what do we do, make an offer before I have a sale?

puddy

thanks everyone, well im basing the 200k on me having taken 40k off mine, which is a bigger drop than the 'official' price drops, so thought it would be enough, it may not be and it might not sell for that much.

i did think about saying exactly that to the vendor of the house we like, that we're all stuck in the same situation and i like the property.

theres no one living in the property at the moment, its being sold with no chain, so i think it was either someone who died or someone with a second property, whether that makes her more or less lieklly to sell or not i dont know!!!

Kez100

Well, that sort of house has possibilities for big drops but it all depends on circumstances. For example if it is an inheritance and the estate is over the IHT limit then every drop of £10k may only cost the beneficiaries £6k. However, you don't really know.

There is some possibility if they are realistic of a chain being put together though as it's the end of a chain.

You may need to take a hit on yours and see if they will share the difference. As I say get the EAs to talk to each other. Do either have a proceedable person on their books that might be interested in picking up your flat cheap?

What leeway do you have before you are actually selling with negative equity?

puddy

i doubt the estate agents will liaise with each other, how do i ask them to do that? one is on the coast, the other (mine) is in london.

i would have to sell the property for under 70k to be in negative equity, however, although that sounds like i have tons of money, i have HUGE debts, and i mean huge, hence why i am buying a property cheaper than im selling mine for. i also have no pension and some of the equity was supposed to start a little pot for my pension. im really torn, do i be sensible and go along with my original plan to have a pension pot and be debt free, or do i throw caution to the wind, eat catfood in my elderly years and knock ANOTHER 20k off the price of mine so that im in a good position


arrrggghhhh

plus it dont help that i keep seeing properties i have saved on rightmove, disappear either being sold or taken off the market. mostly the properties on right move are just rubbish now, cos no one is putting theirs up for sale.

Kez100

OK. Well, the other EA is no good for having buyers for yours lined up as they are so far away. You need to either go with the market and cross fingers or think out of the box. All I am trying to do is think out of the box a bit.

Approach your EA and say you have found a place you like, do they have any buyers lined up at all looking for a deal? If so, at what price point. Consider if you could accept half of that drop. If you could then approach the other EA and ask if the vendors would consider a drop to take the other half of the hit because you are interested but not yet proceedable but are prepared to try to build a chain.

May go nowhere but it will only be a few conversations and if there is no one around at all buying then you kow not to bother.

As for houses you love, forget it. We lost a house on our first purchase - house two ended up being far nicer. We also lost a house on purchase two - again house two turned out to be so much nicer. There is always another great place around the corner.

puddy

yes, im going to speak with both estate agents tomorrow and have that very conversation.

i know exactly what you're saying about houses we love. i would say exactly the same, but i nearly cried when we left the property. everyone has said to me, oh something better will come up if you dont get it, but in my mind, i really cant imagine anything better (although it has no parking, damp, no garden, broken lintle,,,,,,,what am i thinking???)

btw, i wasnt dismissing your advice, i absolutely have to think out of the box and am grateful for the advice on here

Gillibobs

Kez100 wrote: »

As for houses you love, forget it. We lost a house on our first purchase - house two ended up being far nicer. We also lost a house on purchase two - again house two turned out to be so much nicer. There is always another great place around the corner.

I definitely agree with this! We were in a similar situation (albeit in a much better market) in that we were selling our flat and had found a house we loved before we had found a buyer. The seller had been on the market a while and agreed to the offer but kept the house on the market. We were stressing every week our flat didn't sell that someone else would come in to buy the house.

Anyway two months down the line we found a buyer for the flat. By then more houses had come on the market, we were in a better position financially and found another house (where we have been for the last 8 months!) we pulled out of the first house (feeling a little guilty) but definitely don't regret doing so and we now have a much bigger house for not much more money. (incidentally the original house took a few more months to sell at a good £30k less than we had offered....definitely a good lesson in thinking also with your head and not just your heart!)

hethmar

Im a bit confused that you have a flat on sale for more than a house in the same area? You also say the flat is about the same as others in the area, so you need to reduce it below what the others are on for to get interest, dont you.

I wish you luck.

Jorgan_2

No harm in looking at properties but putting offers in at this stage is pointless. You will just put yourself under a lot of undue pressure.

SABJ

when is sold mine a woman put offer in but had a house to sell i said i accept the offer but i will continue to market the house and if another buyer comes along i will sell but as soon as yours is sold i would be willing to sell at that price 10k less (going back a year) 2 weeks later i sold to a different buyer at the full asking, in my area alot of sellers say this but if you not in a position to go ahead and buy right away you dont have much bargaining power
good luck to you i hope it all works out well in the end i know how stressfull these things can be

puddy

hethmar wrote: »

Im a bit confused that you have a flat on sale for more than a house in the same area? You also say the flat is about the same as others in the area, so you need to reduce it below what the others are on for to get interest, dont you.

I wish you luck.

thanks, no my flat is in london, the house is on the south coast. yes, i meant to phone the estate agent today but we went out and i forgot, will phone them tomorrow