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Old 26.05.2020, 17:48
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Re: House sold before even viewed it

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I would venture to say 98% of sellers of anything would want to get the highest possible price for whatever they are selling
I used to think this, too. But having spent some time talking to buyers, sellers and agents, I've concluded that there's a lot more (or less) in their decision than the actual price.

One estate agent told me that a client, who needed to relocate and wanted to sell, spent some months sorting out, getting rid of things, packing, and taking many photos of his favourite tree, which he had planted and nurtured over the decades they'd lived there, and shedding a few tears.

A buyer came to view, and the agent had not mentioned any of that. The buyer strode across the living-room towards the garden, as if drawn by an irresitable force, mesmereised, didn't look at the rooms, stared at the garden, breathed deeply and said: "I just love that tree! It makes me feel at home, instantly." The deal was settled immediately, for less than the advertised price. That was because the seller could finally let go, and that is what he needed, much more than the highest possible selling price.
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  #102  
Old 26.05.2020, 17:52
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Re: House sold before even viewed it

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I used to think this, too. But having spent some time talking to buyers, sellers and agents, I've concluded that there's a lot more (or less) in their decision than the actual price.

One estate agent told me that a client, who needed to relocate and wanted to sell, spent some months sorting out, getting rid of things, packing, and taking many photos of his favourite tree, which he had planted and nurtured over the decades they'd lived there, and shedding a few tears.

A buyer came to view, and the agent had not mentioned any of that. The buyer strode across the living-room towards the garden, as if drawn by an irresitable force, mesmereised, didn't look at the rooms, stared at the garden, breathed deeply and said: "I just love that tree! It makes me feel at home, instantly." The deal was settled immediately, for less than the advertised price. That was because the seller could finally let go, and that is what he needed, much more than the highest possible selling price.
emotions. price differences in houses are in the level of a new 911 turbo
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  #103  
Old 26.05.2020, 17:59
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Re: House sold before even viewed it

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There is no guarantee that the agreed deal will go through.......
And how that is handled is all up to what they agreed upon.

I had a preliminary contract drawn-up on spot, sure they could bounce the deal for whatever reason within or outside their power. But it would have costed them 10%

Heck, I silently hoped they would bail out :P
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  #104  
Old 26.05.2020, 18:16
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Re: House sold before even viewed it

[QUOTE=doropfiz;3185089 That was because the seller could finally let go, and that is what he needed, much more than the highest possible selling price.[/QUOTE]

this, a 1000 times. This is only something you can understand when you have truly loved a home and the garden, altering it and adding with love. Our first two houses were easy to let go- the last we absolutely loved- it was the best family home- for us, our kids and all their friends now well into their 40s who still say 'that house was so special'.

Next time we go to UK- 11 years after selling- I am ready to go and see it. It is a very different happy place- the garden I planted is gone, walls have come down and rooms made into larger spaces- it is a very happy children's nursery- my best friend went to give a Conference there last year and told me I should go- as the soul of it is still there, and the happiness too. So I am finally ready and looking forward to it. Just to illustrate buying and selling houses is, for some of us- not about investment and money. Same for this magnificent place here.

Last edited by Odile; 26.05.2020 at 18:45.
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  #105  
Old 26.05.2020, 18:22
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Re: House sold before even viewed it

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And how that is handled is all up to what they agreed upon.

I had a preliminary contract drawn-up on spot, sure they could bounce the deal for whatever reason within or outside their power. But it would have costed them 10%

Heck, I silently hoped they would bail out :P
Unless the preliminary contract is done by a Notary it's not worth anything, but I am sure you know that
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Old 26.05.2020, 18:48
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Re: House sold before even viewed it

BTW, when I said we 'lost a lot of money' - we didnt, only on the initial asking price and the one agreed with the guy who came on day one and messed us around. 10 times what we paid for it, instead of about 13. Good job this part of Switzerland is very cheap <3
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  #107  
Old 26.05.2020, 18:59
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Re: House sold before even viewed it

I understand your frustration . Searching for a house and buying one are two different stories here in Switzerland. We have been through couple incidents like that , and the worst was 3 weeks ago. I got the first appointment and was told the price was fixed and first come first serve. We said yes right after seeing the house and asked to pay the deposit. The agent told us to send over the bank document which our bank sent within 30 minutes later. She promised to call us the next day. Of course she did not. When I called her and asked what 's wrong . She just said tomorrow I call and hung up.

After that, the next morning she dropped us an email saying the seller chose someone else.

I asked her if there is something wrong about our financial or the seller increased the price. She wrote back " no comment".

This is how bad , unprofessional real estate agents here.
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  #108  
Old 26.05.2020, 19:03
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Re: House sold before even viewed it

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Unless the preliminary contract is done by a Notary it's not worth anything, but I am sure you know that
I never said it was in Switzerland.

But I am sure you know that
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  #109  
Old 27.05.2020, 08:07
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Re: House sold before even viewed it

Looks like Ill never buy a house here then... Am interested in one now, agent told me he could still squeeze me in for a viewing but that i would need to do better than 50k lower than asking price (some stuff wrong with the house thatll take 50k or more to fix). Told him Ill wait 2 months to soften up the seller and that then hopefully he wont be so busy with viewings...

Naja, in 2 years Ill move the search to a sunny Spanish or Italian island.
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Old 27.05.2020, 09:22
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Re: House sold before even viewed it

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Looks like Ill never buy a house here then... Am interested in one now, agent told me he could still squeeze me in for a viewing but that i would need to do better than 50k lower than asking price (some stuff wrong with the house thatll take 50k or more to fix). Told him Ill wait 2 months to soften up the seller and that then hopefully he wont be so busy with viewings...

Naja, in 2 years Ill move the search to a sunny Spanish or Italian island.
Did the bank price it up for you? UBS have a very good tool taking everything into account including renovations, they give an lower and upper limit and there recommended value of the house, that figure could be used for negotiations, showing the seller this is what a bank thinks of it. Of course market price is what someone is willing to buy it at but a proper valuation from the bank might make them think twice about their asking price (provided the banks valuation is in line with yours and not the sellers)
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  #111  
Old 27.05.2020, 09:25
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Re: House sold before even viewed it

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Did the bank price it up for you? UBS have a very good tool taking everything into account including renovations, they give an lower and upper limit and there recommended value of the house, that figure could be used for negotiations, showing the seller this is what a bank thinks of it. Of course market price is what someone is willing to buy it at but a proper valuation from the bank might make them think twice about their asking price (provided the banks valuation is in line with yours and not the sellers)
Whilst mortgage money is virtually free, well even cheaper than that after inflation, it's not surprising people are reckless with other peoples' money.
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  #112  
Old 27.05.2020, 09:26
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Re: House sold before even viewed it

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But we did lose quite a bit of money due to some idiot who wasted our time until the market fell. Got our current house at very good price, and managed to buy the flat in UK at rock bottom price as developer needed money and we were cash in hand. Up 40%. You win some, you lose some - it's a roller coaster.
exactly why the seller in the OPs story was wise to seal the deal ASAP. a bird in the hand and all that...

imagine if you were a seller of an AirBnB property and didn't take an offer but waited for more buyers and then corona virus hit. OP didn't appreciate that waiting for more offers is not a risk-free strategy.
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  #113  
Old 27.05.2020, 11:36
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Re: House sold before even viewed it

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Did the bank price it up for you? UBS have a very good tool taking everything into account including renovations, they give an lower and upper limit and there recommended value of the house, that figure could be used for negotiations, showing the seller this is what a bank thinks of it. Of course market price is what someone is willing to buy it at but a proper valuation from the bank might make them think twice about their asking price (provided the banks valuation is in line with yours and not the sellers)
You'd think that would be the case but apparently not in Switzerland - at least not in our experience. We fell in love with a house just outside Zurich which needed a little remedial work and offered the asking price along with 10 other people. UBS said it wasn't worth the asking price and would only give us a mortgage against their valuation. We had a brilliant rapport with the agent and she was coaching us how to make our best and final offer etc. Despite all of the above the house sold for 250k more than we could offer and nearly 400k above the bank valuation.
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  #114  
Old 27.05.2020, 11:52
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Re: House sold before even viewed it

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You'd think that would be the case but apparently not in Switzerland - at least not in our experience. We fell in love with a house just outside Zurich which needed a little remedial work and offered the asking price along with 10 other people. UBS said it wasn't worth the asking price and would only give us a mortgage against their valuation. We had a brilliant rapport with the agent and she was coaching us how to make our best and final offer etc. Despite all of the above the house sold for 250k more than we could offer and nearly 400k above the bank valuation.
That shows us, the property market is currently in a bubble, at least the Bank won't risk their money on such foolish bidding.
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  #115  
Old 27.05.2020, 11:54
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Re: House sold before even viewed it

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You'd think that would be the case but apparently not in Switzerland - at least not in our experience. We fell in love with a house just outside Zurich which needed a little remedial work and offered the asking price along with 10 other people. UBS said it wasn't worth the asking price and would only give us a mortgage against their valuation. We had a brilliant rapport with the agent and she was coaching us how to make our best and final offer etc. Despite all of the above the house sold for 250k more than we could offer and nearly 400k above the bank valuation.
May I ask what percentage that 400k was? I mean it is a difference between 400k on a 1M apartment or a 5M mansion.
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  #116  
Old 27.05.2020, 12:03
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Re: House sold before even viewed it

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Did the bank price it up for you? UBS have a very good tool taking everything into account including renovations, they give an lower and upper limit and there recommended value of the house, that figure could be used for negotiations, showing the seller this is what a bank thinks of it. Of course market price is what someone is willing to buy it at but a proper valuation from the bank might make them think twice about their asking price (provided the banks valuation is in line with yours and not the sellers)
No... I mean what's the point of showing valid arguments for a price reduction when other buyers are immediately willing to pay asking price or go 10-20% over ? The seller will only be susceptible to lower valuations once the property has gone unsold for a few months...
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  #117  
Old 27.05.2020, 12:06
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Re: House sold before even viewed it

We bought a house near Zurich back in 2011, just up the street from where we were renting so we could come view it hours after it appeared on Homegate. We made sure to come with both our nice kids who spoke good local dialect. The house was solid but needed some cosmetic work inside, including updating the kitchen. We made an offer of the asking price on the spot and the seller accepted (no agency was involved). Later when I realized that it will cost us dozens of thousands to replace the kitchen I asked the owner to lower the price by 20k and to my surprise she agreed! I guess she liked the family

Yet that was even before the crashing of mortgage rates and consequently the market going red hot. But then again, not all sellers are created equal and many of them here do favor local buyers and want to make the property available to a "deserving" family, even if it means a few bucks less for them. Especially if the seller is already well off and inherited the property which s(he) doesn't need.

BTW, a few years ago a house across the street was sold. The seller didn't even bother with Homegate or agents, but simply put a hand-written sign "For Sale" out and the house sold in a couple of days.

Last edited by jimk; 27.05.2020 at 13:02.
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  #118  
Old 27.05.2020, 12:40
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Re: House sold before even viewed it

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May I ask what percentage that 400k was? I mean it is a difference between 400k on a 1M apartment or a 5M mansion.
Sure - the house was on at CHF1.175m during the second half of 2017 and ultimately sold for just shy of CHF1.5m - thus 27% above the asking price. It was situated in the valley behind Uetliberg towards Turlersee. UBS valued it at CHF1.1m. We had always felt the original sales price was a little low considering we had at that point been looking for around 18 months - and felt we had a good grasp of the market and had seen virtually everything we could that came up for sale in our chosen area - but did not expect the final outcome!
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  #119  
Old 27.05.2020, 13:27
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Re: House sold before even viewed it

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Sure - the house was on at CHF1.175m during the second half of 2017 and ultimately sold for just shy of CHF1.5m - thus 27% above the asking price. It was situated in the valley behind Uetliberg towards Turlersee. UBS valued it at CHF1.1m. We had always felt the original sales price was a little low considering we had at that point been looking for around 18 months - and felt we had a good grasp of the market and had seen virtually everything we could that came up for sale in our chosen area - but did not expect the final outcome!
The issue is sale price information, what seems to be available is asking price information with a 27% variation how would a Bank valuer have an idea on comparable?
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  #120  
Old 27.05.2020, 14:56
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Re: House sold before even viewed it

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I would venture to say 98% of sellers of anything would want to get the highest possible price for whatever they are selling
not here. some yes, but not all
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