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

not_loaded

To be fair, I think heffsta has been reasonable in coming back and explaining a few posts above.

As a long time poster here I’ve always maintained our problem currently is a shortage of real buyers, and I think that’s still the case. We’ve ‘sold’ twice, and the buyers have been thwarted by their lenders' pathetic attitude to getting on and lending.

Some people have to move and get on with their lives. The banks don’t seem to realise that. :mad: They got taxpayers money, our money, as a bail out, and they’ve sat on it.

The simple fact is that sellers could, to some extent, reduce prices and move on, but, without getting into too much detail, we all have our debts and mortgages. Yes, the vendor of your next property may well reduce like you do, but is your mortgage company going to revalue your debt in a similar manner? Not effing likely is it? They’ll want their money absolutely regardless of the downturn.

I feel that’s why everything has ground to a halt currently. There’s a limit beyond which we cannot go.

Milliewilly

heffsta wrote: »

So why don't you just drop the price and sell it? It's obviously to high or otherwise people would be buying.

Not as simple as that. People want to buy but mortgages aren't as easy to get as they were. I put mine on Sept 09 at £265 (on the EA's advice) sold and fell through at £249 (and was valued by surveyor at that). Reduced to £249950 before Xmas - Now its on at £229950. Had an offer Friday of £205 which I have rejected.

People will buy if they can. Of course if I put my house on at £50K I would have endless buyers queuing up but I am not giving it away. Its priced too low now according to the EA and they wont let me reduce it any further (yes its true!). Its a balance of finding the right buyer at the right time particularly if you have something a little different to sell.

mon1o

hi all sorry not been on for aaaaages!! What a time we've had. We had an offer accepted on a house, got the mortgage sorted and 2 days later hubby got the news we'd been dreading - he'd been made redundant. I tried tooth and nail to get the mortgage on my own but to no avail (my income multiple wasnt enough) so we had to pull out. I found another (cheaper) house that i could afford by myself and had an offer accepted on that, went again for the mortgage and got it approved. 3 weeks later the BS changed their mind and pulled the mortgage offer. Last night I went to Yorkshire Bank (our current lender) and explained the situation and they have approved a mortgage for me (of course dh will have to waive his rights but once he's in work we can change it into joint names or so they tell me). So once again we are back on. Ive been assured that this offer will not be withdrawn so subject to valuation it should all go through fine.

Updated all parties just now and theres relief all round which is hardly surprising. Ive just been informed our completion date has been moved forward to 28th May and i keep hearing the word 'exchange' branded around (our sale not purchase) so hopefully the stressful bit is over!

Reason im so set on buying is because for a 3 bed semi like the one im buying its £200 a month more in rent!

monkeys_bunny

Good luck with it all Mon

23rdspiral

very well put Not Loaded - thank you!
good luck mon1o - sounds like you've been through the mill. fingers cross for you.

Karmacat

I'd like some feedback, if people can. The viewers who've seen my property twice definitely want to put in an offer on my house, at the price the estate agent told me originally would be the realistic sale price (£10k under the market price of £280k). They're not making the offer yet, because they want *their* buyer to up his price by £5k, to £220k. Their buyer has another viewing on Saturday, after which things will either proceed, or not.

So far, so good.

The thing is, my prospective buyer and I share the same estate agent, and I'm wondering slightly about conflict of interest. When they told me about this trying to get an extra £5k, my first thought (which I spoke aloud :o:o) was that they could reduce their offer to me by £5k. And the woman I was speaking to took that on board straight away.

My thoughts on looking back:
- she's an admin worker, I know - can't expect her to recommend negotiating tactics to anyone.
- she was working with her *other* hat on - not looking after my interests, but those of my prospective buyer.
- surely anyone working with an estate agent regularly, and talking with their own client, would suggest splitting the difference first, rather than me taking all the hit?
- I'm also wondering what the legalities are, what the boundaries are, for the estate agent in this situation.

Anybody got any feedback? Sorry for the length of the post.

WheelieWood

Karmacat - I'm afraid the EA may see your offer as a quick way to close both deals and get their commission.

In my one experience of chatting to our EA about a placed offer (which never was increased, in the end), I was asked for the lowest price we'd accept and then the EA fed that information straight to the person who made the offer - not exactly the best price negotiation tactics. Thankfully we'd left ourselves some 'wiggle room' on that price, but it made me aware that the EA is more interested in closing the deal than securing the best price for the seller.

Your best bet may be to contact the EA again, withdraw the offer to drop 5 grand (maybe have some reason prepared for this move) but offer to meet them in the middle at 2.5k down.

Karmacat

I have a sinking feeling that you're right, WheelieWood - and thanks for putting it so clearly. I made the mistake that Phil Spencer is forever cautioning against! I bet I could quote him if I tried hard enough! Aargh..... well, in the long term, I have to think as I did originally - do I want to move, or don't I?

WheelieWood

Karmacat wrote: »

well, in the long term, I have to think as I did originally - do I want to move, or don't I?

That's a positive outlook.

If that 5k allows you to move to a house you really love, then it can be worth it in the long run.

frafferty

Need some vibes today please
Our buyer has been faffing around with his mortgage - mostly because his ex-wife keeps putting a spanner in the works. I have been told that a new offer should be with the solicitors today and one that not reliant on the reluctant ex-wife signing anything. I really need this to happen today! Not least because the rest of the chain (4 houses) have been ready to exchange for 5 weeks now...