To those selling in these difficult times Part Deux. AKA sellers support network!

spirit

Hi all,

this buying and selling malarkey is a right pain in the butt isn't it.

My Mr and Mrs FTB have had to pull out due to their valuer undervaluing by £25k :eek: this surveyor was not local and was not aware of the market conditions here. I was lucky (at the time) that someone else who had viewed but was not able to proceed earlier, put in an offer of the same price. However, she had been thinking about it over the weekend and decided to pull out yesterday.:eek:

I'm now at my wits end, I just don't think I can take any more of this. It now looks like I will have to pull out of the one I was going to buy. Mind you, a friend of mine said she was concerned about the location of it -being sandwiched between 2 waterways. It has never flooded (is only about 10 years old) but who's to say it won't in the future she says? My insurance co were not enthusiastic about it when i gave them the postcode. It sits right on a flood plain and is low lying. Do you think it could be a warning sign to me not to rush ahead with it and get wet feet so to speak?

I have got interest from the cash buyer who was around originally too. I'm just not sure how committed she is to it.

For now, I am seriously stressed and continually shaking and either not sleepiing or wakiing up with nightmares.

How is everyone else coping with it all?

pawpurrs

Goldbyon, cant remember exactly how many viewings I had in the end, but it was at least double that, I had approx three viewings a week for a year, but went SSTC three times untill a deal eventually went through, but we got there in the end. The first SSTC was in the first week or so, then it was off market for a month or so, had a few very low offers, then accepted another offer after 8 mths, but kept the house on the market, they had mortgage problems, then the third buyer a month or so after that who eventually bought the house.
It was a nightmare, so I feel for you.
Nothing wrong with the house either, just buyers unable to secure funds as far as I could tell. You will get there. I really wanted to sell, so although a lot of the viewings were inconvienant and a down right bore in the end, I took every viewing I could get, only a couple that I turned down, and they never came back for a viewing, so I didnt do that again.
There were a fair few that started negotiating there and then, never to be heard form again. The person who bought I thought was the least likely, but there you go!

Davesnave

Spirit, if you are getting cold (rather than wet) feet over this property, now is the time to step back and take stock.

If the insurers aren't terribly keen now, then if this house ever floods, they will be even less willing to cover it at normal rates. Quite apart from the stress of being flooded, this would also impact on the price when you eventually come to sell again.

The Environment Agency has a flood map which may help you decide. We used this once, and the property fell into a zone where a flood event could be expected every 70 years or so. That was enough to put us off, as it is no secret that extreme events, though local, like the recent flooding in Cumbria, are becoming more frequent with climate change.

http://maps.environment-agency.gov.uk/wiyby/wiybyController?x=531500.0&y=181500.0&topic=floodmap&ep=map&scale=3&location=London,%20City%20of%20London&lang=_e&layerGroups=default&textonly=off#x=377660&y=208865&lg=1,&scale=2:

Everyone has to make up their own mind on this one. We looked at a couple of very attractive flood plain properties, but deep down, we knew we'd not buy them.

As for coping when buyers pulled-out on us......we just accepted it and moved on. What else can you do? People do the oddest and sneakiest things. We just resolved to play it straight and, eventually, that strategy paid off. Took time though!

Scallie

Well, everything's slowed right down for us and we've had to start viewing properties again.

Our buyer's solicitors are calling our EA daily to see what's going on (buyer wants to move in Jan), but everything has stalled for us. Our vendor doesn't appear to want to move and is really dragging her feet about finding another property. Meanwhile the prices round here appear to have risen and now we're not sure if we can afford to move at all, based on our selling price.

The EA advised us to start looking again as vendor is doing virtually nothing and isn't prepared to rent. We looked at a house recently that we really liked but is just out of our budget (wouldn't have been a couple of months ago). We're offering 5% less than their asking price, but I don't think they'll go for it as they want "offers over" which we can't do.

Pretty soon we won't be able to afford to move at all any more

kymie

I know the feeling Scallie - we are at full stretch now,so Im hoping everything goes through and quickly to make sure. Fingers crossed for you!

Pointybird

Sorry to hear that, Spirit. Is there any way around it - was it just that the valuer didn't understand the market price of your area, or did he give specific reasons for a low valuation? If he gave reasons you might be able to come back at him, perhaps?

It might be a blessing in disguise though, if the flood issue starts to cause problems with your borrower/insurance. You might get another buyer in the new year and see something even better (this is what I'm hoping for for myself - I've a buyer, but nowhere to go).

jeggburt

Got a surprise visit this evening.

It turns out the viewers from yesterday wanted another viewing tonight so they came round at 7pm and had a good muse and asked similar questions they raised yesterday about the service charge.

Fingers crossed this turns into an offer because the mother really loved the kitchen.

I now know that novelty slippers are a good key in making your property a memorable one. The mum/dad/daughter that came round tonight admitted that they found it difficult keeping a straight face because I have warewolf feet slippers heh

tinofpeas

Long time no upate from me! Still reading all the time tho. We have been quite the past month for viewings, but had two viewers in the last 2weeks, and one that wants to do a second when their house has compleated - so looks okay ish!

But looking on right move today another house in our street has gone up, (same stlye as ours) but 10k cheaper!!

http://www.rightmove.co.uk/property-for-sale/property-14008875.html?locationIdentifier=POSTCODE%5E236150&radius=0.25&pageNumber=2&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E236150%26radius%3D0.25%26index%3D10 (theres)

http://www.rightmove.co.uk/property-for-sale/property-26365550.html?locationIdentifier=POSTCODE%5E236150&insId=3&pageNumber=1&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DPOSTCODE%255E236150%26insId%3D3%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D%26retirement%3D%26partBuyPartRent%3D%26maxDaysSinceAdded%3D%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse%26x%3D52%26y%3D9 (ours)

No it hard for people to tell but you recon we can do any thing else or just reduce to keep up with them? we would only be able to go to 155k to

not_loaded

jeggburt wrote: »

…I now know that novelty slippers are a good key in making your property a memorable one. The mum/dad/daughter that came round tonight admitted that they found it difficult keeping a straight face because I have warewolf feet slippers heh

Gotta get me some then! Mine are just M&S boring navy. That must be the problem!

tinofpeas wrote: »

…But looking on right move today another house in our street has gone up, (same stlye as ours) but 10k cheaper!!

No it hard for people to tell but you recon we can do any thing else or just reduce to keep up with them? we would only be able to go to 155k to

I reckon it’s a Stamp Duty thing surely? I wouldn’t worry.

IMHO I think your decor is much much better.

And they left the toilet seat up.

spirit

Pointybird wrote: »

Sorry to hear that, Spirit. Is there any way around it - was it just that the valuer didn't understand the market price of your area, or did he give specific reasons for a low valuation? If he gave reasons you might be able to come back at him, perhaps?

It might be a blessing in disguise though, if the flood issue starts to cause problems with your borrower/insurance. You might get another buyer in the new year and see something even better (this is what I'm hoping for for myself - I've a buyer, but nowhere to go).

The valuer was from quite a way away so didn't understand the local conditions here. Also though being first time buyers, i'm told that lenders are extremely cautious now and any excuse to lend less money.

I'm sure you're right about the blessing in disguise though. It is too easy to get carried away and go for properties which might be dearer than you originally wanted to pay. It is in an extremely high risk area of both flooding and subsidence.

As I say, the cash buyer is still around and is coming to view again on Friday. What I'm hoping for really is that the private sale people (who I met at the neighbour's funeral) will be able to buy this. They used to live next door 15 years ago and want to downsize. Their property isn't that nice but I understand they've had some interest from a builder. If they can come to some arrangement with him, then if I sell privately to them, I can let them have it a bit cheaper since I shall be saving my selling agent fees.

In the meantime, I can try to get a lodger for the spare room until such time as a firm offer is on the table.

You are right too that there will be more properties on the market in the new year. I will be looking for something which is nowhere near a flood plain though.