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

goldbyron

Just wanted to say good luck to everyone on here. We finally sold my partners flat (after completing on mine in June) and completed last Thursday so we are busy settling in to our new home. It was a 14 month process all in all (with two flats to sell) although my partners received an offer within 8 weeks and we completed 9 weeks later. This was a one bed flat and we had a very pro active chain. Viewings must be very low with the snow and Xmas period and I do hope they pick up for everyone in the New Year.

Sonjalik - why don't you post a link? No viewings in 1.5 years seems incredibly unfortunate....

Rosered - I was also wondering what would have happened if snow prevented people physically moving?

flora48

I feel so much part of this part of this thread having completed the sale of my house after being on the market for 2 years 4months.

I went on the market for £245,000 as the world went belly up in 2008 so we had very little interest. Changed agent after 1 year who immediately reduced price by £10k. Around this time last year I began to get viewings, surprising really with snow on the ground and Christmas. After a couple registering a definite interest in Jan 2010 they withdrew a few weeks later. Another buyer offered £210k in April which I reluctantly accepted as he was a cash buyer. Beware, always ask your agent to check for proof of funds as after weeks of complaining about my house this cash buyer lost his buyer!

Tried yet another agent in May this year which seemed to jolt the existing agent into gear who came up with a buyer in early June, then the fun and games started:-

June - accepted offer on my house from a couple who had 2 houses to sell, both sold, hers to a cash buyer, his to a first time buyer. All sounds pretty good. Have our offer on a bungalow accepted.

July - My buyer informs me that his buyer cannot complete for 3 weeks, waiting for funds to be released We wait 3 weeks to be informed the funds will be available in another 2 weeks.

Aug - Signed contract for sale and purchase all hunkydory for exactly 3 hours till my buyer tells me his buyer has withdrawn.

Sept- I decide to apply for a Buy to Let mortgage to buy his house in, all approved on Sept 20th, only to be told her buyer cannot complete for 4 weeks for "religious reasons".

Oct - After the 4 weeks my buyer's solicitor did a disappearing act, her new one on holiday. All set to complete Nov 1st, the day before my removal her buyer demands a camera survey on her drains, all clear, then her buyer says is he so stressed that he is off to India for 6 weeks on Nov 5th and cannot possibly do anything before mid- December.

Nov - This guy eventually agrees to an Exchange of Contract before his departure, after much messing about on his part; wouldn't pay for an electronic transfer of his deposit, was going to take in a Building Soc cheque but didn't, he finally got a Banker's Draft to his solicitor on November 1st which cleared on November 3rd. So we are all legally bound to complete on the 14th December.

Finally completed this week, now trying to get renovations done at the worst possible time of the year.

My advice to anyone caught in this dreadful mess is to decide if you are definitely going to move and if so stick with it. Remember prices ar falling for everyone so what I lost on mine was recouped on a reduction on my purchase.

The best of luck to you all.
Flora

goldbyron

Flora48 - blimey! I loved your story and it must give great hope to anyone caught up in the midst of a nightmare chain.

Squish_21

Fingers crossed we can all sell this year!

Good luck for 2011 everyone!!!

Jackinbox99

Well, I was so fed up of the useless EA who was trying to sell my house I told them I didnt want to use them any more. They agreed it was a 7 day notice period, so they would take the board down, remove my details from right move and give me my keys back.

That was 4 weeks back! House is still on rightmove and board still up. Sigh.

So I ring to chase them today and they then inform me that the person who made me an offer 2 months or more back for 10k under what i wanted, id reluctantly accepted as I felt sorry for him, and then he changed his mind - has spent the last 2 months looking at other properties and cant find any as good as mine. Apparently he`s still interested and would be prepared to now pay me 15k under what I wanted!!! Cheeky git!

Anyhow, the old EA now should be taking my details down over next 2 days so I can get the new EA in and taking pictures.

rilou81

Thought id add our bit. On the market since start of Nov with zero viewings : ( we have just reduced the house 5K down to 105K, so fingers crossed we will get some interest as we are moving in 2 months with our without a house sale as the hubby has got a new job! Its been a LONG time since I stayed at home with mum & dad so hope it sells quick.

Good luck to all xx

Davesnave

Jackinbox99 wrote: »

Apparently he`s still interested and would be prepared to now pay me 15k under what I wanted!!! Cheeky git!

Anyhow, the old EA now should be taking my details down over next 2 days so I can get the new EA in and taking pictures.

I know this is a support thread but before you tell the potential buyer to get knotted (or me for that matter!) I'd consider carefully where you are and what the various scenarios might be.

I think I'd be keeping the line of negotiation open, especially as you still have an agent who is likely to be well motivated to secure this sale, before it evaporates. Could you not meet the 'Cheeky git' half way? Remember he/she sees the news too and may be having considerable worries about buying now.

Otherwise, you are gambling that the next agent will be able to introduce a new buyer and secure a sale at a higher price, which could conceivably happen, but you appreciate it's not guaranteed. Where will you be if not sold by June and prices are another 5% down? And if you do find someone willing to pay more because the house is in good nick, will their lender accept the valuation in a falling market?

These are hard questions to ask, and I've had to ask similar ones too. When I did, it was around 8 months before prices began to recover.

Another alternative might be for you to rent out one of the two houses on the basis that, long term, property is a sound investment, and demand looks OK right now. I'm not familiar enough with your situation to know if this would be applicable. There are fairly huge implications in being an 'accidental landlord,' so it's not for everyone, but it's an option others have taken.

I think part of support is to offer an alternative viewpoint, which is all I'm doing. I'm not a buyer nor a seller now, so no axe to grind.

flora48

I would ask the first agent if they would go multi agency with a new agent. If you are no sale, no fee then you will only pay the one who sells the property. If they don't agree give them notice if you still want to change.

Regarding your offer, we are in a falling market, buyers thin on the ground so I would think seriously before rejecting the 'cheeky git' after all any property you buy is likely to have fallen in value too.
Good luck for 2011.

Jackinbox99

I hear what you are saying, and did think about it. The reports I read said that house prices had fell by about 2% in total since November. Based on that, my house should have only dropped in value by about £2k, so an offer of £15k under is quite a big jump. The potential buyer is effectively saying he feels the house has decreased in value by £5k in the last month alone! Personally I know he is just trying his luck. He said that he couldnt find any houses as good as mine, and certainly not with such a big plot of land and a double garage, and then comes back with a lower offer.

It is a tough decision. The new EA has just sold 3 houses in my area for very near the asking price, and feels mine is underpriced already at what I have advertised it for. Of course, I wont know until I try him out. And, if I was to accept the other guys offer, whats to say he wont change his mind and back out again in a few weeks time. So, seems to be a rock & a hard place.

Personally I dont understand what the problem is. As a buyer, I bought my new house 8 weeks ago, I didnt worry about prices dropping too much. I looked at the market values for houses, what they were currently selling for and made an offer based upon that which was accepted. All went through okay, and nice simple process - both parties happy. And yet the buyers for my old house seem to be looking at the market values, then offering 20k less! Maybe I should have done the same? Or maybe people in my area are too fussy.

tyllwyd

For what it's worth, I agree with you Jinb - it all depends on your personal circumstances, but to make a low offer, drop out for no reason, then come back with an even lower offer - I'd tell him where he can put his new offer, and that it's the original offer or no deal. In fact, I'd be very reluctant to accept an offer from him - he's already messed you around, and what's to say he won't try to gazunder again at the last moment.