Buying a home

A house is only worth what you’re prepared to pay for it.Paying the asking price or slightly over is worth it to secure a house you really want, but if even the agent agrees it’s advertised as way over the true price then walk away, leaving a sensible offer on the table.

Leave the offer on the table. If your husband totally refuses to increase it I guess there’s nothing else you can do ( unless you’re going to buy it on your own).

Would they let you have a second viewing? Sometimes you don't notice the potentially negative as

Look around for another home that you might be able to love as much if you spent the £75, 000 on. Often see these house hunting programmes where they are shown something cheaper they can ugrade

A cash buyer is a very good buyer to have. I would play hard ball and while you wait for the seller to get real you might find something better.

I agree, IOMGran

I think you need to think very seriously about this.

After all, what will living in a house you have paid too much for, because you wanted it, and your husband wasn't prepared to pay the asking price be like?

If you know you DH will be all right about it, once you are actually living in the house, go ahead.

If I had insisted on a house my late husband thought (quite rightly) was priced too high, any and every defect that came to light after we had moved in would have been MY FAULT, as in "You wanted this house; I said it was too dear, now we find defects that we cannot afford to put right because YOU HAD TO HAVE YOUR WAY."

And I would have known that my husband was right.

IOMGran

Casdon

nanna8

The housing market here is totally totally awful for buyers and if a buyer walked away they wouldn’t bat an eyelid. Probably like the UK we have 10 buyers for every property and they are going way,way above their value. A nightmare when we are trying to help our grandson get his first property. If you want it you will possibly have to pay asking price or even more these days.

No, that’s not what it’s like in the UK nanna8, the market is still fairly sluggish. There definitely aren’t buyers queueing up.

I wouldn’t pay £100,000 over the asking price for any house, however much I could afford and how much I liked it, because it’s just throwing a large amount your money away. Sorry Bunnny, I’m with your husband on that.

A cash buyer is a very good buyer to have. I would play hard ball and while you wait for the seller to get real you might find something better.

I don't know if you are in the UK nanna8 but if I was your seller I'd bite your hand off to accept, as a cash buyer your offer is worth more than others who most likely (in the current market) still have something to sell.

In this area (greater London) virtually nothing is selling at the moment and yet sellers are still expecting to get the over-inflated prices from a couple of years ago. Sensible sellers have dropped prices by up to 10% and still have no offers. One couple we know in Dorset have priced sensibly and have had no viewings in 18 months. There are a dozen properties for sale in their immediate vicinity.

If you stick to your guns you should get the property, we had to do this once and, as the end of the summer approached, the sellers' agent persuaded them that it was time to be sensible and take what was offered.

It sounds like a lovely house in a beautiful place but l am with Team Husband on this one. Paying £100,000 over its value would be a huge mistake, especially as it is very much a buyer's market at the moment. Think about what you could do with that life-changing amount of money. It is enough to ensure a comfortable old age with money to spend on things you enjoy instead of scrimping and scraping. It will give you money to get your new home and garden exactly as you would like it to be as well as nice outings and holidays. Please walk away and look for another house you like at a more realistic price.

In the South East prices are going down also in the North West I am told. There are so many large new houses for sale that cannot attract buyers it is lowering all prices. Look up what similar houses have recently sold for in the area.

We are currently paying £95,000 over home report value for a house we want. There’s v little on the market and life is too short to hang about playing games.

This happened to my son, then they changed their mind again thinking he wouldn't back out, but he did. Very costly though.Walk away.

Has the house just come on the market? If so give it a couple of weeks, if it's a so well sought after property it will be snapped up very quickly. I know you may miss out. Otherwise, other folk may well be like your DH and feel the price is too high and seller may take your offer rather than keep hoping for full price. £100k above does seem an awful lot.

IOMGran

fancythat

I keep thinking, well it isnt really overvalued if someone has put in an offer only £25k below asking price.

Why did they decide on that asking price in the first place though?

To attract interest.

Get the viewers to the property, then let the location sell the property.

DH has just proved to the sellers that they've priced it right .

He has confirmed that someone will be happy to offer AT LEAST £75 K over the asking price. So of course they will hold out for full price. If you really want it, go for it.

Just as a matter of interest, I have sold property at £100, 000 over the asking price. The buyer told me why:

" It's going to save us £ 100K a year in school fees , over and over. We have 4 kids in a private school that's nearby but not entirely satisfactory."Our property was in the catchment area of one of the top state schools in Scotland, beautiful modern building, high academic record, with free school transport from and to the garden gate. No school run.

School catchment, location and stunning views was why we bought it 20 + years earlier.

We're in Scotland, where the property market and conveyance system is very different, bought and sold in the Scottish blind-bid system. When I've set my heart on a property I bid what it's worth to me. .. and have never regretted it. We've had some wonderful homes .

A building can always be updated and improved on; but the location and views from it have a lifestyle value beyond price. Buying dumps with a view in a fantastic location, has been a big financial win.

I would walk away too. But just keep a very, very close eye on the predictions regarding Reeves's proposed tax grab on property. It is a frightening prospect. The taxes could be more than someone earns in a year based on what a random person deems to be the market value of the property.

I am not doing anything to enhance our beautiful new (but very old) house which might increase its value. Far too scared.

fancythat

I keep thinking, well it isnt really overvalued if someone has put in an offer only £25k below asking price.

Why did they decide on that asking price in the first place though?

Casdon

nanna8

The housing market here is totally totally awful for buyers and if a buyer walked away they wouldn’t bat an eyelid. Probably like the UK we have 10 buyers for every property and they are going way,way above their value. A nightmare when we are trying to help our grandson get his first property. If you want it you will possibly have to pay asking price or even more these days.

No, that’s not what it’s like in the UK nanna8, the market is still fairly sluggish. There definitely aren’t buyers queueing up.

I wouldn’t pay £100,000 over the asking price for any house, however much I could afford and how much I liked it, because it’s just throwing a large amount your money away. Sorry Bunnny, I’m with your husband on that.

A cash buyer is a very good buyer to have. I would play hard ball and while you wait for the seller to get real you might find something better.

Casdon. The current housing market in the UK is a buyers market.
I know because, I'm in the process of selling and buying right now.
Yes, it's true it's a sluggish market, but that's partly because of the high housing stock and partly financial. Increased Stamp Duty etc. The recent reduction in the mortgage rates has encouraged movement.
I've sold, subject to contract and I am buying a property, which, like my own had to be reduced to sell.

I don't know how Reeves's idea would work.

A property is worth what someone will pay for it, that's not always the current market value.
Property prices fluctuate and could go down quite rapidly as they have done previously.

A potty idea which I hope she abandons.

Ummm is £100,000 a small percentage of the total price or a big one?
After five years looking we paid maybe £50,000 too much as we wanted the house - and our buyers may have paid £100,000 more than we expected because they wanted it so much they didn’t want to risk losing ours. So, a house is worth what someone will pay for it… we know how rare both these houses are in our area. And how much we wanted a property like this, suitable for old people… so we went with our hearts. So far all are happy…

You both agree it's overpriced, you've met them part way by offering £75k more than you think it's worth so I would just leave your offer on the table for a set period, maybe a month or so and then wait and see. No point going for it if your DH is really against paying the extra as this could just lead to future problems.
I would also bear in mind the noise going around re Reeves' purported ideas about increasing taxes on property over a certain amount - could of course just be more rumours.

I keep thinking, well it isnt really overvalued if someone has put in an offer only £25k below asking price.

£100,000 over valued is a lot of money! Who did the valuation on the property?
The sellers are obviously selling the location along with the property.

Depends on how much money you have doesn’t it?
If I was absolutely sure that I would be able to live my life in a comfortable way until I die in a house that was perfect for me then I might be tempted.
I think I, personally, would find another house and be happier with the £100K in investments.
Still it’s down to the two of you thank goodness.

Only just seen this and am amazed ! 100k !!! No way.
Have bought and sold numerous properties in the UK over decades, it is always a cat and mouse scenario.
No matter how idyllic please let your head rule your heart. Your husband is right by a country mile. Will be very surprised if the vendors do not come back to you and then the ball is in your court. Any offer you then make should be subject to survey.
Good luck.