To those selling in these difficult times

pawpurrs

No rush then :rolleyes:

lotto-dreamer

pawpurrs wrote: »

Congratulations on the offer. :T
Are you happy with the amount, how does it compare to what the Agents have recieved on other comparable properties recently?
Would you regret it if you didnt accept it?
How long have you been trying to sell?
As they are in an excellent postion, will they act swiftly?
Will they increase the offer or is this their best price, ask if it is dependant on any surveys?

Thanks Pawpurrs! It really is decision time for me.

I turned down £155,000 in May - but taking into account the current market I don't think £157,000 is a bad offer now - especially as they are cash buyers and there is no chain.

The agent said they had offered £155,000 but he told them I probably wouldn't accept that (bless him) and they upped it to £157,000. The agent doesn't stand to make any more money as they have given me a fixed price anyway. When they originally valued it, they said (in April 2008) they'd put it on at £170000 and I could expect about £165,000. It is in a nice area though but I will stay and rent in this area (£650 - £725 I believe :eek: )

To put things in perspective, I paid £59000 (ex-council semi) for the house in 1999 - with a mortgage then of £30,000. Subsequently remortgaged twice to do some improvements and to buy a second hand car - and yes, to keep afloat generally (no expensive holidays though!) But, I have taken advantage of the easy credit and of course am now regretting it. However, I had to bring up two sons on my own and they are now educated and can earn their own living - although they have yet to fly the nest :rolleyes: (one contributes financially, the other not at present as he has only just finished college)

In the current uncertainty - I think the offer is fair. Unfortunately, I work in conveyancing and know all the hiccups along the way - the offer is only the first hurdle. I do know though, from work, that a lot of matters are falling through at the moment because buyers can't get a mortgage or the price is reduced after the survey etc.

I'm not sure what to do - but somehow I feel it is quite a good offer in today's market. Perhaps I'm wrong?

pawpurrs

If you feel its a good offer, take it. You could see if they will increase, but if your happy with it, then accept it, as you say they are in a good postion.
If you do accept it then ask for survey to be completed within two weeks say, and keep an eye on it. Hope it all goes through smoothly for you.

puddy

very good points lotto about the offer just being the first hurdle, i dread to think aobut the rest of it. i havent sold a property before, only bought one

Imp

moneysavingfamilycomp wrote: »

can i ask buyers out there what actually persuades you to buy. we simply cant reduce our price anymore at the moment its a bit complicated but basically this house is mine and OH and i intend to buy a 3 bedroom together with plans to start a family ( i already have a 15yr old son and this is only a 2 bed) OH is currently living at his parents but since we put house on market he has been made redundant and so the new mortgage will be based on my wage until he gets another job. because of this we are limited to the amount of mortgage we can get. we are kind of stuck in a catch 22 drop price and people will buy but we cant afford to buy. leave price we can afford to buy but wont be able to sell. we are having a new block paved double drive layed to the front and im intending doing some decorating although it doesnt really need it and having carpets cleaned we will have it re valued once work is done but what im wondering is is work like this still helping to get a sale or are people only interested in price and arent bothered if inside is tatty. if thats the case basically were stuffed.

I probably decide whether I want to buy a house as soon as I walk in the door. If I decide I want to buy it, I can see ways around all the little problems. If I decide I don't want to buy it, everything is a problem. The first thing I look at is the garage, and make my judgement on that.

I'm pretty sure every buyer will have some aspect that they need, and everything else can be lived around or fixed. It could be the location, the garden, the size of the kitchen, etc. etc.

I am also looking at houses of all ages and types, just to find one with the perfect garage.

Davesnave

lotto-dreamer wrote: »

It really is decision time for me.

I turned down £155,000 in May - but taking into account the current market I don't think £157,000 is a bad offer now - especially as they are cash buyers and there is no chain.

I'm not sure what to do - but somehow I feel it is quite a good offer in today's market. Perhaps I'm wrong?

Hi.
Less than 10% under asking is 'good' in today's market. People like me put houses on at good prices, but buyers still ask for 10% off that, regardless.
This leads to others factoring-in the 10% drop but, as you've just said yourself, they may then come a cropper at valuation, if they can find a buyer. Bearing in mind that exchange can also take a couple of months, the price may also be 'reviewed' at that time, if it is not especially favourable in the first place!

If someone would kindly give me 10% off what I was asking last May, I'd be delighted......and £35k richer!

Davesnave

jenner wrote: »

ok, well, just listened to my messages today and the esate agent rang while i was at work. he said that viewer was interested in the flat but needs to speak to their financial advisor the WEEK AFTER NEXT, so will give me a ring then to let me know if they want to proceed. i would have thought that was all done by now, the price could drop another 20k by then!!!!!

Those financial advisors are probably worked off their feet at the moment, with all the investors clamouring to put their cash into equities and pension schemes!:rotfl:

very good points lotto about the offer just being the first hurdle, i dread to think aobut the rest of it. i havent sold a property before, only bought one

Sadly true, but there are some uncomplicated people around, and if you are priced fairly, you may be lucky.

Davesnave

Feefee wrote: »

Hi All,
I've got 3 EA coming on Sat & they have all said over the phone that i will not get much more than i paid for it 3 years ago:eek: I know the markets not that good at the moment but would be nice to make something on it as will need to buy things to go in his house like wardrobes as mine are all built in.
Feefee

Three agents have told you what the score is. Bear in mind that their estimate is based on selling now, rather than in six months time, which will help you to be realistic if and when the offer comes. It is tough but, apart from a very few locations, anyone who bought 3 years ago is now out to avoid negative equity, rather than to make a profit.

Of course you may be lucky, and I hope you are. None of us deserves this situation, but I believe we can still trn it to our advantage. For example, you and your OH could, perhaps, buy something really special together in a year or so, when prices have stabilised.

lotto-dreamer

Davesnave wrote: »

Hi.
Less than 10% under asking is 'good' in today's market. People like me put houses on at good prices, but buyers still ask for 10% off that, regardless.
This leads to others factoring-in the 10% drop but, as you've just said yourself, they may then come a cropper at valuation, if they can find a buyer. Bearing in mind that exchange can also take a couple of months, the price may also be 'reviewed' at that time, if it is not especially favourable in the first place!

If someone would kindly give me 10% off what I was asking last May, I'd be delighted......and £35k richer!

Thanks Davesnave, yes, I am going to accept - I've had a restless night worrying if I'm doing the right thing - will phone agent this morning.

But, yes, Davesnave, there's still the valuation to come and all the other horrors that turn up which means price review. I see this every day at work -

although after hardly any new conveyancing matters coming in for months, things are slowly starting to pick up - in the last week we've had a small flurry of new matters (mostly purchases). I was wondering if people are thinking their money might be safer in property in the long term than the stock market if they have spare cash lying around.

Davesnave

lotto-dreamer wrote: »

Thanks Davesnave, yes, I am going to accept - I've had a restless night worrying if I'm doing the right thing - will phone agent this morning.

But, yes, Davesnave, there's still the valuation to come and all the other horrors that turn up which means price review. I see this every day at work -

although after hardly any new conveyancing matters coming in for months, things are slowly starting to pick up - in the last week we've had a small flurry of new matters (mostly purchases). I was wondering if people are thinking their money might be safer in property in the long term than the stock market if they have spare cash lying around.

Well done with your decision.

I think there has been a small recovery in the market, probably as people begin to come to terms with the situation. It is pretty clear to even the least informed that prices are not going to improve any time soon, so if they are to gain in terms of moving their lives on, there will be pain as well.

A 'We are all in this together' attitude has begun to replace, 'Why is this happening to me?'