UKH

My son is a first time buyer,he viewed a house in my area,they wanted £110000 for it ,he made a few offers ,but his lender sent in a surveyor who priced it at 95000 tops ,the vendor wont drop at all,they bought the house in 2014 at ,£83000,have not done any thing to it and it also needs a complete rewire ,houses exactly the same have gone for high 80,s last year ,are they just deluded?do anyone think it will sell?

Depends where you are and what the market is like. It only takes someone who really wants THAT house and they've got their sale.

Surveyors are probably been told to pice in a fall in house prices. The market value may well be £110k now and way never go below this but if lenders are uncertain they'll only lend to the value they are 100% certain to get back. In another time they might not even bother sending somone round to do the valuation as they'll have confidence in the future market

Its only worth what someone is willing to pay.

You can check what others have been willing to pay in the same street / area by looking at www.zoopla.co.uk and going to the house prices section. 

People do have a sometimes optimistic view of what their house is worth. If they bought it in 2014 and it isnt in a "hotspot" (and its certainly not in london at £110k), then i would suggest that as there has been very little house price inflation since 2014 in pretty well any part of the uk, it was either underpriced in 2014, or it isnt worth what they are asking. I note you say other similar houses have gone for high 80's - which is probably what you would expect , unless it needs a lot of work (such as rewiring).

Stick a bid in at 88 or 89 to show interest and walk away. They'll know what other properties have sold for and how much they've spent improving it since it was bought. £27k value increase is 30% in 5 years, which sounds unlikely if it needs work doing to it. 

If it isn't selling at £110k, then there'll be a similar house in the next street going for £100k. I'd advise your son to walk away and look for another property at a lower price. And, once your son does that, the seller might change his tune anyway.

It definitely needs rewiring, ,the estate agents whom is selling for them have told them its priced too high ,,my son has a mortgage in place but they went in and valued it at 93 and said after rewiring it will be worth 95 to 96,my son has pulled out now because it's way overpriced

It's a small estate which I live on also,the house opposite me exactly the same as the one my son wanted went for 86000 in October 2018,I think they are just plain greedy ,he has walked away now  also my friend is the one who sold it to the sellers in 2014 and they havent done any improvements at all ,its exactly the same 

I've done loads of research not one house has sold for over 90000 ,one opposite me ,I live on same estate went for 86000 past October,I think they are deluded  

My son offered 95,they said no ,they need the extra to do things with lol

They haven't done anything  to improve it ,I know for a fact because they bought off a friend of mine in 2014  

Sorry new to forum ,

I've checked  zoopla and others ,its about 15000 of the mark to other property sales in same area ,and its ex council on a council estate ,And I actually live on same estate so know what houses go for, I think they are just plain greedy 

I wouldn't pay for it at the price they're asking, the rewiring gives your son some bargaining room - or it should do. He could possibly go back in 3 months and offer again, or six if it's still on the market? I'd keep an eye on it if I was him while looking elsewhere, they may get fed up and accept a lower offer.

OK, I assumed that because your son had offered whatever it was he did above £95k you thought it was worth that and your concern was you thought the agents were under valuing it. 

Why is this such an issue?  If it's overpriced, or more than you wish to pay, find another property.  Don't get emotionally involved in house buying,

Definately sounds that way. But they only really have 2 options; drop price or dont sell! Nothing else you or your son can do about it, unfortunately, if they refuse to budge!

I just assumed the OP was trying to get into the top 40 with their first post...

 yes he wants to live near me and his little boy who lives walking distance from the house ,he sees his little boy every day and he stays over with us 4 nights a week,its makes sense to live close by me because I I take my grandson to school when he stays 

You are correct it's not in London ,its Swansea and it needs rewiring 

Well, unless your son thinks it iis worth £xxx in overpaying for the house, or the seller changes their mind, he needs to find another property to buy within walking distance.  Whether the seller is deluded about the value doesn't really come in to it if they won't sell.

Fair comment, But no wonder the young people of today cant get on the housing ladder 

They might not actually want to sell but are forced to list it. Divorce or some other reason. 

Yeah just greed. From what you say I would tell the agent you'll pay 86k and have a mortgage in place, first time buyer, no chain etc. The balls in their court then. 

Dont think so ,I know the people next door, they are still together 🙄,the lender has offered my son the £95000 but with a retainer of £2000,which they will release once the electrics are done ,by rights you would think the  vendors should get the work done before sale but my son said he would get it done if house was right price, they also refused this ,that's why he has walked away

I told my son leave it for a while ,its been on the market for nearly 4 months ,hes the only one to view and give an offer ,they haven't had any other interest 

Yes I think its greed ,they are not even willing to get the rewiring done before sale  the lenders told my son they would lend 95000 ,the value of the house but retain £2000 until it's done, the ea told the vendors this but they are not willing to lower price or get them work done ,

Just out of interest, do you or your son climb at all?

A re-wire by a proper, reputable & experienced electrician will cost a damn sight more than 2K.
Research your tradesmen carefully.  Just because they may have NICEIC plastered all over their van is no indication of quality.

Yes climbing walls at the moment 😗

Yes we know this ,but my son was willing to buy at 93,his mate is a qualified electrician and would have done the job a bit cheaper 

Ah, materials only and a few beers? Fair play!

‘Ere Fred we got another one’ 

’that’s right, along the corridor, second on the left, yer can’t miss it, it’s got a big sign saying ‘Mumsnet’, that’s the one you’re after’

; ) 

Sorry but this was the only site ,I could see anything about house buying ,I'm off now and not to mumsnet but gransnet 🙄😁

It’s rarely helpful to speculate about the motivation of the sellers.  Whatever you think is probably wrong and at best doesn’t help you, at worst misguided you in your dealings with them, creating confusion.  Once you start saying “deluded” or “greedy” you’re loosing perspective on the issue and frankly it’s not good for you.

The issue come down to simply (a) is your son prepared to pay what they’re asking (b) if so, do you support him and (c) if not, how do you support him in negotiating a lower price?  For (c) again it’s best not to speculate and my view is there’s little to be gained in giving reasons for a low offer as it just invites back and forth that draws everyone in emotionally and gets the vendor to dig in.  All you can do is make a best and final offer - and mean it.

Your son needs to decide what he’s prepared to pay and offer it.  If the seller won’t budge he can walk.  If you are correct in your assessment of the value relative to many other similar houses on the market, he won’t have a problem finding another house.

Unless it’s been lived in by a bodger-class DIYer for a long time I expect the re-wiring thing is a red herring.  Many old houses aren’t up to modern regs but if someone was living in it it’s probably safe enough and can be improved with upgrades to the distribution board.  Certainly I would treat the opinion on the electrics as given by a mortgage valuation person who did a brief visit as basically worthless unless they said they saw evidence of dangerous wiring.  They probably just mean it’s done too an old version of the regs which isn’t illegal under most circumstances otherwise we’d all be rewiring each time a new version of the regs cake out... 

Thanks for your reply, I know for deffinate its priced way too high ,I've lived around here all my life ,I know the area and the prices of houses ,my son had pulled out now,I'm off now ,I do not climb,but thanks

is it priced too high do you think ?

Clever,clever👏

14 posts in 5 hours, and the account was only created today ... word must be spreading that UKclimbers are accommodating and helpful people ...

(Edit: 20 in 7)

Whatever gave you that idea?! 

Ok ok ,I'm off ,I'll delete my account now 

They won't let you leave...

This is a weird thread.

Reckon I'll nip over to single-track world and ask about getting an MOT or something. 

Maybe I'll throw weak insults out at some of the responders. Maybe I'll post barely formed sentences with gigantic grammatical inconsistencies and endeavour to hide this with the use of emojis. Maybe I'll answer  my own question.

Mad.

I know. I tried mate!

Ignore the people asking if you climb, it's precious of them, and not what the mods would ask. 

*

Probably too late now if Carol has departed, but your post speaks a lot of sense. The first half about not speculating about vendors’ reasons for overpricing - spot on. My neighbours put their house on the market some years ago for what I (with hindsight) correctly guessed to be at least 35% over its value at £375k and low and behold after 15 months it was £275k and then off the market. They are still there now. They are a nice friendly old couple and certainly not greedy. Maybe they’d been misinformed, or, well, who really knows. 

Second half. My own house has old wiring. I still have those Bakelite fuses. I’ve been here 15 years and it’s safe. I am admittedly slovenly and just can’t be bothered to get it reworked because it does not need doing legally or safety-wise. When I sell, frankly it’s a good one for me, throw an easy bone to the surveyor, let them think they’ve negotiated it down, and in the meantime I’ve not spent the money or had the disruption  

Which would be fine, there's all sorts of things talked about on there.

Assuming he's buying with a mortgage then it doesn't matter what he's offered really if the lender's vauler says it's only worth 95k then then that's the number they'll lend on.

Of he was really set on it and believed it was worth more then a different lender may have a different view but it sounds like it's overpriced.

Oh I wish the Mods hadn't moved this to the pub.

It's going to get lost... and it's a shame for such a perfect moment to disappear.

By the way, I think it was probably over-priced

I thought "Starting Out" was a good sub forum for a first time buyer

indeed.

1 min search on moneysavingexpert and there are at least 5 sections in the main site about mortgages and a further 3 or 4 in the forums. Surely that would be a better place to ask about this kind of thing than as a 'new user', join a climbing forum and steam straight in with a bit of a rhetorical question?

Carole63 if you're still watching.....moneysavingexpert 

Don't worry about the pisstakers, this forum has such a diversity of people on it that there are answers to all sorts of questions found on it.

I ask my fair share of daft questions.

Knowing the Swansea housing market a bit I'd say that there has been very little movement in the market since 2011 when I bough my place unless the house is near the new university campus and the house is desirable for students.

There are loads of cheap houses needing a bit of work in Swansea, don't get emotionally attached to this one.  

seems pretty logical really

Wonder which party Carol was scouting opinions for? Labour?

maybe she was just lonely and fancies fit and adventurous men 

I hear she’s joined Moneysavingexpert for advice on what rack to take for the Salathe Wall

She was definitely barking up the wrong tree if that was the case!

Aaaaaand - in at number 35...

https://www.ukhillwalking.com/forums/info/top40.php