house selling know-how - bloody hell

harrup

Ok...so, after reading through a plethora of websites and as a 1st time totally-green-behind-the-ears wannabe seller let me see whether I understood the salient points correctly:

* consciously put a higher price than one thinks is reasonable & fair on the property - because everybody WILL make a lower offer than the asking price, never mind HOW reasonable. Dumb question: to avoid the to-ing and fro-ing of offers and counter-offers couldn't one just say " realistically priced, no offers accepted". Or is that a no-no?

* accepting an offer is essentially meaningless since the prospective buyer doesn't have to honour the offer...nor am I, the seller, obliged to sell the house for this or any other price if I change my mind.

* indeed, at any given point prior to final completion can the seller or buyer walk away without a rationale.

* despite the above, the moment an offer is accepted, the EA will stop advertising the property or sending other prospective buyers to the house

* prospective buyers don't have to demonstrate that they either already have or definitely will obtain the financial means to purchase my property - so half of the people coming round are likely to be time wasters, who prefer to snoop through people's houses. Or, perhaps, see what's worth stealing. Beats trundling round the garden center, I suppose.

* gazumping and gazundering abounds depending on the market. Currently we are in the gazundering era.

Listen....if this is REALLY what is going on...how is anyone still selling or buying a house still remotely sane? Can this be right? Or have I misunderstood something here?

Or should I prepare myself for spending the next few month to show people through my home who haven't got the dosh nor the inclination to buy it or who are likely to drop the agreed price 5 minutes before handing over the keys by thousands of ££££££?

Is there a way to minimize the pitfalls of this apparent snakepit?

JayScottGreenspan

Yeah, nuts isn't it?

patchwork_cat

The EA doesn't have to stop marketing the property once an offer is accepted that is how gazumping etc. happens.

IveSeenTheLight

harrup wrote: »

Is there a way to minimize the pitfalls of this apparent snakepit?

Be prepared for advice to : -

• Market the property at 50% of its peak value. Thats what it will be worth by Christmas 2009
• Accept that gazundering will take place, if the buyer comes back with an requested discount of a further 10% - 20% (70% club) be glad that you are getting an offer.
• Get out now before its too late, you could lose your job you know
• etc
• etc
• etc

chewmylegoff

harrup wrote: »

Ok...so, after reading through a plethora of websites and as a 1st time totally-green-behind-the-ears wannabe seller let me see whether I understood the salient points correctly:

* consciously put a higher price than one thinks is reasonable & fair on the property - because everybody WILL make a lower offer than the asking price, never mind HOW reasonable. Dumb question: to avoid the to-ing and fro-ing of offers and counter-offers couldn't one just say " realistically priced, no offers accepted". Or is that a no-no?

* accepting an offer is essentially meaningless since the prospective buyer doesn't have to honour the offer...nor am I, the seller, obliged to sell the house for this or any other price if I change my mind.

* indeed, at any given point prior to final completion can the seller or buyer walk away without a rationale.

* despite the above, the moment an offer is accepted, the EA will stop advertising the property or sending other prospective buyers to the house

* prospective buyers don't have to demonstrate that they either already have or definitely will obtain the financial means to purchase my property - so half of the people coming round are likely to be time wasters, who prefer to snoop through people's houses. Or, perhaps, see what's worth stealing. Beats trundling round the garden center, I suppose.

* gazumping and gazundering abounds depending on the market. Currently we are in the gazundering era.

Listen....if this is REALLY what is going on...how is anyone still selling or buying a house still remotely sane? Can this be right? Or have I misunderstood something here?

Or should I prepare myself for spending the next few month to show people through my home who haven't got the dosh nor the inclination to buy it or who are likely to drop the agreed price 5 minutes before handing over the keys by thousands of ££££££?

Is there a way to minimize the pitfalls of this apparent snakepit?

don't sell, or burn your house down and claim on the insurance.

pawpurrs

You got it, crap aint it. Mad process!

harrup

IveSeenTheLight wrote: »

Be prepared for advice to : -

• Market the property at 50% of its peak value. Thats what it will be worth by Christmas 2009
• Accept that gazundering will take place, if the buyer comes back with an requested discount of a further 10% - 20% (70% club) be glad that you are getting an offer.
• Get out now before its too late, you could lose your job you know
• etc
• etc
• etc

I get the picture. I consider myself duly informed and notified.

Indeed, I feel an attack of arson coming on. Upon reflection of the selling problem, I won't bother to sell the joint - I'll just torch it and flee to the Cayman Islands with the Insurance money.

Tempting, ain't it?

brightonman123

i think scotland has a good setup- 10% deposit needed when offer accepted- buyer loses this of they pull out, and seller has to pay back DOUBLE(?) if they pull out..

maybe urban mcmyth, but may stop a lot of timewasters.

lostinrates

brightonman123 wrote: »

i think scotland has a good setup- 10% deposit needed when offer accepted- buyer loses this of they pull out, and seller has to pay back DOUBLE(?) if they pull out..

maybe urban mcmyth, but may stop a lot of timewasters.

I've always wondered what happens on survey results in Scotland? If it looks fine but is then found to have significant problems?

Feline_friendly

Honestly...is it worth selling right now??? I have seen 2 houses that are in a nice area that were previously out of our budget...i have yet to put ours on the market (currently trying to find a mortgage)...but is it worth it...are people actually selling succesfully at the moment??

amcluesent

Or auction it.