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

Jackinbox99

Well, spoke to the EA yesterday and the buyer really cant afford any more than he is offering. The EA gave me the flannel that house prices are dropping at 150quid a day and im not going to get a better offer, blah blah sales speil. In the end I haggled with them over their fee`s and got them down from 2% to 1.5% of the selling price, and accepted the buyers low offer, which is 10k less than I wanted.

Looking on Mouse Prices, ive just sold my house for the same price as houses in my street were selling back in 2002/2003 !!!!!!!!!!!!! and 30k less than it was worth 2 years ago. I appreciate things are lower than 2008, but didnt think they were down to 2002/2003 prices yet.

Im so angry about it all. All that money you spend doing a house up so its perfect and its made no difference to the house prices. Now, the house ive just bought ive had to pay top wack for and just can not afford to do it up as good and nice as I did in my current house.

Makes me feel im some sort of charity. Buy a house, spend a fortune doing up and sell it cheap so the next person benefits.

whysitallsocomplicated

Hi
Just an update to my other post.

The valuation has been done on the house we are selling and the buyer's broker has told me the mortgage offer is now out in the post with a full offer, so no under value thankfully!

Have just spoken to RBS who have the mortgage valuation now in their system for the house we are buying which has come in at exactly the price we have offered. This will now go to be assesed and hopefully the offer should be out in the post on Friday. We wont get the home buyers report for a few days but fingers crossed that doasnt show up any problems. As we had to take a low offer on our house after the chain had fallen apart once we managed to get the rest of the chain above us to accept some of that loss so we dont want to have to go back to the people we are buying off looking for further discount due to the survey.

everyone has now agreed they want to exchange as soon as possible and then complete the 1st week in January so we still have some way to go. Next milestone is exchange, we will be so much happier once we get past that!

so good luck to everyone else, lets hope everyones sale and purchase goes smoothly and we all get to spend next year in our new homes.

cheers

Squish_21

evoke wrote: »

^ I've just ended my contract early with my previous EA. The new one offered a multi-agency contract at the same rate as a sole agency one. So, i'll be going with two EAs now. It should generate more interest as 'winner takes all' in terms of estate agent's fees.

I might give that a go myself. Have you found a 2nd EA who is not gonna charge you multi agency yet?

tyllwyd

Jackinbox99 wrote: »

Well, spoke to the EA yesterday and the buyer really cant afford any more than he is offering. The EA gave me the flannel that house prices are dropping at 150quid a day and im not going to get a better offer, blah blah sales speil. In the end I haggled with them over their fee`s and got them down from 2% to 1.5% of the selling price, and accepted the buyers low offer, which is 10k less than I wanted. ...

Makes me feel im some sort of charity. Buy a house, spend a fortune doing up and sell it cheap so the next person benefits.

I do feel really sorry for you - it's one thing when you buy & sell in the same market, so it's swings & roundabouts, but it's tough when you feel you've had to buy high and sell low. But at least it means you can move on. Fingers crossed it all goes smoothly from here.

Jackinbox99

tyllwyd wrote: »

I do feel really sorry for you - it's one thing when you buy & sell in the same market, so it's swings & roundabouts, but it's tough when you feel you've had to buy high and sell low. But at least it means you can move on. Fingers crossed it all goes smoothly from here.

Thanks, in theory it was the same market, only 8 weeks between me buying the new house & having the offer on my old house.

Im just gratefull I didnt go for the more expensive house which I was intending to buy. The large shortfall in the offer on my house would have made a huge difference.

Mallotum_X

Well done on finding a buyer. In the current economic climate they are like gold dust, hope it all works out between now and completion!

pararct

Jackinbox99 wrote: »

Well, spoke to the EA yesterday and the buyer really cant afford any more than he is offering. The EA gave me the flannel that house prices are dropping at 150quid a day and im not going to get a better offer, blah blah sales speil. In the end I haggled with them over their fee`s and got them down from 2% to 1.5% of the selling price, and accepted the buyers low offer, which is 10k less than I wanted.

Looking on Mouse Prices, ive just sold my house for the same price as houses in my street were selling back in 2002/2003 !!!!!!!!!!!!! and 30k less than it was worth 2 years ago. I appreciate things are lower than 2008, but didnt think they were down to 2002/2003 prices yet.

Im so angry about it all. All that money you spend doing a house up so its perfect and its made no difference to the house prices. Now, the house ive just bought ive had to pay top wack for and just can not afford to do it up as good and nice as I did in my current house.

Makes me feel im some sort of charity. Buy a house, spend a fortune doing up and sell it cheap so the next person benefits.

Why not tell your vendor's estate agent you have had to take a haircut on the sale of your property and you need to revise your offer?

End of the day that agent should be speaking in similar terms to your vendor!!

Lets face it if you hadn't planned ahead and allowed a little lee way with your figures you would probably have to do this anyway.
Play the same fiddle, less money for your house means your offer cannot be as generous as it once was.

What have you got to lose? Sure the vendor could refuse but they then face the same dilemma you did. They could cut their nose off to spite their face but until you try you wont know!

RedTomato

HelenDaveKids wrote: »

My mate suggested renting it out for 6 months, then hitting the spring market (not sure it's quite that simple) which is something to ponder. Do you think the market will improve or just continue to spiral down? The pessimist in me thinks SELL SELL SELL, just keep lowering and SELL but the sensible side thinks Sit it out, it'll all come good.

Can't see the market being better next Spring. There will be more supply (lots of people who have sat on places waiting for the Spring bounce to take place) and less demand (more job losses, new FSA rules tightening lending, probably interest rate rises)

Also, "just renting out" is easier said than done. You will need to pay out for all the usual safety certs etc and find a tenant willing to take a 6 month lease.

gbsilp

Jackinbox99 wrote: »

Well, spoke to the EA yesterday and the buyer really cant afford any more than he is offering. The EA gave me the flannel that house prices are dropping at 150quid a day and im not going to get a better offer, blah blah sales speil. In the end I haggled with them over their fee`s and got them down from 2% to 1.5% of the selling price, and accepted the buyers low offer, which is 10k less than I wanted.

Looking on Mouse Prices, ive just sold my house for the same price as houses in my street were selling back in 2002/2003 !!!!!!!!!!!!! and 30k less than it was worth 2 years ago. I appreciate things are lower than 2008, but didnt think they were down to 2002/2003 prices yet.

Im so angry about it all. All that money you spend doing a house up so its perfect and its made no difference to the house prices. Now, the house ive just bought ive had to pay top wack for and just can not afford to do it up as good and nice as I did in my current house.

Makes me feel im some sort of charity. Buy a house, spend a fortune doing up and sell it cheap so the next person benefits.

To add insult to injury they will probably rip out your things and do it up to their own taste funded by the savings they made.

Davesnave

gbsilp wrote: »

To add insult to injury they will probably rip out your things and do it up to their own taste funded by the savings they made.

Some support thread this is turning out to be!

It seems to me that two of you here bought before you sold, which hints strongly that the model of the market inside your heads was somewhat different from the reality. Regardless, the current situation has been a big shock, and you need to come to terms with it before you can move on.

When the market went into free fall a couple of years ago, some of us on that other channel, 'Debate,' where all the nutters hang out, found a better understanding of their feelings through consideration of the Grief Cycle, developed by psychologist, Elizabeth Kubler-Ross in relation to people learning that they have a terminal illness. She discovered that their thinking went through a sort of roller coaster of emotions before they could get to grips with their new reality, as shown in the diagram below:



Others think this model is applicable in human reactions to any kind of negative Big Event.

While it is simplistic, the K-R model may help us to understand how we feel, why we feel that way, and to judge where we are in coping with the new situation. Eventually, whether it is learning that we a gravely ill, or that we have lost a significant amount of money, our goal should be to mentally pick ourselves up, brush ourselves down and move on. Getting stuck in one phase explains the self-destructive behaviour of those individuals who remain in a negative, passive state far longer than is useful.

You can see a good summary of the Grief Cycle here:

http://changingminds.org/disciplines/change_management/kubler_ross/kubler_ross.htm

The model certainly applied to me in 2008. I believe that knowing about it helped me to recover and move on from a financially damaging situation, eventually turning the changed market to my advantage.

You can do the same, or you can dismiss this as psychobabble and I won't be offended!