming) "Errrr......"

WIFE - "Very very nice house. So....£275K! Subject to survey of course. On the table for, sayyy..... next 4 weeks. Come back to us at the end of the summer when he still hasnt sold (giving him my card) and IF we havent already bought something else by then, we'll review it. Fair enough?!"

Shook hands. Sharp about turn. Me and Wife walk away to the car.....

Edited by anonguest

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I then decided to go for the suggested Lt. Columbo approach

:D I'll take the credit for that

Thanks for the update.. it's good to see them squirm isn't it .

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Nice approach.

I tried this in January. House was up for £220,000, they bought it in 2009 for £193,500. Asked what improvements they had made to justify the additional £30,000 in a falling market. They had decorated the living room. Offered £193,500. Was rejected. House is still on the market but been reduced to £209,995. Probably had a lucky escape actually as even at £193,500 it is looking distinctly overpriced now.

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:D I'll take the credit for that

Thanks for the update.. it's good to see them squirm isn't it .

Yep. It was priceless. Especially the 'surprise' look from the seller that I KNEW exectly how long he had been there, never mind the slightly squinting look from the taller EA behind him.

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they bought it in 2009 for £193,500... Offered £193,500.

That's the thing, I know people say you should pay what you think its worth to you blah blah, but I simply could not pay a penny more than someone else had paid in the last year or two. It'd be a mental impossibility.

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(EA looks at me, knowingly, and realises I have done some homework!)

How can any agent, or any seller for that matter, think that any prospective purchaser would not "do their homework"? The traded prices are there for all to see as are the national and regional indices, so why on earth would these not form the basis of a valuation? WTF are the agents doing? The Land Reg numbers have taken the voodoo and the lies out of this equation.

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How can any agent, or any seller for that matter, think that any prospective purchaser would not "do their homework"?

Because they don't. There have been plenty of anecdotes on here of people walking into an EA shop and making asking-price offers on a house from looking at the details alone.

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Thanks for the update. I could be making a similar viewing in few weeks. But more of a tyre kicking time wasting one as I would only pay around 30% less than the current owner paid last year. Looks like a laugh though.

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How can any agent, or any seller for that matter, think that any prospective purchaser would not "do their homework"? The traded prices are there for all to see as are the national and regional indices, so why on earth would these not form the basis of a valuation? WTF are the agents doing? The Land Reg numbers have taken the voodoo and the lies out of this equation.

I know people who bought within the last year who had no idea you could look up previous sold prices and only found out after completing.

I'd have thought the government could advertise the fact that they go to all this trouble to collect the data and put it online.

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Wonderful story, sadly let down by the missus at the end offering 275K on a house that sold for 285K 3 years ago.

I would have said to the seller's face that thy should have been taking 40K OFF the 285K price and not adding to it.

I would have told the estate agent that it was not a buyer's role to tell a deluded seller about price expectations - it is the job of the estate agent to do that but that they had given him totally the wrong idea about prices and the current market.

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:D I'll take the credit for that

Thanks for the update.. it's good to see them squirm isn't it .

A fine idea, and thanks op for the update, I can picture it!

Colombo could become as popular on here as twigs in vases.

1st to produce genuine footage or sound recording will be an HPC Hero.

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How can any agent, or any seller for that matter, think that any prospective purchaser would not "do their homework"? The traded prices are there for all to see as are the national and regional indices, so why on earth would these not form the basis of a valuation? WTF are the agents doing? The Land Reg numbers have taken the voodoo and the lies out of this equation.

You might be surprised how things some of us take for granted are completely unknown to others.

Admittedly it was a couple of yrs ago and she wasn't househunting, but a colleague of mine said she'd love to know what next door had sold for. When I told her about nethouseprices her eyebrows shot up - she'd had no idea such info was freely available.

We spent an interesting 20 mins checking what every house on her street had sold for in the past couple of years. :)

Huge difference from years ago when nobody knew what anybody else had paid and were (mostly) too polite to ask. I was very taken aback when a neighbour asked me straight out (back in 70s) what we'd paid for ours. It just wasn't 'done'.

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You might be surprised how things some of us take for granted are completely unknown to others.

Agreed.

People on the internet vastly overestimate the internet knowledge of 90% of the rest of the population.

I have friends who wouldn't have a clue that you could look up what they'd paid for their houses (as I always do :ph34r::ph34r: )

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You might be surprised how things some of us take for granted are completely unknown to others.

Admittedly it was a couple of yrs ago and she wasn't househunting, but a colleague of mine said she'd love to know what next door had sold for. When I told her about nethouseprices her eyebrows shot up - she'd had no idea such info was freely available.

We spent an interesting 20 mins checking what every house on her street had sold for in the past couple of years. :)

Huge difference from years ago when nobody knew what anybody else had paid and were (mostly) too polite to ask. I was very taken aback when a neighbour asked me straight out (back in 70s) what we'd paid for ours. It just wasn't 'done'.

Yes, a way to a woman's heart nowadays is spending 20 minutes seducing her with house sold prices online.

:rolleyes:

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ME- (Hand extended forward, other on my forehead) "Oh! Just one more thing.... have you done/made any changes or improvements in the three years you have been here?" (I REALLLLY REALLLY DID! Boy it was fun!)

sounds like you walked in on the estate agent and cut him short just before he could experience the euphoria of his little ego w*an*k.

I take it you didn't catch him and his buddy punching the air and giving it the hi five with excitement.

whilst viewing a property in npton the last week I found myself getting slightly angry with the estate agent and lecturing her as to where i thought the market was going based on knowledge i have obtained from this sight(thank you every body by the way)and she actually admited that the market has stagnated ,i expected her to fall down to her knees as her world crumbled down around her.

still a refreshing change from the attitude you would have expected a year ago

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Is this what this site has descended into?

this guys wife offers HIGHER than boomtime prices on some property, and then this guy gives some old man droolings about some crapola TV show masquerading as comedy, and everybody gives him love like its mumsnet on here. vomit inducing.

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Is this what this site has descended into?

this guys wife offers HIGHER than boomtime prices on some property, and then this guy gives some old man droolings about some crapola TV show masquerading as comedy, and everybody gives him love like its mumsnet on here. vomit inducing.

:lol: the offer was far too high.

Maybe that is actually what the vendor/agent wanted. They know buyers are knocking a shit load of asking prices so put your asking price through the roof and You get what you want, buyer gets a "bargain", everyones happy.

Edited by Pent Up

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Is this what this site has descended into?

this guys wife offers HIGHER than boomtime prices on some property, and then this guy gives some old man droolings about some crapola TV show masquerading as comedy, and everybody gives him love like its mumsnet on here. vomit inducing.

you not an estate agent are you :huh:

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I went to see a semi detached property a couple of weeks back in Essex for offers in excess of 400k.

When viewing I ask the estate agent how they came to this value, they said its down to what the surrounding houses are worth. They also said that 3 other agents came up with the same value.

I did some research prior to viewing and next door (the attached side) sold for 320k a year back and the one next door to that sold for 335k a year before.

I put this to the estate agent that next door sold for 320k last year. The said it needed gutting. I said not 80k worth of gutting.

A few days latter I put in an offer of 340k based on sold prices of next door, this was later refused.

A week later the same property is now adverised offers in excess of 375k

If you think its worth x amount then put it to the agent with your reasons.

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I agree with ManorHouseOwner. It seems to me you wasted everyone's time. Your time, the EA's time, the vendor's time. Well done.

If you're actually planning on buying a house anytime soon you'd be far better off taking a different approach to this. Swallow your pride and become friendly with the EA. When this EA gets a house on their books from a distressed seller that needs to be shifted quickly for below market value do you think they'll call you?

As with any business deal, you're far more likely to get a good deal if you strike up a good rapport with those you're dealing with.

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I went to see a semi detached property a couple of weeks back in Essex for offers in excess of 400k.

When viewing I ask the estate agent how they came to this value, they said its down to what the surrounding houses are worth. They also said that 3 other agents came up with the same value.

I did some research prior to viewing and next door (the attached side) sold for 320k a year back and the one next door to that sold for 335k a year before.

I put this to the estate agent that next door sold for 320k last year. The said it needed gutting. I said not 80k worth of gutting.

A few days latter I put in an offer of 340k based on sold prices of next door, this was later refused.

A week later the same property is now adverised offers in excess of 375k

If you think its worth x amount then put it to the agent with your reasons.

Looks like they employ the same tactic as the agent in the OP. Over value and let the offers manage the vendors expectations.

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I agree with ManorHouseOwner. It seems to me you wasted everyone's time. Your time, the EA's time, the vendor's time. Well done.

If you're actually planning on buying a house anytime soon you'd be far better off taking a different approach to this. Swallow your pride and become friendly with the EA. When this EA gets a house on their books from a distressed seller that needs to be shifted quickly for below market value do you think they'll call you?

As with any business deal, you're far more likely to get a good deal if you strike up a good rapport with those you're dealing with.

ive had plenty of my time waisted by estate agents and im sure if you added up the time waisted by estate agents each year it would probably amount to the same as that in sick leave that people take of in the uk each year(i think you and manor house owner could be the same person):ph34r:B)

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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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