In a state of shock!

WillowCat

Cleaver wrote: »

Oh, and to save everyone else the bother, I'll say it first.

"You haven't sold it yet. They won't get a mortgage. It'll fall through. Stop counting your chickens. 92% of sales fell through last month. Etc. etc. etc."

Yeah, I know, and I agree.

I was strung along for a couple of months last year and then the sale fell through (they wanted different planning permission and council said no). I was so despondent that I decided not to sell after all.

I think it was exceptionally keenly priced - mainly as it's now pitched below the 250k mark, and even though it was probably worth maybe 10k more, I wouldn't want to pay the extra stamp duty so why would I expect my buyer to. The offer last year was for 290k and this is an area which didn't really see much of a price rise so I would expect the fall not to be so harsh either.

WillowCat

p00hsticks wrote: »

That;s great for you - hope it all goes smoothly.

Can I ask if you deliberately put the sale price higher than you were prepared to accept because you were expecting buyers to insist on a reduction ?

I knew I was facing a ceiling of 250k. (due to stamp duty) It was probably 325k at peak. So I had a bit of a dilema as to what to price it at to get 250k. The agent wanted to put a "guide price" of 250k, to achieve that, I thought it would be better to price a bit over to allow for a reduction, so it went on at 260k.

I'm really lucky that every house in the street is different, and most are much more expensive (I've got the worst house on the best plot, bizarrely). My heart feels a bit like "I'm giving it away", but my head says it's keenly but fairly priced.

Swipe

WillowCat wrote: »

I knew I was facing a ceiling of 250k. (due to stamp duty) It was probably 325k at peak. So I had a bit of a dilema as to what to price it at to get 250k. The agent wanted to put a "guide price" of 250k, to achieve that, I thought it would be better to price a bit over to allow for a reduction, so it went on at 260k.

I'm really lucky that every house in the street is different, and most are much more expensive (I've got the worst house on the best plot, bizarrely). My heart feels a bit like "I'm giving it away", but my head says it's keenly but fairly priced.

You did the right thing, well done. It seems the only houses that are realistically priced are the only ones that are selling

Snooze

Cleaver wrote: »

Damn, Snooze beat me to it.

Well only because it could easily happen. It is not nice for anyone selling to think it's all wrapped up only to see the buyer pull out at the last hour for whatever reason. I sincerely hope for the OP that they don't, however.

Rob

WillowCat

Thanks for the responses:T

Yes, I do know it's not a done deal, but it is the first step, and you can't get to exchange without first getting an offer.

My main worry now is when I come to buy (in a couple of months time, want to get properly sold first) will I be able to get the same great deal on the house I want?

arcalis

WillowCat wrote: »

My heart feels a bit like "I'm giving it away", but my head says it's keenly but fairly priced.

It doesn't really matter as long as you get value on what you recieve for your next purchase. Well done!

pandamonia

well if you priced your house well at 250k from a 2007 peak of 325k then well done.

you have been realistic and have managed to find a buyer quickly. now lets hope these people can follow through lol

Robert_Sterling_3

You priced above the £250,000 tax hurdle barrier and got an offer of £260,000.
Sometime between now and the exchange of contracts I think you will agree to drop to £249,995.
You will still get what you expected to get. The buyer will get both a £10,000 reduction and a drop from £7540 to
£2,500 in Stamp Duty Land Tax.
Your Estate Agent knows this. Everybody is a winner.
This could be a goer but it is only half the story.
I could not have written a better script myself.
Keep us posted. :T :T :T

WillowCat

Robert_Sterling wrote: »

You priced above the £250,000 tax hurdle barrier and got an offer of £260,000.
Sometime between now and the exchange of contracts I think you will agree to drop to £249,995.
You will still get what you expected to get. The buyer will get both a £10,000 reduction and a drop from £7540 to
£2,500 in Stamp Duty Land Tax.
Your Estate Agent knows this. Everybody is a winner.
This could be a goer but it is only half the story.
I could not have written a better script myself.
Keep us posted. :T :T :T

No, I asked for 260k in order to get 250k. Stamp duty kicks in at 250,001 so they'll pay at 1%.

If I'd asked for 250k straight off I'd probably have got the reaction "but nobody pays the asking price"

berniesmaster

nice 1, bet your chuffed,