Back to square 1 - Finding another buyer

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oldskoo1 wrote: »

Another viewing this weekend. Surprise surprise another couple in rented who have been looking for months. Apparently looking at tonnes of houses so we don't hold much hope. There are loads of these people sitting on their hands waiting for the perfect house.

To update on our purchase. We have found sonewhere, the owners are willing to wait for us so that side is sorted

Good luck.

Personally, I do not think it is ALWAYS just a matter of price - sometimes you do need the buyer who WANTS the property.

Apart from general nervousness in the housing market, some people are also having difficulties getting a mortgage.

Hailstorm

I am going to suggest doing something a lot of people on site site tell people not to do.

Start viewing potential properties for you to buy now!

I know you are not proceedable so cannot make any offers, but you have lost two potential buyers because of the time you have taken to find somewhere. If you have some potential properties in mind, then next time you accept an offer you can then immediately make an offer yourself.


When I was buying, a vendor who said they had seen a house they like and were just waiting for an offer was a far more attractive proposition to me one who said they are waiting for an offer before they start looking. Your case is the reason why, how long would it take for them to find somewhere, etc.

If your potential buyers have not heard of any progress for several weeks they might be wondering if you really are committed to moving and start looking again themselves.

zappahey

DRP wrote: »

I think it is rare for buyers to go in first time with their last and final offer, so i reckon it is fairly standard to reject any first offer (use it as a filter for time-wasters!).

The fact they didn't come back with any kind of 2nd offer suggests either i have got this entirely wrong :eek: or that they were in fact not really serious!

It depends, we've used both tactics.

There was a house at the top of our budget and we made it clear that our offer was the best we could do and a second, higher offer wouldn't be forthcoming.

fannyanna

I'm another that recommend breaking the chain of buying and selling. We had a nightmare selling our property. Took 3 attempts. If we had of been buying at the same time it would have ended up being even more stressful and costly.

LandyAndy

DRP wrote: »

I think it is rare for buyers to go in first time with their last and final offer, so i reckon it is fairly standard to reject any first offer (use it as a filter for time-wasters!).

The fact they didn't come back with any kind of 2nd offer suggests either i have got this entirely wrong :eek: or that they were in fact not really serious!

I'd rather lose a 'buyer' over this than lose them when they change their mind in 3 or 4 weeks time (and my property has been off the market for that time)

My point was really that you'd had 16 views and only one had produced any sort of interest but when that one was at a level most people would be happy to settle at you just turned it away.

DRP

LandyAndy wrote: »

My point was really that you'd had 16 views and only one had produced any sort of interest but when that one was at a level most people would be happy to settle at you just turned it away.

yes it might seem strange but that offer was in our 2nd week on the market - and as i explained above, i have doubts the buyer was particularly committed (I base this on them not coming back with another offer or even showing any interest since and also from what my EA tells me)

These things take time, especially when viewers want to visit 2 or even 3 times before making an offer. Our place has been on the market less than 4 weeks (19 viewings). This week has seen 3 second viewings includings a first time buyer on a second viewing with their parents today, so i am not too worried about not accepting the offer a couple of weeks ago*.


*my 'method' may turn out to be madness, but that's life!

LandyAndy

DRP wrote: »

yes it might seem strange but that offer was in our 2nd week on the market - and as i explained above, i have doubts the buyer was particularly committed (I base this on them not coming back with another offer or even showing any interest since and also from what my EA tells me)

These things take time, especially when viewers want to visit 2 or even 3 times before making an offer. Our place has been on the market less than 4 weeks (19 viewings). This week has seen 3 second viewings includings a first time buyer on a second viewing with their parents today, so i am not too worried about not accepting the offer a couple of weeks ago*.


*my 'method' may turn out to be madness, but that's life!

I wish you luck.:)

babs

Reading this thread with interest as we have just accepted an offer on our house for 91% of the asking price within 3 days of putting it on the market. Because the buyer is in a great position to proceed - sold theirs and already has a mortgage approval we don't want to lose their sale. We are going on holiday in 2 weeks and have decided to rent so we can take time to get exactly what we want. However, it does have its downside in the fact that I am currently on a cracking tracker (0.5% above base & portable) which I am now going to lose - so it does have its disavantages.

Soot2006

DRP wrote: »

yes it might seem strange but that offer was in our 2nd week on the market - and as i explained above, i have doubts the buyer was particularly committed (I base this on them not coming back with another offer or even showing any interest since and also from what my EA tells me)

These things take time, especially when viewers want to visit 2 or even 3 times before making an offer. Our place has been on the market less than 4 weeks (19 viewings). This week has seen 3 second viewings includings a first time buyer on a second viewing with their parents today, so i am not too worried about not accepting the offer a couple of weeks ago*.


*my 'method' may turn out to be madness, but that's life!

This is why it's called a buyer's market ...

Did you come back to the offer with a counter offer or just reject it outright?

AMO

Yep, I totally agree its a frustrating market.

We've had buyers pull out twice also.

I think that they key thing to recognise it that unlike in the years of boom when people are outbidding each other for a house, you now don't really know when your house will be sold.

Therefore, people tend to sell and then look (but keep an eye out for houses on rightmove etc) and also consider renting if they need to move fast as they don't know when their buyer will come along.

The other thing to realise from this is that because people to go into rented, they do so so that they have no chain and then be able to play the buyer's game.

And so the effect we have is that buyer's are happy to put an offer onto a property and whilst the chain is in progress still look out for other houses and then if something better comes along, just switch causing the original chain to collapse.

I would say:
1) Definately be prepared to rent.
2) Look at properties, but let them know that you haven't got a buyer yet - but you need to narrow down what properties you like on the market so that you are fast to move when you get a buyer.
3) Be reasonably flexible on the price especially if you've been on the market for 1 year or more because in general house prices have dropped and therefore compared to a year ago, your house would probably have gone on today for £5K less.

Also, don't get into the trap of looking at houses to the point that you increase the specs of your requirements by merging the best bits of all houses you've seen.

Finally, the most important thing is that once you've sold your house, start looking at things you can do in the house like trimming hedges, jet washing stuff and touchup painting and anything in general that will improve things so that when that second viewing comes along which might be disguised as a 'measuring up' viewing, they have a better impression than the first visit.

But that's how it is at the moment. A lot of house holders getting this kind of frustration.