Help - Desparate Cash Buyer has nothing to buy!

geoffky

rent somewhere nicer and then if you wait 12months you will probably get another 15 to 20% off the price because prices are falling 2k a month for the AVERAGE priced house.OR would you rather be in your new house and be seeing it lose 2k off its value every month and thinking why did i not wait as it is bloody hard work to save that 2k each and every month?????

mummytofour

I would rent something nicer than you are living in. You sound deprate and that could result in you making a rash choice with buying. Renting IMHO is a much better idea. Some friends of mind rented for a few yrs after selling, they rented the most fab house yet when it was time to buy again could not afford anything half as nice. There is nothing wrong with renting especially if you have cash in the bank.

HH62

Swipe wrote: »

Why not buy a nice place in Staffordshire and commute the extra 15 miles? Is it really worth paying 2/3 more for a different postcode?

My thoughts exactly. I'm familiar with both areas and although this is a generalisation, it's a valid one. Anywhere with a 'Cheshire' postcode tends to be more expensive than Staffs. Even going just a little over the border into say, Nantwich, prices tend to be higher.
I do have sympathy for the OP. Having said that, I live in one of the more expensive areas in Cheshire, and prices here have dropped hugely in the past 6 months. He may still be able to bag a bargain.

wigglebeena

Trolliness designed to engender a sense of desperation in people wanting to buy, and make them feel they have no option but to offer pre-crash prices?

wigglebeena

5 posts. Hem hem hem need I say more know what I mean.

Kessie1

littlejon2009 wrote: »

We are frustrated, and incredibly angry that both sellers and agents alike are still trying to get 2006 prices, and will not budge - no negotiation.

I feel your frustration. We are able to remortgage our house (BTL) because we had worked very hard to pay most of the mortgage off it, and can use this for a deposit for a house in the area we want to be in. So effectively we are now FTBs, but all there is on the market is ex-LA or houses prices at 2007 prices, neither of which we want. There is, unfortunately, an element of delusion (or perhaps snobbery?) in the area we want to move to, in that some sellers think that prices have not fallen in that area :rolleyes:

However, on a more positive note, the only couple of houses that have sold in our chosen area in the last six months have had massive discounts on them, but weren't what we were looking for, so its only a matter of time before sellers start to get the message and reduce their prices to a realistic level.

Be patient, I have the outlook that I would rather be a little frustrated for the next 18 months or so, than end up hating the house we buy for the next 10-20 years.

stolt

similar situation as the OP here, although we hae booked thre viewings in this afternoon. We sold our house in september 2007 and have been in a rented bungalow since then. Have three young children so feel its about time to make that step back onto the property ladder. Where we live rayleigh, essex, there seems lots of people that understand te market and are dropping theprices regulary every couple of weeks. But the house we like (and saw in september 2007) has not dropped in price at all. Last time i made a offer they said they werent going to drop any further than what they had at the time and if i wasnt going to make that offer then they wouldn't listen. So it will be interesting to see if they remember us this time around and what the situation is now.

Have a couple more to view after this one that are similar in size look etc but on the other side of town.

Still think perhaps i should hold out another 6 months!!!

Toto

I sold in Jan 07 and am still in rented, but that's ok for me. Ok, this house is too small especially since the baby has arrived but one day we will find a house which is priced right and is in an area we like. I'm in no hurry, it's all for the long term good and while we are here we are still saving and adding to the deposit.

silvercar

You made the classic mistake that property is an investment rather than a home.

Selling to an able buyer was a good move, renting somewhere that makes you miserable is not.

Rent somewhere that you can make your home rather than saving the rental pennies. Be grateful that your landlord hasn't given you notice and you have to move quickly to another rental.

Reading your initial post suggests that really you are not suited to renting, if doing so means you consider "your life on hold".

The fact that the tracker mortgages available at the time you moved would now be giving you a mortgage interest rate of less than 3% and you are getting very little interest on your savings, could even make renting an expensive option.