To those selling in these difficult times

calmspirit

Thanks QT but I am in very unusual circumstances, too complicated to explain on this thread (but if anyone has time on their hands and willing to help me get my head around things then I would be very grateful of any advice ) which means I have to buy. Yes, renting for 6months/year would be preferable but no can do I'm afraid!

Most agents are closed until Tuesday now.........then anything new they take on has to have HIPS sorted out........all time consuming.

Back to RM for me then (finding it so out of date now its annoying me!)

pawpurrs

ad9898 wrote: »

Have you still not sold yet ?, with property like to come off another 10-15% over the next 12 months, rising mortgage rates just round the corner and 3 million unemployed by the end of the year, it might be a good idea to try and jump ahead of the curve and knock 10% off your asking price.

Lending is set to be around £180 billion this year, compared to £360 billion at peak, that's 50% less funds for the banks to lend out, if their is a spring bounce, I would say a lot of it is being funded by cash buyers, which will eventually run dry as the price indexes continue to trend downwards over the rest of the year.

Thanks for that :T

ad9898_3

pawpurrs wrote: »

Thanks for that :T

I know it's a grim situation for sellers, hell I was one myself last year, finally selling after 4th 'fall through' last July. I had a beautiful 4 bed detached, that would have been snapped up in days at the height of the bubble, but things have changed, and I had to realise that my 'ficticious paper wealth' that I had accumulated over a period of time, was just that, imaginary. So I had to bite the bullet and jump ahead of the curve.

House sales are at an all time low, and the economic news is likely to get worse over coming 12 months, hell even the government/EA's and all the rampers expect another 10-15% down.

Bite the bullet and jump ahead of the curve, it's pretty much gauranteed if you do that you will be in a better position in 3-4 years time.

pawpurrs

I am ahead of the curve, I am about 40/50k cheaper than comparable properties, now its a question of waiting for the right buyer. I could reduce more, but allready people are questioning the price, so I dont want to reduce any more. I am at 20% drop from peak, and that does not take in to account renovation from a house that needed it, with Hand made tiles, central heating installed, inglenooks revealed, rewire, Hand built kitchen, bathroom etc..........

ad9898_3

pawpurrs wrote: »

I am ahead of the curve, I am about 40/50k cheaper than comparable properties, now its a question of waiting for the right buyer. I could reduce more, but allready people are questioning the price, so I dont want to reduce any more. I am at 20% drop from peak, and that does not take in to account renovation from a house that needed it, with Hand made tiles, central heating installed, inglenooks revealed, rewire, Hand built kitchen, bathroom etc..........

Ok, fair enough, at least you aren't one of those delusional sellers, best of luck.

Strapped

pawpurrs wrote: »

ftb who live somewhere else and are considering buying to let, either a place where they live or elsewhere, its not a buy to let place, does not make sense to me at all....... why not buy somewhere to live yourself???

I used to work with a chinese guy who stayed with his parents but bought a family-sized house which he let out; apparently that's fairly common, staying at home until you marry yourself, but having bought somewhere "in anticipation".

suz7

Mines gone under offer for the 2nd time (I dunno) from the same couple (as 1st offer - don't ask (made 3/4 lol) but it's still not showing on RM as available.

Me is not excited. Easter wishes to you all.

Sue.

pawpurrs

Fingers crossed they go through with it this time then Suz, whats happening with the 5% deposit thing? Hope you got that sorted, be careful as lenders can get funny about this sort of thing.

suz7

I will speak to my solicitors sometime about the 5% deposit thing. To me it seems like a roundabout way of getting a 100% mortgage, which sounds a bit dodgy.

Anyone any idea on how long it takes for the surveyor to come out? I know it'll be different everywhere (and the easter break won't help), but just to give me some idea. I think that's when I'll take this offer seriously.

I'm not desperate to sell so am just going with the flow.

pawpurrs

I would be very wary sounds like they have no deposit, find out who they are getting the mortgage with and ask the EA to at least see a AIP.
Regarding survey it does depend who they are going with, but most will be out in a couple of weeks, unless its with the Abbey or such like that do all the underwriting before getting the survey done in which case it can take about a month!
I would keep it on the market, if you can.