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Debate House Prices
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Anecdotal
Pobby
Posts: 5,438 Forumite
Not sure if this warrants a new thread but here goes. Back in February an elderly friend had seen a warden controlled flat up at £140 k. Her 2 up 2 down was values at £135,000. No luck in selling.
2 weeks ago a cash buyer offered £95k and it was accepted but the buyer said he wanted to complete in 4 weeks. The flat that she wanted has not sold and she has been given the offer of buying it at an amazing £50k knocked off the original price . All looking good.
However, her solicitor has warned her that it may not be all good. He has told her that gazundering is getting to be the norm so be prepared for a last minute offer at about £10k less!!!!
Hmmmm, house prices only go up!
2 weeks ago a cash buyer offered £95k and it was accepted but the buyer said he wanted to complete in 4 weeks. The flat that she wanted has not sold and she has been given the offer of buying it at an amazing £50k knocked off the original price . All looking good.
However, her solicitor has warned her that it may not be all good. He has told her that gazundering is getting to be the norm so be prepared for a last minute offer at about £10k less!!!!
Hmmmm, house prices only go up!
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Comments
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Out of interest, was the house still on the market at £135k, or had she reduced the asking price?No reliance should be placed on the above! Absolutely none, do you hear?0
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Not sure if this warrants a new thread but here goes. Back in February an elderly friend had seen a warden controlled flat up at £140 k. Her 2 up 2 down was values at £135,000. No luck in selling.
2 weeks ago a cash buyer offered £95k and it was accepted but the buyer said he wanted to complete in 4 weeks. The flat that she wanted has not sold and she has been given the offer of buying it at an amazing £50k knocked off the original price . All looking good.
However, her solicitor has warned her that it may not be all good. He has told her that gazundering is getting to be the norm so be prepared for a last minute offer at about £10k less!!!!
Hmmmm, house prices only go up!
Although it could be regarded as 'payback' for gazumping, trying to change a deal under duress at the last moment is pretty despicable behaviour IMO.
I have no sympathy for anyone who gazumps or gazunders.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Out of interest, was the house still on the market at £135k, or had she reduced the asking price?
No. Last time I knew, ummmm, about 8weeks ago I think it was on at £115k. Now here`s the strange bit. I couldn`t get my head around the fact that I could see 50% drops. In my mind that could very clearly happen now.0 -
Aah, but lots of people said - and are still saying for that matter - that the big falls would all occur in new-build flats - or in v pricey areas like London - not in ordinary, cheap housing.
Ah well, another myth proved to be wrong....0 -
When we sold in May we were really worried about the possibility of guzundering, but thankfully it didn't happen.
What I would say is that if her buyer tries to guzunder by £10k, she can pass this on as clearly the people she is buying from are keen to sell. Her solicitor should be suggesting this to her and should do it for her.0 -
Aah, but lots of people said - and are still saying for that matter - that the big falls would all occur in new-build flats - or in v pricey areas like London - not in ordinary, cheap housing.
Ah well, another myth proved to be wrong....
Totally agree Carol. I do think that new build will be the worst but imho this is going to happen across the board. Not sure about the super rich pads.0 -
Aah, but lots of people said - and are still saying for that matter - that the big falls would all occur in new-build flats - or in v pricey areas like London - not in ordinary, cheap housing.
Ah well, another myth proved to be wrong....
......by one case of a sale that hasn't completed???? Hang in there carol!18 May 2007 (start of Mortgage):
Coventry Offset Mortgage £220800
Offset Savings: £0
Mortgage Balance: £220,800
14 Jan 08
Coventry Offest Mortgage: 219002
Offset Savings: 28200
Mortage Balance: £190802
And still chucking every spare penny into it!0 -
And I doubt it is payback either. I suspect that there are those who will both gazump and gazunder and others who will do neither, but very few who will do just one or the other.Although it could be regarded as 'payback' for gazumping, trying to change a deal under duress at the last moment is pretty despicable behaviour IMO.
I have no sympathy for anyone who gazumps or gazunders.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
Not sure it is big news really.
In the Telegraph a few days ago.
Although there is one person on the forums who would never back out of his undertaking, despite circumstances changing, and is gagging to buy, even if the true market valuation has dropped significantly in price and could save him tens of thousands in price.Gazunder, the practice where home buyers cut the price of properties at the last minute, is affecting half of all sales in some areas, according to estate agents. The practice, which is perfectly legal, first came about in the 1990s property slump and has reappeared over recent months as home buyers take advantage of plunging house prices to get a better deal.0
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