> Truth about why a house purchase has fallen through twice in 5 months? <

GDB2222

CharleneUK wrote: »

GDB2222 - Yep, that's the one (didn't really wanna post the link in case I do move there, but I guess it was easy enough to find! LOL)

Sorry! Oh, and yes it was.

very interesting to see the amount of movement on this road.

Yes, it may just be that sort of road, which people regard as a stepping stone.

We were thinking of offering something around £189,650, as we didn't want to go too low, because we know it is one of the cheapest around, so will generate a lot of interest, as it did when we went to view it... Ugh. Decisions decisions. Gonna call the Agent right now.

If it were me, I would be very concerned about further drops in house prices. Consensus view here on the forum is over 20% drop still to come. Consequently, I would offer £174,950, which saves over £1,800 in stamp duty. If I lost it, I would shrug, rent for a bit longer, and expect to see others for sale in the road below £200k before too long (2 years). I think anybody offering a property at £199,950 must expect to receive offers at just below the stamp duty threshold. You can always offer a couple of Thousand for the carpets and curtains to sweeten the deal but stay below the stamp duty threshold. (Assuming the carpets and curtains are worth that).

I should emphasise that I have not seen the house, and I have no idea about prices apart from the actual sale figures I quoted - for houses that may be very different.

GDB2222

CharleneUK wrote: »

Well that was a big fuss about nothing. The buyer is still the buyer, thing is, they haven't had a survey arranged and it's been 3 weeks, so the seller has put it back on the market, however if the original buyer gets the survey done, they'll be going forward UNLESS, of course, someone puts a higher offer in.

Pah!

And did the agents tell you what these people had offered?

What can you do to make yourselves attractive buyers even if your offer is lower? Can you proceed very, very quickly, for example?

CharleneUK

Hey again. We've been around the area in the early evening, about 5ish? Was still very quiet, but maybe 7pm onwards would be very different!?

I do feel prices may drop more, but I just don't know if people will bother selling, it's gone really really quiet, and the agent didn't tell us what the other buyer had offered, which is really annoying, as why mention it in the first place?

We can move very quickly, we have solicitor and mortgage broker on standby, they know all of this and we said it in the letter. The one thing I did like about these agents is that they didn't try to call us at the time to see if we would bid higher. They simply accepted the offer they were given and took it off the market, but now, all this 'waiting for the buyer to book the survey' is very off putting, as we could get hopes up, only to hear 'Oh, yeah, they've got the survey booked for next Tuesday' ??

OH is still sleeping, so am waiting for him to wake so we can discuss this, but the viewing is booked for 2pm, so we'd better get our skates on!!

Thank you!

GDB2222

I would put in a cheeky offer and emphasise that you can move really, really quickly. Then leave it at that. I wouldn't get into a bidding war. If you don't get it, there'll be others along shortly. The house price recession will last for years, and people WILL sell.

CharleneUK

Just an update. We arrived as another couple were leaving. I spoke a bit more with the agent and he says a problem did come back on the Survey with the first buyers.. Something about a chimney stack and the buyer backed out of it. They offered £250,000 apparently.

He advised us to go in just over asking to secure it, and that they're taking on one opposite for £245,000 next week.

In any case, we need to bid by 12pm on Monday. Thanks again all.

Chris2685

Wow, that's pretty interesting. I am not sure whether I would believe an agent who told me that, because I thought people were not buying at all lately!

Be interesting to see what happens with this property over the next few weeks.

dopester

CharleneUK wrote: »

Just an update. We arrived as another couple were leaving. I spoke a bit more with the agent and he says a problem did come back on the Survey with the first buyers.. Something about a chimney stack and the buyer backed out of it. They offered £250,000 apparently.

He advised us to go in just over asking to secure it, and that they're taking on one opposite for £245,000 next week.

In any case, we need to bid by 12pm on Monday. Thanks again all.

Alarm bells are ringing here. He wants you to go in at what price to secure it?

It is on Rightmove at £199,950.

Also a lot of people will be under pressure to sell with looming unemployment. People who can't keep up with mortgage repayments after coming off a low teaser rate. BTL trying to bail out. And for many other reasons.

£200,000. I'd expect a mansion in great condition for that, in a superb desirable location, and I'm not joking. We are entering a stage where there is going to be a complete rethinking of the sums of money involved compared to house prices.

pickledpink

dopester wrote: »

Alarm bells are ringing here. He wants you to go in at what price to secure it?

It is on Rightmove at £199,950.

Also a lot of people will be under pressure to sell with looming unemployment. People who can't keep up with mortgage repayments after coming off a low teaser rate. BTL trying to bail out. And for many other reasons.

£200,000. I'd expect a mansion in great condition for that, in a superb desirable location, and I'm not joking. We are entering a stage where there is going to be a complete rethinking of the sums of money involved compared to house prices.

"£200,000. I'd expect a mansion in great condition for that, in a superb desirable location, and I'm not joking. We are entering a stage where there is going to be a complete rethinking of the sums of money involved compared to house prices.[/quote]

What's it like in Cloud Cuckoo Land?:rotfl:

Your pills ain't working, Dope........:p

pickledpink

CharleneUK wrote: »

Hi all, hubby and I saw a house we liked, in our budget and went away with our broker to secure a good mortgage deal before coming in with an offer. A day later we called them, only to be told it was now under offer. We were gutted to say the least as we did tell them we are very interested, but wanted to clarify some things with our broker first.

Anyway, we wrote them a letter, telling them if anything went wrong, and we were still looking, to contact us, as we really liked this house.

Well, less than a month later, we get an email to say it's back on the open market :eek: Thing is, I'm beginning to worry as it's the second time (According to that right move add on thingy) and we know the owners do not live in the country and want rid of it, as it's costing them money.

Apparently, the first deal fell through because the buyers couldn't raise the cash after all, but it's strange they only realised this 3 months after it was taken off the market? We're going to call them in a minute, but are they actually obligated to tell the truth (e.g the survey came back super dodgy, or some other drama) Or can they just say whatever they feel like?

I do appreciate I'm a bit paranoid, it could simply be as the agent says, who knows really?

Here's the info if anyone is nosey, like me! :rotfl:

Tue 26 Aug 2008 11:31:15 GMT

• Status changed: from 'Available' to 'Under offer'

Wed 20 Aug 2008 13:17:11 GMT

• Detailed Description changed: Place your bid on this three bedroom terraced cottage set in a no through road. The property benefits from having two reception rooms, 13'4 x 9'2 kitchen, upstairs bathroom and no onward chain. Located within 1/2 mile from Wallington high street and BR station. With an initial starting price of ?210,000 this is available for viewings until Sunday 10th 17th August with all bids to be placed by 12pm Monday 11th 18th August. For more info & to arrange a viewing call our sales team on 020 8773 4455Room DescriptionsEntrance HallLounge 12'8 x 10'9Dining Room 11'6 x 11'2Kitchen 13'4 x 9'2LandingBedroom One 13' plus wardrobe depth x 10'3Bedroom Two 11'8 x 8'3Bedroom Three 9'13 at max x 7'6BathroomRear Garden 52'4 narrowing to 38'3 x 14'6

Wed 20 Aug 2008 13:16:19 GMT

• Price changed: from 'Offers in Excess of £210,000' to '£199,950'

Tue 05 Aug 2008 21:59:26 GMT

• Agents Address found: 2 Wallington Square Wallington SM6 8RG
• Detailed Description found: Place your bid on this three bedroom terraced cottage set in a no through road. The property benefits from having two reception rooms, 13'4 x 9'2 kitchen, upstairs bathroom and no onward chain. Locate...

Tue 05 Aug 2008 20:57:00 GMT

• Agent found: Andrews Estate Agents
• Agents Location found: Wallington
• Agents Telephone found: 08452173280
• Brief Description changed: A unique opportunity to place Place your bid on this three bedroom terraced cottage set in a no through road. The property benefits from having two reception rooms, 13'4 x 9'2 kitchen, upstairs bathroom and no onward chain. Located within 1/2 mile from Wallington high street and BR station.

Tue 05 Aug 2008 08:03:36 GMT

• Brief Description changed: Place A unique opportunity to place your bid on this three bedroom terraced cottage set in a no through road. The property benefits from having two reception rooms, 13'4 x 9'2 kitchen, upstairs bathroom and no onward chain. Located within 1/2 mile from Wallington high street and BR station. [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Price changed: from 'Offers in Excess of £214,950' to 'Offers in Excess of £210,000' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Tue 22 Jul 2008 07:26:38 GMT

• Brief Description changed: A unique opportunity to place Place your bid on this three bedroom terraced cottage set in a no through road. The property benefits from having two reception rooms, 13'4 x 9'2 kitchen, upstairs bathroom and no onward chain. Located within 1/2 mile from Wallington high street and BR station. [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Thu 03 Jul 2008 22:52:10 GMT

• Brief Description changed: CHARMING CHARACTER COTTAGE Andrews are pleased to offer to the market A unique opportunity to place your bid on this three bedroom terraced cottage set in a no through road. The property benefits from having two separate reception rooms, 13'4 x 9'2 kitchen, upstairs bathroom and no onward chain. Located within 1/2 mile from Wallington high street and BR station. [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Price changed: from '£264,950' to 'Offers in Excess of £214,950' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Status changed: from 'Under offer' to 'Available' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Mon 24 Mar 2008 06:17:55 BST

• Status changed: from 'Available' to 'Under offer' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Sat 15 Mar 2008 20:14:12 BST

• Brief Description found: CHARMING CHARACTER COTTAGE Andrews are pleased to offer to the market this three bedroom terraced cottage set in a no through road. The property benefits from having two separate reception rooms, 13'4... [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Price found: £264,950 [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Status found: Available [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Subtitle found: 3 bedroom terraced [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Title found: Mellows Road, WALLINGTON [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

To be honest Wallington is not that nice. It isn't dreadful - but it's drab. And it has poor transport links. It has an Aldi there - and that speaks volumes.

The house itself is boring and drab (looks like a posh place in Bulgaria) and the lounge is tiny! The garden looks like an unused allotment - and there's noting inspiring whatsoever about the place.

To sell a property in this market is has to STAND OUT; and this one doesn't! If it was a car, say, it would be a 1970's Skoda - with rust.

As for the length of time the previous buyers were arranging their surveys/mortgage etc.........I sold my house last year (accepted offer in July - but we didn't complete until January because his BS took FOREVER to OK his mortgage....). I was in no rush to push and I think that worked in my favour.............................:j

barnaby-bear

GDB2222 wrote: »

This one?
http://www.rightmove.co.uk/viewdetails-20114075.rsp?pa_n=1&tr_t=buy&mam_disp=true

That house is ringing bodged bad DiY bells:

Towel rail in the line of bad aim and next to the flush... people flush before washing their hands.

Kitchen - badly laid out, nasty cheap single electric oven and those rubbish solid hobs.

As a buyer I'd be wondering if they've spent money on bad cosmetics and there's some underlying long term problems.... just a hunch - has that could have a series of issues feel...