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

Davesnave

Selling now seems pretty much the same as it was back in November 2008 when, in an earlier incarnation of this thread, we took a £50k-ish hit and ran. Our plan was to rent and sit out the rest of the downturn.

We now know that if we'd just stayed put, the government's throwing money at the situation would have earned us a temporary reprieve. We could probably have sold in 2010 for about £20 -£25k more, all without mucking around with renting.

This time, I'm not so sure that history will repeat itself, because there isn't enough money or wriggle room. I don't post this out of any bitterness. We were able to do a deal in May 2009 which cancelled out our earlier paper loss. Whatever happens, people will find a way to make the best of things.

moonshine_girl

Just found this forum so as I'm in the same boat as many of you thought I would post to add my tale of woe.

I'm having to sell my home as part of a divorce settlement, I don't have a problem with this as I want a new life and fresh start. My house went on the market in Sept 2010, I had an offer December for £25k less than I wanted but as I decided to take the hit and accepted, three days later they pulled out as they had seen somewhere else. Following that I had about a dozen viewings in which time I reduced my price, I had a couple of other offers but didn't accept as they hadn't sold their properties. By May I had become disheartened so decided to take it off the market with a view to trying again in the new year.

A few weeks ago one of the couples who had made an offer but hadn't sold contacted my EA to find out what had happened to my house. EA phoned me to see if I still wanted to sell as this couple had now sold so I agreed to let them review the house. They still liked it and put in an offer which I accepted and they were keen to complete by Christmas. I found a property I liked which had no chain and my offer was accepted. All was going well, then the couple found out I had had a subsidence issue which had been fixed ( tree removed and repairs carried out) and after a week of deliberating pulled out today.

When I first put my house on the market I did point out to the EA it had had subsidence which had been fixed and naively I believed them when they said it wouldn't be a problem. Now I'm left thinking I will never sell the house unless I sell it for a ridiculous price.Although I can drop my price a bit more I have to be able to fund a 3 bedroom house in this area ( south east), alternatively sell it at a silly price and use the proceeds to rent for the next 6 years until my children finish school then goodness knows what. I now have to make a decision as to whether to put it back on the market now or wait until the spring. It's a headache I could do without and I feel for everyone else trying to sell at the moment or who have had buyers pull out

cycloneuk

Looking less and less likely we will exchange this month, i thought the entire chain of 5 was ready to go but there is a problem with the bottom of the chain who apparently didn't need a mortgage but now do.

According to my buyer their written offer is due anyday but that isn't correct since they have'nt even had the surveyor from the bank to do the valuation yet. They are 7 weeks into their purchase, i have a feeling the chain will collapse at the bottom.

Information being fed from their EA to my buyer is they need two mortgage offers? already have one (how is that possible without a valuation being done) and are awaiting the second.

klolav

cycloneuk......hope it doesn't collapse for you. Maybe it was one of those drive by valuations as oppossed to a survey that needs to be done in the house...if it's a small amount of borrowing maybe they don't need any more than that. Don't know just looking for suggestions....7 weeks in you'd think things were going well.
Our purchasers are still waiting for mortgage offer- over 6 weeks since survey....apparently no probs, but sale now taken 11 weeks, no chain either end!! All ready to go as soon as this bloody offer arrives! Again hoping to be out (in new place) by end of month. Each day makes me feel less positive about it all. Moody, grumpy, irritable, short fused, annoyed, panicky, stressed, anxious......list is endless. Horrible stressful times!! Good luck fingers crossed!

jaxjax123

Cycloneuk & Klolav.....
It's so frustrating I know. We are in our situation the ones waiting for the mortgage offer chain neither end too. 11 weeks in and we haven't had our written mortgage offer but the valuaction was done Tuesday.
We are so worried about ether our cash buyer or seller pulling out. We told them we wanted ot move quick. But we just couldn't have done anything any sooner. For the last 9 weeks we rang the broker 4 times a week. We were so anxious and we still are until we exchange.
It's daft how long our mortgage is taking, we were told we'd be moving with in 4 to 6 weeks and we have doubled that now.
Fingers crossed for the both of you things get moving quickly. I'd so love to be settled for christmas.

cycloneuk

I have emailed the EA at the bottom of our chain and the problem is they are remortgaging their own property and getting a 'let to buy' mortgage on my buyers property and they are waiting on an income reference which the bank need before a survey can be arranged. I don't hold up much hope, it has gone from a simple straightforward chain to a more complicated one.

cycloneuk

Finally at the point we can exchange contracts, will happen any moment if all goes well with completion next Friday.

klolav

cycloneuk wrote: »

Finally at the point we can exchange contracts, will happen any moment if all goes well with completion next Friday.

Well done!! Hope it goes well for you!!
We still haven't exchanged, with buyers having Just had their mortgage offer 14 weeks into it!
They are asking to exchange before xmas but complete mid jan! Gutted as wanted to be out of here in next place before xmas!

SecondLegDownIsTheBigOne

YourHousePriceHasCrashed wrote: »

You're probably doing the right thing. After all house prices are bound to go back to normal next year, aren't they?

This reminds me of a conversation I heard last year that two women were having in front of me in a shop queue. Paraphrased of course:

"Are you still selling your house?"
"Oh, no, DH and I have decided to put it off until next year when prices are back to normal."

:rotfl::rotfl::rotfl::rotfl:

I wanted to interject that there's still several years of falls before prices are back to normal.

GoToGal

Sad to see this thread has dried up. Finally completed today and there's been so much brilliant help on this board. Can't say thanks enough for all the tips!