What are Estate Agents Up to?

dealornodeal_3

jenner wrote: »

well theres a property we are interested in, its too much for us but because ive had to knock so much off mine and still havent had a buyer (first viewing today in 4 months), we are going to have to be ruthless, so may well put in a really low offer on things and push any embarrassment aside. however, we noticed that the property has been on the market for about 14 months and when we viewed it recently, it had damp, it had a dehumidifier on. so with another winter of no heating, they could be damaging their property further.

Remember jenner, its no longer a sellers market.. Its fully turned in favour of the buyer. So no need to feel embarrassed

I phoned an estate agent the other morning and stated when you reduce to a more realistic figure I may be interested. I knocked £32K off, and she asked me if I would like a viewing!

puddy

interesting. ive been really low about what we seem to now be able to afford, ie 2 bed places in rougher areas, whereas before, when i thought i could sell mine for about 200 -220, we were looking at 3 beds in nicer areas. i wonder whether i should just be absolutly rock bottom with offers, after all thats what people will be doing to me

pr1nc3ss

Cor jenner, maybe your looking at buying the same place we like!

And just like dealornodeal said about the squatters, we went to view said place after checking it out a few times as it was empty. Got there with the estate agent and sure enough someone was living there! Cant actually believe he was stupid enough to leave stuff with his name on lying around though. The house is a huge 4 bed victorian place with two flats at the back. During the process of trying to get in he'd tried to break one of the patio doors, only being toughed glass it just shattered and stayed there, so he broke one of the old style windows instead. As the owners are living abroad they havent got a clue about the state its in now - overgrown, damp etc. Just like Jenner, we feel like offering a much smaller amount than the asking price as it needs so much work & has been on the market 14, 15 months. I've checked many websites to try and find out how much was paid for it with no success, so maybe they bought it when these details were not published.

dealornodeal_3

jenner wrote: »

interesting. ive been really low about what we seem to now be able to afford, ie 2 bed places in rougher areas, whereas before, when i thought i could sell mine for about 200 -220, we were looking at 3 beds in nicer areas. i wonder whether i should just be absolutly rock bottom with offers, after all thats what people will be doing to me

IMHO, If I was in your position, I would wait a little longer. Experts say we could be in for a 35% drop into next year

http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=455934&in_page_id=57&in_a_source=

Therefore the difference between the 2 properties in upgrading will have narrowed?

puddy

trouble is, i really dont want to rent, i will lose my deposite because of the cats and also dont want to pay letting agent fees. in addition, my mortage is only portable within 6 months, so if for whatever reason the place i was buying fell through or took longer than expected, i could lose my deal (10 year fixed at 4.99) with enourmous penalties to pay for paying it off early.

confused31_2

I dont like estate agents , but to be honest i dont think its the estate agents fault its the stubborn sellers who think their houses are still worth 3 times as much of what they bought them for.

Sellers will learn the hard way as when the repossessions start falling in price the sellers will have to lower their prices if they want to sell.

Its worse for the people who need to sell at a high price as they have only bought recently and it might be better for them to hang on in there and hope the prices go back up, than sell and loose a lot of money.

Is there a way you can find out about repossessions in your area?

confused

wymondham

confused31 wrote: »

I dont like estate agents , but to be honest i dont think its the estate agents faults its the stubborn sellers who think their houses are still worth 3 times as much of what they bought them for.

... or those who bought in the last few years that can't reduce any more due to their humdinger mortgages.. (do people still use humdinger??!)

confused31_2

wymondham wrote: »

... or those who bought in the last few years that can't reduce any more due to their humdinger mortgages.. (do people still use humdinger??!)

i dont know but its a cracking word:D

confused:T

Running_Horse

dealornodeal wrote: »

What are estate agents up too?

Doing what their clients tell them? If someone does not need to sell, what is the point slashing the price when no one can get a mortgage anyway? If credit becomes available next year and prices stop falling then that will be the right decision. If things get worse, then spring will be interesting as lots of new properties come on the market. Anyone who claims to know what prices will be this time next year is an idiot. Several people round here have failed to sell, and rented out their property instead until things get better.

dealornodeal_3

confused31 wrote: »

I dont like estate agents , but to be honest i dont think its the estate agents fault its the stubborn sellers who think their houses are still worth 3 times as much of what they bought them for.

Sellers will learn the hard way as when the repossessions start falling in price the sellers will have to lower their prices if they want to sell.

Its worse for the people who need to sell at a high price as they have only bought recently and it might be better for them to hang on in there and hope the prices go back up, than sell and loose a lot of money.

Is there a way you can find out about repossessions in your area?

confused

Only a small percentage of EA deal in repos.

Majority go to Auctions. This link will tell you properties unsold, they give you 2 days free, and then they want your cash( repos/mortgagee)

http://www.eigroup.co.uk/Login/Login.asp