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  • FIRST POST
    • ceh209
    • By ceh209 7th Nov 17, 2:20 PM
    • 705Posts
    • 472Thanks
    ceh209
    Are we doing the right thing?
    • #1
    • 7th Nov 17, 2:20 PM
    Are we doing the right thing? 7th Nov 17 at 2:20 PM
    Made an offer today on a property where the owners are separating, guide price was £325k. Agent said they'd had no offers after 2 months on the market and there was [quote] 'flexibility on price' so we've offered £290k. Would be prepared to increase to ~£305k if needed but the agent doesn't know that yet, and I genuinely don't think it is worth more than that.


    It's been rejected. With a long email spiel back from the agent about what they've spent on the house (it's 2 years old, but not a typical new build), converting the garage, fitting out rooms, expensive curtains etc. However none of that really means anything to us - true without the garage conversion it wouldn't have the living space we wanted, but actually we're making a serious compromise by not having a garage. There's one room they've fitted with lots of expensive wardrobes (one of the owners is a personal shopper apparently), yet we'd want to rip them out. They've astroturfed the garden, we'd redo it with grass. I could go on...


    So, what do I say to them? The house was sold for £250k 2 years ago and the agent says they've spent £30k on it. There's other properties in the development (smaller, so not suitable for us) that have sold for a 20% increase in value this year, so that's what we based our max ~£300k thinking on.


    I want to point out to them that most of these things were their choice, they don't add to the value of the house etc. But I don't think that will go down well!
    Excuse any mis-spelt replies, there's probably a cat sat on the keyboard
Page 2
    • Crashy Time
    • By Crashy Time 7th Nov 17, 5:17 PM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    Facts are in many areas prices are down and property sales numbers are down. Wages are in a downward trajectory ..Retail sales down, landlords hit by new rules bailing out of the market.. Opinions and facts, fact is in most regions prices are heading downwards followed closely by peoples willingness to be holding the baby when the music stops playing. just saying not an opinon this time , just saying
    OOH nearly forgot to mention BREXIT fears
    Originally posted by roneik

    Sellers in this case, as in many cases unfortunately , are just kite flyers, let them marinate in their own delusion for a while and view other properties, theirs will probably still be sitting there when you get back round to them.
    • MobileSaver
    • By MobileSaver 7th Nov 17, 5:24 PM
    • 1,300 Posts
    • 1,782 Thanks
    MobileSaver
    Facts are in many areas prices are down and property sales numbers are down.
    Originally posted by roneik
    Just no, that's not a fact and is at best you speculating and at worst just a blatant lie. The FACTS are that UK house prices are up 0.5% month on month and up 5% year on year. The only area down was London at -1% MoM (but still up 2.6% YoY.)

    UK House Price Index for August 2017
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • Crashy Time
    • By Crashy Time 7th Nov 17, 5:31 PM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    Just no, that's not a fact and is at best you speculating and at worst just a blatant lie. The FACTS are that UK house prices are up 0.5% month on month and up 5% year on year. The only area down was London at -1% MoM (but still up 2.6% YoY.)

    UK House Price Index for August 2017
    Originally posted by MobileSaver

    What are sales volumes doing?
    • jimbog
    • By jimbog 7th Nov 17, 5:40 PM
    • 619 Posts
    • 988 Thanks
    jimbog
    Check with the council planning website and building control at the council to see if the conversion has been given permission and 'signed off' - then reconsider your best offer (you may want to reduce it further)
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
    • Scotbot
    • By Scotbot 7th Nov 17, 10:14 PM
    • 139 Posts
    • 97 Thanks
    Scotbot
    What are sales volumes doing?
    Originally posted by Crashy Time
    Going down, which is precisely why prices are going up. Supply and demand.
    • Scotbot
    • By Scotbot 7th Nov 17, 10:18 PM
    • 139 Posts
    • 97 Thanks
    Scotbot
    I was shocked to find most single garages wont fit a car in. Even some new builds round here have garages that are less than 2.8m wide. I have a medium sized hatch back and the minimum garage sized required to get it in and for me to get out is 2.9m.

    Garage quickly came off my essential list
    • Mutton Geoff
    • By Mutton Geoff 7th Nov 17, 10:27 PM
    • 999 Posts
    • 1,042 Thanks
    Mutton Geoff
    Has the garage conversion got building regs approval or is it a bodge?
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • Crashy Time
    • By Crashy Time 8th Nov 17, 11:26 AM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    Going down, which is precisely why prices are going up. Supply and demand.
    Originally posted by Scotbot

    So less sales and higher asking prices are why the house in the OP has had no offers in two months?...Ah, ok I get it!
    • ceh209
    • By ceh209 8th Nov 17, 11:49 AM
    • 705 Posts
    • 472 Thanks
    ceh209
    Has the garage conversion got building regs approval or is it a bodge?
    Originally posted by Mutton Geoff


    I would investigate to make sure on the building regs but it was done by the original builders before the current owners moved in. It had planning permission as the whole thing is an extension to a listed building, I've already checked that out.


    Overall I'm not going to start arguing with the agent about the value, I've asked them to tell me what the owners would accept but it's not forthcoming. So for now they won't get an increased offer.


    We will look at other houses, but houses we like are few and far between. Fortunately we have just seen one other one that'll we'll go to view, and even better, it's on with the same agent!
    Excuse any mis-spelt replies, there's probably a cat sat on the keyboard
    • nobblyned
    • By nobblyned 8th Nov 17, 12:28 PM
    • 663 Posts
    • 667 Thanks
    nobblyned
    Facts are in many areas prices are down and property sales numbers are down. Wages are in a downward trajectory ..Retail sales down, landlords hit by new rules bailing out of the market.. Opinions and facts, fact is in most regions prices are heading downwards followed closely by peoples willingness to be holding the baby when the music stops playing. just saying not an opinon this time , just saying
    OOH nearly forgot to mention BREXIT fears
    Originally posted by roneik

    Wages are increasing, 2.1% at last measure
    • Crashy Time
    • By Crashy Time 9th Nov 17, 11:25 AM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    Wages are increasing, 2.1% at last measure
    Originally posted by nobblyned

    Is that because less people are coming here and applying for jobs though?
    • Crashy Time
    • By Crashy Time 9th Nov 17, 11:27 AM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    In fact it doesn`t really matter, because house prices are way out of sync with wages anyway. A house price correction is the only way forward now for this country, and the politicians know it.
    • MobileSaver
    • By MobileSaver 9th Nov 17, 12:18 PM
    • 1,300 Posts
    • 1,782 Thanks
    MobileSaver
    In fact it doesn`t really matter, because house prices are way out of sync with wages anyway.
    Originally posted by Crashy Time
    And yet around 100,000 properties are still bought and sold every month anyway... I think the reality is that it's you and your HPC friends who are the ones out of sync with house prices.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • Crashy Time
    • By Crashy Time 9th Nov 17, 12:22 PM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    And yet around 100,000 properties are still bought and sold every month anyway... I think the reality is that it's you and your HPC friends who are the ones out of sync with house prices.
    Originally posted by MobileSaver

    https://www.bloomberg.com/gadfly/articles/2017-11-09/britain-s-vanishing-housing-market-in-charts


    Is that enough to hold it all together though?
    • gazter
    • By gazter 9th Nov 17, 3:47 PM
    • 918 Posts
    • 716 Thanks
    gazter
    Is that because less people are coming here and applying for jobs though?
    Originally posted by Crashy Time
    its more to do with us having Full Employment.
    • Crashy Time
    • By Crashy Time 9th Nov 17, 9:50 PM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    Loving Bloomberg at the moment


    https://www.bloomberg.com/news/articles/2017-11-09/london-house-price-slump-persists-as-brokers-see-sales-tumble
    • GrumpyDil
    • By GrumpyDil 10th Nov 17, 7:51 AM
    • 107 Posts
    • 63 Thanks
    GrumpyDil
    And back on topic. OP keep it simple and offer what you think it is worth. Don't get into discussions over what value the work the owners have done adds to the property as that won't get you anywhere and will likely just end up upsetting the owners anyway.
    • roneik
    • By roneik 29th Nov 17, 7:08 PM
    • 130 Posts
    • 51 Thanks
    roneik
    WAGES MAY WELL BE GOING UP BY 2.1%
    Unfortunately inflation is plus 3%

    So wages are going down still, as inflation is greater than wage increases.
    • kingstreet
    • By kingstreet 29th Nov 17, 7:17 PM
    • 32,405 Posts
    • 17,399 Thanks
    kingstreet
    Just offer the price your willing to pay and leave it at that.
    Originally posted by tori.k
    It's a matrimonial. The rest is nothing but flim-flam.

    One vendor will be happy to accept, the other will be trying to screw the other.

    You are in a no win position here. I would move on...!
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kingstreet
    • By kingstreet 29th Nov 17, 7:24 PM
    • 32,405 Posts
    • 17,399 Thanks
    kingstreet
    I've just found out why one case, one thread is a lousy idea.

    I've replied to a dead thread, resurrected unnecessarily...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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