Diary of a House Search

lessonlearned

This is where it can get both interesting and very rewarding.

Money - I know you are dead set against this and I am not for one minute trying to persuade you to change tactics.

I merely posted my experiences yesterday because I thought some of you might find it interesting and enlightening.

There can always be an alternative version of events. Yours is not the only option. Indeed your option doesn't seem to be working anyway. You have not made any headway with your sale.

Let's look at another option.

Asking price £170K. selling price £165K to give you a quick sale.

6 months rent @ £750 = £4500

OK so far you are "down" on the deal by £9500

I'm assuming no storage costs involved because the rental will be both unfurnished and large enough to take all your furniture and personal effects.

For your next purchase you are a cash buyer who is chain free. This gives you a very strong hand - your hold all the aces.

You negotiate hard and get 10% off the asking price.

Let's say, for the sake of argument, you are looking at a similar price bracket - £150 to £160K - thats £15K in your favour, minus your loss of £9500, you are still at least £5K in profit, even allowing for arrangement fees for the lease and a second lot of removal costs.

(Your £2500 estimate is very high, even moving to another area - you can slash that - plus of course only one move is long distance).

Yes it is a double move, but it need not be double the expense or even double the hassle. And ......with a bit of careful planning and a fair wind it can be advanagous.

For me it was a case of simple expediency. A quick stress free sale at a price I was more than happy with. No complications with me having to find the right house to buy and juggle time scales - far too stressful for me.

I already have health problems - that would tip me over the edge.

As you know my personal circumstances are a little difficult.

My husband is slowly fading away and I have a set of very frail elderly parents who need my help. The stresses of the past few years have taken their toll and I am gradually nursing myself back to health.

In addition to this the financial impact of long term ill health cannot be understated. It has cost my OH and I at least £600k in terms of lost earnings, nursing fees, expenses etc.

I made a decision to slash and burn my way out of trouble, to sell assets at firesale prices, pay off debts and start again with what's left.

I sold our Spanish property at around 25% below it's market value but here's the thing - I actually beat the market. Yes I took a hit but it was a calculated risk, one which paid off handsomely.

If I had held out for a better price I would now be sitting on a totally unsellable property. Spain's economy is a basket case and the property market there is in total collapse.

As a matter of interest although I sold at way below market value, I still managed to come out with my initial investment more or less intact because I chose a time when the currency rates were in my favour. Again with Spain's economy now in such a state currency exchange rates would not work for me at present.

I made my money or at least mitigated my losses purely on currency fluctuations. Not bad considering my maths teacher once called me a "hopeless case".

As I pointed out in a previous post my tactics are working.

I came out of the Spanish deal with my funds intact. I got an easy quick sale on our family home, I have not lost £15K on the value of our old house, I have made £4800 in hard cash so far.

In both cases if I had waited and held out for a better price I would have come a cropper. As it is I have not only mitigated any losses I am actually in profit.

Plus I have saved myself a lot of stress.

At one point on my journey when I still had both properties I was standing on a precipice staring into the abyss, at very serious risk of losing both homes and being declared bankrupt.

I have fought back and beaten the banks :j:j:j

It's all been down to my flexibility and willingness to bite the bullet, to bend with the times and accept lower prices for my assets, to take a good deal when it's on the table and to be willing to put myself out a little to accommodate my buyer.

And .......I've also given my boys a much needed leg up onto the first rung of the ladder before property values start to rise again.

If I had waited and hung on I would not have had freed up equity to help my boys and they would have missed the property boat.

Yes I strongly believe property prices are about to take off......

An inflexible and intractable approach would have scuppered my plans and I would probably have lost everything.

As it is I have rebuilt my finances and things are looking a lot more rosy than they did previously.

At the start of your foray into house selling I advised you to be flexible in your thinking, so far you have not made any changes to your rigid approach.

You continue to promulgate the notion that your house is in the "second best area" therefore it is worth the asking price and you will not budge.

It really doesn't look that way from what I can I see. Your approach doesn't seem to be working in your favour.

My house was not in a "second best area" it was in a highly sought after location (we're talking premier division here) - fantastic schools, lovingly maintained, in turn key condition etc - so too are the properties belonging to my competitors.

I accepted a lower than asking price and went into rental to accommodated my buyer. I got my sale - theirs still languish on the market.

Just like yours......

moneyistooshorttomention

You were absolutely right to get out of Spain - the way things were going there you would have been on a hiding to nothing keeping that place. That decision was definitely spot on.

We do all have to bear in mind our own Personal Resilience Factor and how much it has come under pressure so far and you have indeed had one heck of a lot of pressure in your circumstances and your PRF will have taken one heck of a beating from all that. We all of us know just how many more "straws" we could take before they proved to be the one that "broke the camels back". I've been driven to my own "personal brink" back before now in very different circumstances to the housebuying/selling scene and, if there had been one more "straw" at that point...I mightn't be here now - hence coining my PRF term.

I knew its only the hugely bargainous and/or positively wonderful houses that go in a few days here and realised mine comes in the "reasonable house/reasonable (now bit of a bargain) price" and would probably take that "up to 2 months" that houses in that category normally take and I would likely be feeling frustrated/impatient for a few weeks unless I changed my price for bargainous to hugely bargainous and decided I'd just have to grit my teeth and put up with feeling frustrated/impatient and that my PRF could cope with the extra load of feeling that way as I've got rid of the biggest stressor from my life (ie my job - courtesy of retiring:D) and wouldn't come anywhere near the Breaking Point level and I would be alright. Just a bit more patience to be shown and I'll be thankful I was strong enough not to let a stranger walk off with £5,000 of my money:rotfl:

EDIT: one thing you have got me wondering about is your earlier comment to the effect of it not being necessary for a house to be empty to be able to judge whether the vendor is willing to go into rented accommodation. An empty house is an obvious sign that the vendor won't hold up a buyer to suit themselves - as they have already left. I can't see what way it would be possible to prove a vendor REALLY would go off into rented as they stated though?? Is there a way that they can prove that they really mean it if they say that's the case? I've read a lot of comments on this forum about vendors saying they will go into rented temporarily - and then not doing so (whether because they realised the costs involved subsequently or they didn't actually mean it at the time they said it in the first place...the effect would be the same either way).

lessonlearned

Re Vendors who say they are going into rental.

No guarantees that I know of. You just have to have a little faith and trust in your fellow human beings. This one is down to a handshake and a "Gentleman's Agreement".

I've never been let down by a "Gentleman's Agreement" yet. You just have to trust your judgement and "people instinct".

Have had a fab day. Helped my friend show viewers round her mum's bungalow and helped her decide what to do with the furniture that is left.

A lot of stuff has been auctioned off already so it's just the larger pieces.

As you know I dabble in antiques and bric a brac and enjoy upcycling and furniture restoration. So I have secured several pieces for our new properties and have agreed to store some special pieces for my friend until she can get her new house habitable.

My current dining room is going to be turned into a furniture repository for the foreseeable future.

What larks:rotfl:

Pity I can't afford my friend's mum's bungalow. It's a stunner. I'd buy it in a heartbeat.

Keli

Always surprises me how it takes so long to arange a viewing - owners should make the peoperty available all day to agents yet I called yesterday am to ask to view a house and today EA called to say is Sat PM ok - erm no I was off yesterday & in the area and wanted to view house yesterday & ok short notice but shorly owners want to sell so give EA keys & allow bookings

Keli

When my house goes on market as long as were notified and except for special occasions my house will be available with 30 mins notice daily for viewings as I will want to sell it quickly, I will want EA to have key and do viewings

Keli

forgot to add house I wanted to view was new listing so people will want to view before Sat yet I have first viewing !!!!!!

lessonlearned

Keli wrote: »

Always surprises me how it takes so long to arange a viewing - owners should make the peoperty available all day to agents yet I called yesterday am to ask to view a house and today EA called to say is Sat PM ok - erm no I was off yesterday & in the area and wanted to view house yesterday & ok short notice but shorly owners want to sell so give EA keys & allow bookings

Yes it is poor. However, this may not be the Vendor's fault, it could be that the EA doesn't "do" viewings, the Vendor may be at work during the week and only available at weekends, the EA may only have key holder staff available at weekends.

A lot of variables.

But I totally agree with you. Delays are frustrating and are not really acceptable.

If you want the sale then you simply have to allow viewers access, whether it is "convenient" or not.

It simply B]has[/B] to be convenient.

Make it so. :rotfl::rotfl:

Remember the old adage "The customer is always right"

Even when they are blatantly wrong!!!!

lessonlearned

Update - tomorrow is survey day.

1. Lenders' valuation - paid by us but needed for mortgage purposes

2. Full building survey - paid by us, requested by us, nothing to do with mortgage.

Same surveyor doing both reports.

I wanted to visit the property with the surveyor to discuss any issues - under the auspices of our private full monty survey.

Being ever efficient I thought that I could, at the same time, check out window locks etc for buildings and contents insurance (stupidly I forgot on our last visit although I did check out the door locks, and burglar alarm). I also thought I might measure up windows etc in case I spot any bargainous curtains on my travels. (I'm a bit of a charity shop queen:rotfl::rotfl:)

EA will not allow me access because I quote "we cannot spare a member of staff";)

And of course their insurance does not cover me - only the surveyor.

Welcome to the 21st century where "elfnsafety" rules, where beaurocracy and red tape stifle any kind of endeavour and where common sense no longer applies.

Yesterday I had a call from the lender querying a payment from my son's bank statements. A regular dd each month, always on the same day. They wanted to know how he would afford his mortgage payments when this regular sum was going out of his bank account.

The payment is for his rent - it says so on the statement plain as day. Once he moves and starts paying the mortgage, he won't be paying both rent and mortgage payments at the same . ::rotfl:

Hey ho.

Good job I'm a patient soul.....

moneyistooshorttomention

Keli wrote: »

Always surprises me how it takes so long to arange a viewing - owners should make the peoperty available all day to agents yet I called yesterday am to ask to view a house and today EA called to say is Sat PM ok - erm no I was off yesterday & in the area and wanted to view house yesterday & ok short notice but shorly owners want to sell so give EA keys & allow bookings

I would say vendors do need some notice of viewings - as otherwise we would have to keep our house pin neat at all times and that simply isn't practical (even for those of us who have no children/pets/etc). So adequate notice is necessary - even for those of us who have provided our EA's with keys (quite apart from the fact that its one useful way of winnowing out "unreasonable" type viewers - and a good rule of thumb = 1 hours notice means a viewer not to accept as a buyer if I can possibly help it as I'm obviously not a "human being" to them).

Also - there is the "What do I do with myself whilst viewers are visiting and having their look round?" question and a vendor has to make alternative arrangements as to where they will be whilst a viewing is going on.

To date - my EA's have given me at least 24 hours notice of a viewing except on one occasion (where it was only about 2 hours) and that means I have the time to whip round quick and tidy the place up and take myself off somewhere else. They know by now that, if I don't have any other plans for where to go, I will be sitting in a specific caf! nearby having a cup of coffee whilst I wait for their text to say "Viewing over" (and I duly found that most recent conversation with a stranger in said caf! meant I was actually talking to someone who turned out to be a possible prospective buyer - and a very nice wife he had too...so you never know....).

lessonlearned

moneyistooshorttomention wrote: »

I would say vendors do need some notice of viewings - as otherwise we would have to keep our house pin neat at all times and that simply isn't practical (even for those of us who have no children/pets/etc). So adequate notice is necessary - even for those of us who have provided our EA's with keys (quite apart from the fact that its one useful way of winnowing out "unreasonable" type viewers - and a good rule of thumb = 1 hours notice means a viewer not to accept as a buyer if I can possibly help it as I'm obviously not a "human being" to them).

How the devil do you arrive at that conclusion.....

The one hour notice could also mean the purchaser is only in your area today and has just spotted your property in the EA's window.

Honestly Money you are cutting off your nose to spite your face. .

Unless you treat your home like a pig sty then 1 hours notice is more than enough for a quick whizz round. A simple "sorry the place is a little untidy you caught me on the hop" is all that is needed.

You don't need to make a Hollywood production out of it.

A viewer who only gives a short notice would not expect your house to be pristine. They would just be happy to have the opportunity to view.

Bend a little.

Just had a lovely chat with the surveyor who will be doing my building survey tomorrow. He knew the EA wouldn't allow me access so he rang me for my thoughts and further instructions, ie anything that might be an area of concern, was there anything I wanted him to pay particular attention to.

He also told me to disregard the standard letter of terms that says allow 10 days for the report. He promised me he would turn it round far quicker than that.

Nice to see there are still people giving good service, using their initiative, taking the time to make a phone call to get proper instructions, delivering more satisfactory time scales, promising to call me if he found any "show-stoppers".

Fingers crossed he doesn't.

Anyway it's good to see he is on the ball.