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    • Mr da
    • By Mr da 19th Mar 17, 9:04 AM
    • 58Posts
    • 116Thanks
    Mr da
    Never straightforward
    • #1
    • 19th Mar 17, 9:04 AM
    Never straightforward 19th Mar 17 at 9:04 AM
    Hi just after a bit of advice, although it could be how long is a piece of string.
    After a lot of mucking about the buyer for my property finally got money released after having to drop out a couple of times (long story). I had a property to buy (vacant) but after a really good look I dropped out due to how much work was needed to be done on the property. Lost a fair bit of money due to paying searches conveyancer etc but sure would have been throwing good after bad.
    So now got the person who is buying mine ready to complete, I've said I can't as no where to buy. My place is priced pretty low and not sure they would find anywhere else within 5 miles for the same cost. So wondering how long it is reasonable to expect a chain free buyer to wait.
    Also I have viewed another property in the last couple of days. It's in the area I like and has been on the market for 18 months , recently reduced (2 months ago) from £175,000 to £169,000 inside the property is immaculate outside ok though building looks sound. Going to go for a second viewing next week with view of putting an offer in. So also wondering where to start with offer.
    Thanks in advance for any pointers
Page 1
    • AnotherJoe
    • By AnotherJoe 19th Mar 17, 9:37 AM
    • 7,583 Posts
    • 8,183 Thanks
    AnotherJoe
    • #2
    • 19th Mar 17, 9:37 AM
    • #2
    • 19th Mar 17, 9:37 AM
    There's no rule how long someone should wait, depends on their personal circumstances.tehy may be desperate to move out from current place or happy to wait.

    I might hazard a guess though that having jumped through hoops to transfer their money, possibly after a lot of pressure from the vendor (e.g. you) they now find the same vendor is seemingly not that interested in selling. So with a big chunk of money burning a hole in their pocket, they may start looking elsewhere.

    Similar situation for your prospective purchase, too many personal circumstances to know, though if it's been on the market for 18 months and only just had a very small reduction they don't seem that bothered to sell either, or there would have been an bigger reduction sooner. Would be good to find out if they haven't yet found somewhere to go, have a place to move into without buying, or whatever.

    This all has the signs of nothing happening and all falling through.
    • Mr da
    • By Mr da 19th Mar 17, 10:03 AM
    • 58 Posts
    • 116 Thanks
    Mr da
    • #3
    • 19th Mar 17, 10:03 AM
    • #3
    • 19th Mar 17, 10:03 AM
    Thanks for the reply joe. As far as pushing the buyer to jump through hoops after the first and second time of the buyer pulling out I was quite happy to rent my property out as I was fortunately in the position where I could do so. And had informed my estate agent that.Unfortunately now with the price of the other property I'm interested in I'm not in a position to do so.
    The sellers of the other property haven't found anywhere else to move to. I'm not sure if they have reduced the price before their recent reduction. Would be great full if I could find any site that could tell me that.
    • Davesnave
    • By Davesnave 19th Mar 17, 10:04 AM
    • 23,551 Posts
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    Davesnave
    • #4
    • 19th Mar 17, 10:04 AM
    • #4
    • 19th Mar 17, 10:04 AM
    This might be good background to give:

    Bought for £77,500 in 2004 fitted new bathroom and installed central heating, now on the market for 60,000 and nobody exactly biting my hand off . North wales
    Originally posted by Mr da
    If it were me, I'd take the money and either get the property mentioned at a price to reflect comparables' sold prices, or drop into rented for 6 months to see what else comes up.

    EDIT: Someone with Property Bee might be able to give you the selling history if you put out a request.
    Last edited by Davesnave; 19-03-2017 at 10:28 AM. Reason: typo
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • Mossfarr
    • By Mossfarr 19th Mar 17, 10:05 AM
    • 428 Posts
    • 566 Thanks
    Mossfarr
    • #5
    • 19th Mar 17, 10:05 AM
    • #5
    • 19th Mar 17, 10:05 AM
    Have you thought about moving into rented for 6 months? You could complete on the sale of your property and have plenty of time for looking and buying your next property.
    Puts you in a much stronger position as a buyer if you are chain free.
    • Mr da
    • By Mr da 19th Mar 17, 10:18 AM
    • 58 Posts
    • 116 Thanks
    Mr da
    • #6
    • 19th Mar 17, 10:18 AM
    • #6
    • 19th Mar 17, 10:18 AM
    Thanks , yes have looked into rental but as mortgage free and rental prices locally being £400 per month I would be £2400 down at the end of it, I've had a few offers on the property of £58/59 thousand but really don't want to go under £60000 as that is the lowest any of the 3 properties in the same development have sold for in the last 12 months. And they were not in the same condition as mine.
    I have put it to the estate agent (might sound pie in the sky) . That if prospective buyer was to rent Ior wait I would reduce by £100 per month.
    • Davesnave
    • By Davesnave 19th Mar 17, 10:47 AM
    • 23,551 Posts
    • 89,399 Thanks
    Davesnave
    • #7
    • 19th Mar 17, 10:47 AM
    • #7
    • 19th Mar 17, 10:47 AM
    Thanks , yes have looked into rental but as mortgage free and rental prices locally being £400 per month I would be £2400 down at the end of it, I've had a few offers on the property of £58/59 thousand but really don't want to go under £60000 as that is the lowest any of the 3 properties in the same development have sold for in the last 12 months. And they were not in the same condition as mine.
    I have put it to the estate agent (might sound pie in the sky) . That if prospective buyer was to rent Ior wait I would reduce by £100 per month.
    Originally posted by Mr da
    As a buyer, especially a FTB, I'd have my own agenda.

    You want to play safe and do what you've always done, so the likelihood is you'll get what you always got!

    We went into rented and it gave us the chance of the property we're in now, which was at an attractive price for someone ready to buy with no messing.

    Yes, rent cost a few £, plus the hassle of moving twice, and it was a calculated risk, but it enabled us to buy a 'chickens' teeth' property.

    "Fortune favours the brave"

    ...but I'm just being devil's advocate here. You do what you're comfortable with.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • juniordoc
    • By juniordoc 19th Mar 17, 10:48 AM
    • 224 Posts
    • 187 Thanks
    juniordoc
    • #8
    • 19th Mar 17, 10:48 AM
    • #8
    • 19th Mar 17, 10:48 AM
    T are in a strong position as a buyer with your house under offer and the house you are interested in hasgone unsold for so long despite a previous price reduction. An offer of 159k would be a reasonable starting point, with brexit round the corner it's a buyers market right now and they should be open to offers.
    • AnotherJoe
    • By AnotherJoe 19th Mar 17, 12:05 PM
    • 7,583 Posts
    • 8,183 Thanks
    AnotherJoe
    • #9
    • 19th Mar 17, 12:05 PM
    • #9
    • 19th Mar 17, 12:05 PM
    T are in a strong position as a buyer with your house under offer and the house you are interested in has gone unsold for so long despite a previous price reduction. An offer of 159k would be a reasonable starting point, with brexit round the corner it's a buyers market right now and they should be open to offers.
    Originally posted by juniordoc
    Or another POV using the same facts, it was up for sale for 16 months before they dropped 3.5% off the price and presumably they had no offers prior to that at that lower price either or they wouldnt have needed to drop the price. So, they most likely are not in a desperate rush to sell and either are holding out for that money because they need it, or because "thats what the house is worth and we arent giving it away" (eg deluded as to its value)

    Given OP's history with their house that I've just read, I'd advise selling whilst there is a buyer with cash, and moving into rented, maybe the cost of rented can effectively be swapped for a lower price on their next house.
    Last edited by AnotherJoe; 19-03-2017 at 12:32 PM.
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