To those selling in these difficult times

donna1975

GDB2222 wrote: »

Surely, for this to be fair, they should take the same percentage off their price as you have taken off yours? That would take them down to £232,500.

but no one wanted to buy our house lol, in all the time we had it on the market we didn't have one offer, so yes they are still getting a better deal but it means that we can move so we're happy enough. we are getting new carpets and kitchen appliances too.

mishmash

Davesnave wrote: »

As you say, tying together all the things you want to do is a potential nightmare. Chasing this market is also very unappealing; my experience is that every time I get an offer the media reveal some new economic horror story!

While 35% of your own money going in should normally shield against negative equity, these aren't normal times. Houses have dropped well over 15% where I live, so it's right to consider how much further they might fall given the parlous state of the mortgage market, and whether your builder is reflecting local conditions properly. There is also the great unknown of the looming recesssion, which raises the spectre of unemployment. Does your OH have a bomb-proof job? These are the sort of questions I'd weigh the answers to.

Thanks Davesnave, We are both in employment in safe industries (or as safe as they can be).

I am leaning towards this deal, although I would much preffer our houses to sell for reasonable prices and buy one together with more deposit and more to spare, of course the best outcome is the builders.

However, it is a nightmare to sell two properties even more so in todays market.

The negatives of this is that we will not get as much for our houses and we may be in negative equity. Though I dont think (only guessing) that we will be, but it is a consideration.

We could well wait, markets could drop further. If we wait then we continue to pay 2 sets of bills and outgoings and live this wierd together but seperate life. If I stay here the little one does not get into the best school.

I am not looking for an investment, just a family home that meets our needs. My neighbour keeps telling me just to extend my house, which is a possibility but OH would still have to sell his to fund it the school here is not great (I learned that from my big 3 kids) and it's not what we really wanted.

So I think I will try and push the builder up around 5k on each of our houses, if he goes to this I will be happy or happyish.

Thanks for all your advice

Mish

Davesnave

mishmash wrote: »

We could well wait, markets could drop further.

Personally, I'm in no doubt about that. If the market doesn't continue to fall, I've made a serious error of judgement, and so have many others on this forum! I've dropped my price 20% to go now, at all costs, but then the person who buys my house will probably be here 10 years, so next year's price will be academic.

Only you see the full picture or can guess at the likely availability of what you want. A buyer here would get a chance to buy in my road twice a year on average, but only half the houses have good, south or westerly gardens, so that's an average of one good one a year. In the current climate, unless someone gets into financial ordure or pops their clogs, the chances are that there will be no houses for sale here at all next year.

I'm going into rented, as I figure it will cost me nothing, except the interest on the money I'd receive for my current house. Like you, I originally had two houses to sell, but my mistake was not putting them both on the market together.

GDB2222

donna1975 wrote: »

but no one wanted to buy our house lol.

I doubt that they've had loads of buyers either!

Anyway, I hope it works out okay for you.

pawpurrs

Got another viewing booked in for this afternoon, so keep your fingers crossed.:j

Amino

I was shocked/thrilled with how quick my house went, just hoping it doesnt fall through, they have had their valuation done yesterday so I hope that some hollow indication that they are commited

listed our house on Thursday with EA, that Thursday someone went to view, follow up was she wanted a second viewing

the next day on the Friday, another viewing request for the evening, we were travelling to Sardinia early on the saturday so couldnt follow up with them till we arrived on hols

Called up EA, second viewer immediatley put an offer in ~£10K below asking price of £199,950 after minimal haggling accepted an offer of £196,000

So all sold in all of about 24 hours...:cool:

lisa-loves-cats

Update...

Had a viewing on Monday, lady was again very cagey... anyway, EA called yesterday to say that she had an 'interesting proposition for me'????????????

listen to this, I really don't know what to make of it.... she has asked to rent my property off me for 4 months and to complete on the purchae at the end of ths time.

my initial reaction to this was obviously to ask 'why', but she won't divulge this information, which unfortunately just leaves me to speculation and suspicion....

what if she decides to pull out of the sale at the end of the 4 months?
is this a way to ride the market and offer less later on?
does she want to test drive the property?

there are many other things whizzing around my head; the potential cost imlications for renting it for 4 months, rental agreements, deposits, if she were to pull out, any repairs and maintenance which may be required and then the absolute inconvenience of being 4 months down the line, who knows where the market would be by then, i still wouldn't have sold my house, my baby will most definately have been born.....too many things!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I have voiced these concerns with my EA who relayed them back to the lady, her response was that she would be willing to have a clause written stating that she would definately purchase the property, at the end of the 4 months, at the price we agree prior.

other suggestions from friends/family has been; if she is absolutely serious about wanting my property, and has personal reasons of her own which she doesn't wish to divulge, then to ask for a deposit of maybe £50,000??????????

advice, advice, advice
opinions. opinions, opinions
please, please, please

Davesnave

Lisa, I think you need legal advice on this one. It could only be a winner if the price could be agreed and a substantial loss would be incurred by her pulling out. The contract needs watertight drafting.

lisa-loves-cats

thanks dave, i was hoping you would respond, your advice on this forum (as far as I've witnessed) has always been sound.... I will see how things develop, i am a very cautious person so won't make any hasty decisions.

My EA was very honest yesterday and admitted he was unfamiliar with this kind of situation, and that he would make some phonecalls to do some research as to how a set-up like this would work....

another viewing booked for this afternoon...............

Optimisticpair

Lisa,

I have known it happen with friends and it was fine but it is your house until you complete.

You can't be 100% sure that he/she would be able to pay and complete unless it was cash in bank waiting. The buyers solicitors have to check that numerous things are correct or factual things which might affect the final decision to buy or not, these are things which the buyer should know about so if you feel that its your best or only chance to sell do see your solicitor for advice.

Update
Our flat sold the day after going on to the EA's books no problems whatsoever and we came out as happy as the buyer.