Property on market for 30 weeks?

Question

Hi viewed a property a few weeks ago that needs modernising 2bed terraced. On sale for £99,950. Put an offer in for £87,000 it was declined put another offer in yesterday for £90,000, she declined again. No one else has ever put an offer in and she will not budge on the price. She's in no chain as she has inherited it. Is she been greedy or what. Do you think she might change her mind say in another 4 weeks or so? What would you do in this situation? Will not pay anymore that £90,000. There is houses on the market in much better state for the same price. xx

Answer 1

Obviously she does NOT need the Money from the sale of the house, There is a house I know of that the owner will NOT budge in price he is asking $120,000 and it has been on the market for five years with many different Real Estate companies. He will NEVER get his price. The home owner can use the house as a tax right off and that is what they do. I would look at other homes and go for them and save a lot of money, You can find a nicer more affordable home, and you will be Happy you did, remember to allow for other expenses too, purchase the other home and later move closer to your Partners Mum. Best Wishes and Happy Home Shopping!

Answer 2

id wait till after xmas if your in no hurry and she will be biting your arm off for a sale. re offer your original offer.

Answer 3

I would go for the other house that is in a better state!

Also just because this woman inherited this house does not mean she cannot ask for a fair price? I sure would expect a fair price even if i had inherited it.

At 30 weeks of being on the market I think I would budge a bit on price. But as she has inherited it she is in no real hurry to have to sell it.

Answer 4

Me personally would go for the other houses in a better state done up, because I would be forking out more money to do it up.

I don't blame her for holding out, as she is not moving etc.

Answer 5

You can not have it both ways.  You can't make her bargain and make her hurry.  Bargain hard.  When it has been on the market 40 weeks, she will accept your offer.  Can you wait? /

Answer 6

I am amazed that you consider a person who holds out for the asking price greedy. Good luck to her I say. Perhaps you are the greedy one. Take a look in the mirror, metaphorically speaking.

What you would or wouldn't do has no bearing on other people's freedom of choice. You sound like a selfish and inconsiderate person to me.

Answer 7

I guess if she inherited the place she is in no rush and reckons if she hangs on the market will rise again. Other than that maybe she is inexperienced and believes it is worth what the estate agent said. If there are houses on your market in better state for same money give up on this one and get one of those.

Answer 8

That's what is happening in the current market ... the reality is that most people are not selling at all.  News reports tell you that prices are dropping and they are, but what is more important to note is that the number of sales is down very considerably - only those who are truly desperate are selling right now.

I wouldn't call her "greedy", no, because it makes sense that she would want to hang on and get the maximum price possible.  But it is stupid - it doesn't look like prices are going to recover anytime soon.  She could turn your offer down and end up taking £60,000 in two years' time.

The fact that she won't sell it at a lower price shows that she's not desperate to sell, and this makes sense for someone who has inherited a house - it's like a "spare" house in a way; she must have already had her own place that she was renting or paying a mortgage on, and doesn't need the money from the sale of this one.

You're always in a better position to negotiate if you find someone who IS desperate to sell ... for example, someone with a young family who urgently needs to move to a bigger property, or someone who desperately needs to relocate for work.

Also, I think you've probably offended her by putting in a stupid offer to start with.  Yes it's been reported that prices have dropped by as much as 8% in some areas, but your first offer was over 10% below the asking price (and you have the nerve to call her greedy).  That's a lot.  So maybe she's insulted by that and just doesn't want to sell to you.  It's stupid and petty, but that's what some sellers do.

Answer 9

If she's not desperate to sell, then she has no reason not to hang in there until she gets the price she wants.  As for whether she's being greedy, it depends on what the property is worth.  If she is asking a fair price for the type of property (and location) then there's no reason why she can't wait until the right offer comes along.  I'm sure you would do the same!  If there are other houses available for the same price which are much nicer, why aren't you making an offer on one of those?  

Answer 10

She obviously thinks it's worth that much and it looks like she can wait as long as she likes.

She holds all the cards here I'm afraid.

Try offering £95,000 if you really want it that bad.