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

surreybased

Hi contessa,

Did the EA set an asking price? How low is the offer from that? We sold 2 houses recently - in our mind we had a price we wanted (based on properties around but we also wanted a quick sale). We sold to a proceedable buyer (in rented, mortage arranged) it was all done and dusted in under 2months and money in the bank. That worked for us.I would have preferred a quick sale rather than months - especially as we were no longer in the area so managing the house was an issue.

She could also look at links to house price sites

http://www.nationwide.co.uk/hpi/calculator.asp

kymie

contessa - please dont forget there is no guarantee that prices will rise!! If she is happy then thats all that matters! It can be alot of stress doing up a property and then holding your breath waiting for it to sell hoping to get enough to cover all you have spent on it etc!!
23rdspiral - we too are now going to get stung by stamp duty which will make our life difficult as we wont have anything left over to go towards our loft room/conversion which we desparatly need as we will be fitting 6 kids into a 3bed house with our eldest two (boy n girl) both being teens and having to share with their siblings, including under 5's, which isnt ideal when doing schoolwork etc.
Still waiting for an exchange date - was needing to exchange by the 12th to apply for 3yr olds place and that seems to be disappearing. Now our buyers solicitor is finally doing some work and wants the certificate for our boiler,which would be fine if we had received one two years ago. We didnt and cant get a copy as Corgi is no more so our plumber will do us a homebuyers equivalent but cant fit us in until the weekend - which means we wont get the cert til then and will be cutting it fine to try and get it to buyers solicitor and hope they will exchange asap after (as long as thats all they are waiting for - I somehow doubt it tho as they just seem to want to drag it out). I just keep telling myself I have waited this long and it wont be much longer!!!

Davesnave

Contessa wrote: »

What do others think about this?

Being blunt, I think you should stay out of it.

No one has a crystal ball and even the so-called experts are not singing from the same hymn sheet about the next year. Most of them got things very wrong in relation to 2009, didn't they?

You don't give any indication of what % below asking price the offer was. I sold this time last year for £50k less than my home was marketed at originally. It was the best decision I ever made, as it enabled me to move into rented, and then swoop on something else more appropriate at a similar discount. My landlord still hasn't sold his place!

If you advise your friend badly, because of the way things turn out, then she won't thank you, as she is the one who ultimately has to do the work and shoulder the responsibility. It sounds as if the place has been something of a burden if it's not been cared-for. If you say nothing, she'll maybe win or lose a little, but you will still have her friendship and she'll have her self-respect & peace of mind.

Contessa

Davesnave-you're right, I should keep out of it! But I'm still concerned so am looking here for others' views. My friend's children apparently think she's been too hasty. I don't think her EA is really acting in her best interests as no photos were taken. When they told her about the offer they did not tell her that there was another viewer lined up. They took the property off the market without asking her.

Hopejack

Kymie - I'm keeping everything crossed for you that it happens v soon!!!

What happened with the school for your youngest DS?

kymie

Thanks Hopejack. We cant do anything until we exchange - then we can fax a copy of the exchange with the application. If it happens before the 12th he will be considered with the other applications, if its after the 12th he will automatically go on the waiting list

Davesnave

Contessa wrote: »

Davesnave-you're right, I should keep out of it! But I'm still concerned so am looking here for others' views. My friend's children apparently think she's been too hasty. I don't think her EA is really acting in her best interests as no photos were taken. When they told her about the offer they did not tell her that there was another viewer lined up. They took the property off the market without asking her.

Taking the property off the market is naughty in these conditions. Many of us on here know only too well how an offer can fail to turn into anything substantial.

If there are adult children around, then I would work through them if you feel a need for involvement, and if that's possible. Using the Internet, they can take tools like the calculator posted by surreybased to do some research into whether the house is vastly underpriced. Another good one is Nethouseprices, though being based on actual sold prices, it is always at least 3 or 4 months behind.

http://www.nethouseprices.com/index.php

Improving a property to add value is very risky at the moment, and if your friend is naive about agents, then she doesn't sound well suited to becoming a project manager! I'll confess to doing up a property to sell in 2006, but in those days it was more worthwhile. I'd guess that I 'made' an extra £20k after expenses, but I earned it and, looking back, the time involved might have been better spent.:o

With the above in mind, encouraging your friend to explore ways of gaining the best from the house money would be useful too. She could even pose some questions on the Savings and Investment Board here!;)

I hope others will add their thoughts, as a range of opinions is valuable. There's usually someone who thinks of something novel, or sees things from a completely different perspective.

not_loaded

Contessa wrote: »

Davesnave-you're right, I should keep out of it! But I'm still concerned so am looking here for others' views. My friend's children apparently think she's been too hasty. I don't think her EA is really acting in her best interests as no photos were taken. When they told her about the offer they did not tell her that there was another viewer lined up. They took the property off the market without asking her.

I’d dump an agent like that instantly. It’s a breach of contract and a breach of trust. The lack of a percentage clearly makes a huge difference.

Davesnave wrote: »

Taking the property off the market is naughty in these conditions. Many of us on here know only too well how an offer can fail to turn into anything substantial.

Too right!

Davesnave wrote: »

…then I would work through them if you feel a need for involvement…
…Improving a property to add value is very risky at the moment…
…I hope others will add their thoughts, as a range of opinions is valuable. There's usually someone who thinks of something novel, or sees things from a completely different perspective.

Yes, I agree that real involvement in decision making could bite you back, but I’d help with advice like: ‘well on the one hand this… … and on the other hand that…’ They have to make their own decisions in the end, based on enquiries they make.

As regards improving, I’d go ‘halfway house’, namely, clearing up anything horrible like stained carpets, messy bits, stains etc. In other words turn it into a blank canvas for the new owner. If it doesn’t sell quickly, other things could then be done depending on viewer feedback.

Hopejack

Contessa - I think Dave and not loaded have some great advice there.

I too wouldn't get too involved but maybe say your bit diplomatically. I find people don't like to hear these things - people like to glean advice but often don't take it! The sites they say are a good starting point too.

Your point about the EA having a fixed fee makes me wonder. I am about to start negotiating with EAs over my place - I am not going to pay 1.5% or 2% plus VAT - I know others aren't paying this either (friends up for sale). I'm looking as near to 1% as poss or would even consider a fixed fee (one friend did that with an agent as a negotiation). I am wondering now if I should just go the % route so that the agent does their best to sell..... hmmmm.

I think not loaded is right about the cleaning up thing. I'm about to put my property on the market - get the keys back from tenant next week. I intend to carpet throughout in a neutral colour (some floors have lamintate already and that is fine but carpet is dead) and get a decorator in to white wash the whole place. I'm buying a few new trendy (old ones are v old now and hideous) light fittings and shades from places like B&M and Home Bargains etc which won't cost the earth. I really don't think you can go wrong neutralising and bringing up to date if it's a newish house (ours is 10 yrs old). I'm going for a cheap carpet but think it will look good due to being neutral and laid throughout the house - most carpets look good when new even if they are £4 sq m! I'm looking to spend £1500 ish total - I know I won't get that back on the value BUT, I do honestly hope it helps my house stand out and get an offer quicker - to me, that's what it's about - I don't want it on the market a year if I can help it as I need to sell it to buy us a house!

Contessa

According to the Nationwide site my friend's offer is about 8% less than the projected value which doesn't sound too bad. I think one of her difficulties is that she lives a long way from the property ( and hasn't seen it for 2 years!). One of her children has been overseeing it. He has apparently been told by someone who used to work for the agent that properties "rise 10% in January and another 10% in February" (if only!). The person who has made the offer also owns the house next door and had expressed interest a few years ago. My friend is dithering a bit, but even if she did change her mind she would find it hard to tell the estate agent.