Home Buyers Report

BenBar

Did anyone see the HIP programme on the Tonight Show?

I am a FTB just getting close to having enough to buy (almost at 10% deposit + £5000 costs) and although I will not trust the reports 100% I do feel that it will be a good thing knowing about the problems beofre forking out around £1000 for surveys etc.

As a FTB I can afford to walk away if anything showed up on the survey, but this would mean saving more money again to replace the money spent up to the survey. Having a HIP would forwarn me and although I would still get a survey of my own done as I am quite cautious, it would mean I would think twice before placing my offer and probally offer the correct price, rather than a lower price once the survey comes back if not walking away.

I think although it will mean a cost of around £800 for the seller to pay (which will be added to the cost of the house I am sure), it is a good idea.

The same information, before spending my hard earned and saved cash and that stopping wasting my time and the time of the seller.

What do you think?

homer_j_3

just watching now so will try and help once watched as I am not sure what you mean by HIP

jonclarke

One of the Estate Agents said something like ... "HIPs will stop buyers putting their houses on the market, so the subsequent reduction of supply will force up house prices"

What a dim-wit. If you don't put your house on the market, you're not going to be buying one either so there will be an exactly equal reduction in demand.

Personnally, I like the idea of knowing all the problems up front, it should help prevent sales falling through just before exchange where a survey reveals an issue.

Ian_W

jonclarke wrote: What a dim-wit. If you don't put your house on the market, you're not going to be buying one either so there will be an exactly equal reduction in demand

S'right. So because they've got to stump up £1K to put a house on the market people aren't going to sell. Errr - Earth to planet Estate Agents leader, they're gonna have to stump up far more than that for the property they're gonna buy when they move, it's just when they stump it up that changes. 1 in 4 property sales fall through between offer/acceptance and completion, if searches are done and survey is available it should shorten the time and lead to less break-downs I would have thought.

Don't think we know enough about Home Information Packs [HIPs] to be sure yet, but they certainly look to be a step in the right direction to me.

Read these threads and it's all about the stresses of buying and selling property so the system does need to change. But what alternatives have the Law Society, NAEA or Lenders come up with to this change they oppose - Sweet Ferk Hall as far as I'm aware.

BobProperty

Just looking at HomerJ's avatar - so we meet again Mr "north of Watford".
Filthy rumour off one of the anti HIP sites is that they have only been brought in as TwoJags has to comply with an EU home energy directive and this was an excuse to fit that in and attempt to improve the house buying process.
My opinion, and I've missed the programme, is still that this is a waste of time and money and won't help the housebuying process. It stops people putting their houses on the market on spec, true. It will highlight any serious problem, but it won't put a price on it. AFAIK they still haven't got enough Home Inspectors trained up and no one will insure them.
I would agree that the system needs improving, maybe I would like to see it a bit more like some other EU countries where an offer, if accepted, is binding (with a few serious get-outs included, but not because the purchaser just "changed their mind"). This attempt will fail as it is purely government inspired and ignored several major objections from interested parties. I would agree with Ian W again though, the alternative solutions emanating from "interested parties" are deafening us with silence

Ian_W

Hi Bob,
You didn't miss much with the programme. The usual suspects were trotted out to give the pro and anti.
Most interesting bit was an EA from Bristol who was part of the pilot but has continued with HIPs on a voluntary basis since it finished. She's found most sellers are prepared to use them and that the break-down rate had dropped dramatically since they started using them [from memory I think it was 24% down to 2%].
They also did a HIP on the reporters pad and showed 2 FTBers around. One couple put off by it [suppose they might not have been if they'd paid £6-800 for a homebuyers!!] the other ones weren't.
They did say that only that only 2,500 had been trained as inspectors when the anticipated need would be for 6.5K. So maybe a good career move?

BTW, cold with your guess. Begins with B, ends in Y and isn't Burnley.

mystic_trev

jonclarke wrote:

One of the Estate Agents said something like ... "HIPs will stop buyers putting their houses on the market, so the subsequent reduction of supply will force up house prices"

What a dim-wit. If you don't put your house on the market, you're not going to be buying one either so there will be an exactly equal reduction in demand.

Sums up a lot of EA's dimwits who do sod all for a great deal of money. The poor loves probably can't even understand what a HIP is!

mandi

mystic_trev wrote:

Sums up a lot of EA's dimwits who do sod all for a great deal of money. The poor loves probably can't even understand what a HIP is!

Trev.. you are soo wrong..Yes Like Im a " Dimwit" yes EAs do make money. otherwise what the point in running one. however.. lets get seroius.. OVERHEADS.. biggest one being . Advertising, followed by telephone bills.. FSB s. accompanied viewings, sets of details............... :eek: ..... And the preverbial......................... Time waisters..........................................................Oh lets see .. its Sunday.. weve just been to McDDonalds.. everywhere is shut.. accept the EA... lets go in.. and get loads of details , about property were not intrested in buying.........................Just because they are open!!! :eek: ......

And dont say im wrong,, because Ive been in that situation...................

Sorry to spoil your dream....

Mandi

sm9ai

Ian_W wrote:

They also did a HIP on the reporters pad and showed 2 FTBers around. One couple put off by it [suppose they might not have been if they'd paid £6-800 for a homebuyers!!] the other ones weren't.

I watched this program too and this made sense. One person was put off by the report. Its got to be better to be put off then, rather than haggling about with the price halfway through the buying process.

I think it will be a good thing, although if it could remove the survey entirely then that would be better.