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

Jackinbox99

tyllwyd wrote: »

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.

My thoughts exactly. Had he offered the market value originally, and then pulled out due to house prices dropping and his delicate personal financial situation, then I may have considered a revised offer from him. But when he`s already offered well below the market value and now comes back with an even lower offer, I cant risk it. I know if he`s messed me about once he will do it again.

Only other option is to rent the house out, but having spent about £30k on it bringing it up to top-notch condition, I would hate a tennant damaging the place and then have to redo the house in a few years time. If I was going to rent somewhere out, id rather buy a low-maintenance flat or something similar specifically to rent out.

womble12345

I would be tempted to meet in the middle if there could be some way to make sure the buyer is fully committed and wont drop out again. Could you say to the agent you are concerned that this buyer may drop out again and ask them for a suggestion of how you can get some more commitment from him? Maybe if he is super keen he will agree to a non-refundable deposit should he drop out? Or maybe once he pays out for a surveyor to come round he will be more committed (I assume he didnt pay a surveyor last time)?
Its a tricky one but surely he realises he messed you about before and will understand why you are reticent to accept another offer from him (particularly a lower one).
Another idea may be to say to your agent you are tempted and ask if they can absorb some of the drop by dropping their fee? If I were them in this climate I would rather get 1k less in fees for selling to this guy rather than lose the chance to get any fees at all by you selling through your new agent. Something to think about perhaps?

elliewild

I unfortunately bought in the boom at £79,000 small terrace as first time buyer. We got a mortgage of £83,000 to pay off debts etc.

Now we want to sell, the house has been valued at £80,000 but thats the top price (it has no central heating) but allitt said i would need at least 5% deposit to buy a new house because i'm still in negative equity. i have £4000 of debt and she wants me to save up and wait for me to save £6,500. until then i cant move.

i am desperate to move, my house and neighbours are doing my head in.

when i originally bought my house i was on £9,000 p/a and now im on £24,500 p/a why is buying a house so difficult?

Any advice? i dont really want to get a personal loan for the deposit.

xtra_time

Finally exchanged today , move into rental next thursday and complete the following Tuesday - phew

azkaban420

Congrats xtra_time! Great news!

Az

tiernsee

I've lived in my current house for 11 years and am currently getting it ready to put on the market, as I need to move to a property with an annexe, considered options on current place but really no chance of building an annexe here.

In the past I have had dreadful experiences of selling, so I am facing this with some trepidation. My first property bought in 1989, on market in 1995 when I moved for work, eventually sold in 1997 with £19k of negative equity. Second property on market in January 1999, in September of that year accepted an offer £2k less than asking price, offer accepted on new property all set to go and buyer decided she didn't like the local school. Lost the other property, no new interest and in desperation part exchanged for a new build (which is this house). Can't moan, lovely area, good house but now it is time to move on and I am really dreading the selling activity again. Currently decluttering and doing essential repairs prior to getting estate agents round for valuations - two massive bags of clothes to charity shops and three black bags of rubbish down the dump today.

Hope to read plenty of success stories here in 2011.

Kau

Long time since an update from me, but not much happened in the latter half of 2010. We reduced the price yet again to £99,500 (originally on at £112,000).

2011 has had a positive start though! on our way back from France we got a call from the EA to arrange the first viewing of the year. They were the parents looking at houses on behalf of their son, viewing was quick (I never know if this is good or bad!) and we had our first offer! unfortunately the offer was too low at £90,000 as we currently have £93,000 left on the mortgage and really can't take the hit on our deposit savings. we were hoping to gain a little bit from the sale to help with the deposit, but it doesn't look like this is going to happen. Our EA doesn't think this is their final offer, and they responded that they own a property on our street that they bought for £117,000 which they've recently had valued at £94,000 which has a conservatory (we don't and have one of the largest gardens on the street with a garage) so they believe £90,000 is a fair offer. Interestingly, looking through the sold prices on our street there is only 1 property that sold for £118,00 which was way back in mid 2007, and it's a mid-terrace. We bought our home for £104,000 at the start of 2006, and it's an end terrace with a large plot size. Nationwide calculator currently values our house at £103,869, but as we know the value of a house is what someone will pay! So, we'll have to see what happens after the weekend! fingers and everything crossed for a slightly higher offer, £95,000 would be ideal! The Mrs is nibbling her fingernails in anticipation as she is hoping this could be it. I'm trying not to get excited, preparing my poker face for the next round of the house buying "game" !

Best of luck to everyone in 2011!

rosered100

At long last we completed yesterday (still waiting for the money to come through from the solicitor though:mad::mad:)
Went on the market mid March with an offer straight away which then pulled out 2 days before exchange. Back on market & offered at much reduced figure almost straight away again only for the process to draw out for almost 5 months (they pulled out at one point as well & we had to take another 10% drop). Altogether we have dropped 30% from the original asking price but bear in mind it was a good 10 - 15% overvalued IMO priced high for the original purchasers benefit I think. But at least we can now get on with or lives though it does make me sick to think how much we dropped in the end just so the family could be all living in the same county again.

Good luck to everyone else still going through this hellish market.

Jackinbox99

Well, interesting weekend for me. I had a final viewing with the previous EA Sunday afternoon and the new EA came around in the morning to take pictures and get the contracts signed for them to start market it.

I informed the new EA that the old EA had a viewing later that day which might result in a sale as this was a 2nd viewing for the lady in question. New EA didnt say this would cause any problems. So I sign the contracts and off he goes. The old EA phones me up the next morning telling me the lady wants to buy and has made an offer.

I speak to new EA to confirm this wont cause any problems with the contract ive just signed, he says no problems as theres a cooling off period. I accept the ladys offer.

Now new EA is demanding a "termination fee" of 250quid for terminating within the cooling off period. We are only talking 2 days into the cooling off period here and he never mentioned this previously.

Now, obviously ive signed the contract, so i`ll have to adbide by what that says, but as I pointed out to the new EA, id have never have signed had I known about this hidden fee. Id have just waited until after id got the viewers feedback and if they werent interested then finalised the process with the new EA.

As anyone else had experience of this sort of thing? I know EA`s are despeate for money these days, but it seems very underhanded to me.

Had I not made the new EA fully aware of the cirumstances, id possibly understand it.

evoke

^ EAs aren't amongst the most hated professions for no reason.

They are scum but scum we have to live with, unfortunately. Check the wording of the contract to see if it mentions the £250 termination fee. If it does then i'd withdraw £250 from my local bank in 1p coins and dump them in a carrier bag at the new EAs office and tell them where to stick the coins.