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  • FIRST POST
    • fudge7000
    • By fudge7000 1st May 16, 7:23 PM
    • 179Posts
    • 523Thanks
    fudge7000
    Waiting for a buyer... Anyone want to join me?
    • #1
    • 1st May 16, 7:23 PM
    Waiting for a buyer... Anyone want to join me? 1st May 16 at 7:23 PM
    Anyone else out there selling and going through trying to keep the house tidy 24/7 so it doesn't take hours to sort out when there's a viewing?!
    Along with trying to second guess what the people viewing will do/offer/not offer...?

    Only been for sale a week, I assume it just gets worse from here on in?

    Not really done this before so thought I'd see if anyone else is in the same boat!
    First win (October) - Apple Ipod off a radio competition
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Page 111
    • lessonlearned
    • By lessonlearned 13th Sep 17, 11:34 PM
    • 10,004 Posts
    • 56,110 Thanks
    lessonlearned
    Natbag......what is your EA doing.

    Hint........not earning their commission.

    They are supposed to be working for you therefore it is incumbent upon them to delve into the why's and wherefores of that valuation report and then give you the benefit of their professional advice.

    They are supposed to be the go between. They are the ones who should be doing the negotiating on your behalf and to do that this means getting to grips with what was in that surveyors report. As it is they are letting a sale slip through their fingers without making any real attempt to resolve the issues that have dogged this transaction.

    They are just hoping another buyer falls into their lap. That's just not good enough.

    You really need to know why your house was down valued. Yes it could just be a "picky lender" but you dont know that. If that's the case then why aren't they looking at another lender. They will have a panel of mortgage brokers they can call on.

    However, If it is an issue with your house then you will need to either fix the problem or rethink your asking price to reflect any work that needs to be done. Otherwise you could find yourself in exactly the same position next time someone makes an offer and this could just drag on and on.

    I don't know about crossing fingers, I think you need to stamp your foot and make your EA do the job you are paying them to do.
    • juniordoc
    • By juniordoc 14th Sep 17, 7:06 AM
    • 154 Posts
    • 103 Thanks
    juniordoc
    "I can't afford the next house I want to buy" is not a legitimate reason to demand over the odds for the house you are selling.
    It's worth what a bank's willing to lend on it and clearly this does not reach your asking price, which it seems was aspirational.
    You are simply wasting people's time by not accepting an offer that's equal to this valuation, and wasting any money they've spent so far too.
    Time to get real I'm afraid.
    • Crashy Time
    • By Crashy Time 14th Sep 17, 12:01 PM
    • 4,826 Posts
    • 2,106 Thanks
    Crashy Time
    If 10 or 20k off the price affects your move, you shouldn`t be moving IMO.
    • Tiglath
    • By Tiglath 14th Sep 17, 6:58 PM
    • 3,469 Posts
    • 11,290 Thanks
    Tiglath
    Had our open day last Saturday, and got an offer from a cash buyer today who hasn't even seen the property and offered £40k less than the asking price. Even the estate agent thought they were being cheeky and not serious, so we said No. Two of the people from the open day have arranged second viewings, and we have a new first viewing booked as well, so feeling optimistic.
    "Those are synapses, electric impulses in the brain that carry all the messages. Somewhere in all that organic wiring, all those ripples of light, is you — the thing that makes you unique and human." ~ Dr. Jenner, The Walking Dead
    • Natbag
    • By Natbag 14th Sep 17, 8:26 PM
    • 1,003 Posts
    • 651 Thanks
    Natbag
    Natbag......what is your EA doing.

    Hint........not earning their commission.

    They are supposed to be working for you therefore it is incumbent upon them to delve into the why's and wherefores of that valuation report and then give you the benefit of their professional advice.

    They are supposed to be the go between. They are the ones who should be doing the negotiating on your behalf and to do that this means getting to grips with what was in that surveyors report. As it is they are letting a sale slip through their fingers without making any real attempt to resolve the issues that have dogged this transaction.

    They are just hoping another buyer falls into their lap. That's just not good enough.

    You really need to know why your house was down valued. Yes it could just be a "picky lender" but you dont know that. If that's the case then why aren't they looking at another lender. They will have a panel of mortgage brokers they can call on.

    However, If it is an issue with your house then you will need to either fix the problem or rethink your asking price to reflect any work that needs to be done. Otherwise you could find yourself in exactly the same position next time someone makes an offer and this could just drag on and on.

    I don't know about crossing fingers, I think you need to stamp your foot and make your EA do the job you are paying them to do.
    Originally posted by lessonlearned
    It seemed to be simply an issue with valuation compared to other nearby properties, from what was said - others on our street have sold quickly for the same price, one had a garage and one a conservatory though. No new kitchen and bathroom like ours. There's also a property for sale nearby, same house, but in need of some updating, not well presented, and it's on at £15k less (or £10k less than our reduced price). So all these things didn't help.
    To be fair, other than that one thing they've done a lot, they appealed the valuer's decision and have been great at negotiating with our buyer and our seller. They convinced our seller to give us a grace period to find a new buyer and then reduce the agreed sale price by £3k to help us close the gap. They've been very pro-active in marketing the house again, securing viewings, and been in touch with us every day to update us. They agreed a reduced fee with us and so far they have been worth their cost.
    • Natbag
    • By Natbag 14th Sep 17, 8:37 PM
    • 1,003 Posts
    • 651 Thanks
    Natbag
    "I can't afford the next house I want to buy" is not a legitimate reason to demand over the odds for the house you are selling.
    It's worth what a bank's willing to lend on it and clearly this does not reach your asking price, which it seems was aspirational.
    You are simply wasting people's time by not accepting an offer that's equal to this valuation, and wasting any money they've spent so far too.
    Time to get real I'm afraid.
    Originally posted by juniordoc
    We set our for sale price based on three estate agents' valuations (it was actually the lower of the three) and recent sales of similar properties in the neighbourhood, plus and the fact we had a buyer give us the full asking price within two days suggested all that we could afford it. We based our figures based on the advice of professionals, who we trusted knew more about the market than we did. Also, we did not know that we were almost at the top end of what our lender would loan to us as this wasn't disclosed until yesterday and we were not to know what a lender would value our property at until a buyer was in place to commission a survey. I don't own a crystal ball, so perhaps that's a little unfair?

    If 10 or 20k off the price affects your move, you shouldn`t be moving IMO.
    Originally posted by Crashy Time
    I appreciate that. Maybe on a £350k house we would have expected to need that kind of buffer, but not on one listed at £145-£150k. We can cope with a small gap, but not £10k, that was beyond what we could ever have forseen. We paid £140k for the house 9 years ago and have spent a lot more on it than £5k-£10k, plus other homes in the neighbourhood have increased in value since then with having had little or no work done. With all the above in mind it really wasn't that unrealistic an expectation. You live and learn eh?!
    • Natbag
    • By Natbag 14th Sep 17, 8:38 PM
    • 1,003 Posts
    • 651 Thanks
    Natbag
    Had our open day last Saturday, and got an offer from a cash buyer today who hasn't even seen the property and offered £40k less than the asking price. Even the estate agent thought they were being cheeky and not serious, so we said No. Two of the people from the open day have arranged second viewings, and we have a new first viewing booked as well, so feeling optimistic.
    Originally posted by Tiglath
    That's crazy, even to offer so little who would look to spend so much money on a property they hadn't even seen? I'd be worried that not having seen it they'd be more likely to pull out.
    Good luck with the viewings, it sounds optimistic and I hope you get a satisfactory offer from at least one
    • Natbag
    • By Natbag 14th Sep 17, 8:54 PM
    • 1,003 Posts
    • 651 Thanks
    Natbag
    Ok, update from me:
    We had a viewing this evening, a really lovely young FTB couple looking to move to the area with a deposit and mortgage already in place and ready to go. They had seen 6 other properties that day and spent ages in our house being shown round, then looking round themselves, asking lots of questions and generally seeming quite positive. As we were stood chatting towards the end of the viewing they said they loved it, couldn't find a single fault and wanted to buy it, and we agreed a sale at the new asking price. Our EA has just called to confirm it an now it's just a waiting game to see if the valuation comes back ok at the reduced price, or at least with a smaller gap that we can close. We did have another viewing arranged for tomorrow, who I thought would have been the keener out of the two, but tomorrow was the deadline for the house we want going back on the market so this has come just in the nick of time. I know we're not home and dry yet, as they say, but to clear this hurdle is such a relief.
    • lessonlearned
    • By lessonlearned 14th Sep 17, 9:15 PM
    • 10,004 Posts
    • 56,110 Thanks
    lessonlearned
    Sounds promising. Hope all goes well.
    • Crashy Time
    • By Crashy Time 14th Sep 17, 9:17 PM
    • 4,826 Posts
    • 2,106 Thanks
    Crashy Time
    We set our for sale price based on three estate agents' valuations (it was actually the lower of the three) and recent sales of similar properties in the neighbourhood, plus and the fact we had a buyer give us the full asking price within two days suggested all that we could afford it. We based our figures based on the advice of professionals, who we trusted knew more about the market than we did. Also, we did not know that we were almost at the top end of what our lender would loan to us as this wasn't disclosed until yesterday and we were not to know what a lender would value our property at until a buyer was in place to commission a survey. I don't own a crystal ball, so perhaps that's a little unfair?



    I appreciate that. Maybe on a £350k house we would have expected to need that kind of buffer, but not on one listed at £145-£150k. We can cope with a small gap, but not £10k, that was beyond what we could ever have forseen. We paid £140k for the house 9 years ago and have spent a lot more on it than £5k-£10k, plus other homes in the neighbourhood have increased in value since then with having had little or no work done. With all the above in mind it really wasn't that unrealistic an expectation. You live and learn eh?!
    Originally posted by Natbag

    Fair enough, but you have had the benefit of near zero interest rates over those 9 years to pay down any mortgage you might have had just so that you could take a little hit on the price if you wanted to move on? Mortgage holders/Owners can`t have it all ways, you can`t have the market bailed out with zero rates to keep prices up plus expect your house to increase in value AND expect buyers now to come up with the price you need for your next move! Something has to give.
    • Crashy Time
    • By Crashy Time 14th Sep 17, 9:25 PM
    • 4,826 Posts
    • 2,106 Thanks
    Crashy Time
    No, I didn't mean it like that. They have rearranged both their viewings a couple of times and I just have a feeling that they don't have any genuine intention/ability to make an offer. I may be completely wrong. Your comment about the first person to walk through the door buying it after a quick glance round is ridiculous, obviously I've stated that I've been on for weeks and had lots of viewings.

    I'm surprised you're even taking part in this thread Crashy, considering your disdain for anyone who is interested in buying and selling properties, and you certainly aren't waiting for a buyer considering all your other posts.
    Originally posted by kates08

    It is not disdain for people wishing to buy and sell, it is disdain for the central banks and the investment banks and how they view the public as debt slaves to manipulate for the sake of a debt based money system (and tasty bonuses for bankers)
    The low rates were a lifeline (a very long one) for debt/mortgage holders, all I am saying is don`t mess about over a few thousand if someone makes an offer that may be less than you expected.
    • Natbag
    • By Natbag 14th Sep 17, 9:38 PM
    • 1,003 Posts
    • 651 Thanks
    Natbag
    Fair enough, but you have had the benefit of near zero interest rates over those 9 years to pay down any mortgage you might have had just so that you could take a little hit on the price if you wanted to move on? Mortgage holders/Owners can`t have it all ways, you can`t have the market bailed out with zero rates to keep prices up plus expect your house to increase in value AND expect buyers now to come up with the price you need for your next move! Something has to give.
    Originally posted by Crashy Time
    Well yes, you make a good point. I'm glad we got on the housing market back when house prices were probably half of what they are now. We are lucky to have gained some equity and reduced our mortgage term along the way - FTB nowadays must really struggle and I do sympathise.
    • Tiglath
    • By Tiglath 15th Sep 17, 7:24 PM
    • 3,469 Posts
    • 11,290 Thanks
    Tiglath
    Two first viewings tonight, neither of which I think will put in an offer. A first and a second tomorrow (have high hopes for the second), a first Monday and a second Wednesday (another possible). I'm glad there's interest even after the open day was done.
    "Those are synapses, electric impulses in the brain that carry all the messages. Somewhere in all that organic wiring, all those ripples of light, is you — the thing that makes you unique and human." ~ Dr. Jenner, The Walking Dead
    • Natbag
    • By Natbag 16th Sep 17, 12:03 AM
    • 1,003 Posts
    • 651 Thanks
    Natbag
    That's a good amount of serious interest Tiglath, best of luck!
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