When to take the house off the market

hazyjo

greenbee wrote: »

The vendors themselves have sold already prior to looking and are moving into rented accommodation on Monday.

Do you mean buyers? Bit confused. Surely they've signed up for at least 6 months (if a break clause, if not, could find themselves commited to 12 months)? Careful they don't drag it out or start pleading ignorance about their tenancy agreement close to exchange!

Difficult about the other viewings. It'd be nice to have people lined up if this one does fall through, but then they'd probably wish to re-view anyway, and the EA will have the details prepared so won't take long to put up on website, etc, so you might as well accept the offer and cancel viewings (unless there's still a few grand to the SD level, in which case you could see if anyone will offer over...

Jx

Dan-Dan

greenbee wrote: »

I haven't had all the details of the offer - just a quick phone call from the agent telling me about it and asking whether I wanted to go ahead with viewings that are already booked.

And I'm well aware that it hasn't sold yet, hence my query over when to actually take the house off the market - there are plenty of problems that could still come up.

Given that the buyers are coming round for a second viewing, it seems unwise to stop the other viewings, just in case they change their minds.

As for being unprepared... well it took all of 5 minutes to instruct the solicitor this morning, so that's hardly a major issue. And I now know what my budget is so can look seriously - I know plenty of people who have looked before they sold and then had to rethink when they've spent what the agent told them they'd get and had to accept a considerably lower price, which has caused considerable delays.

Given that it was only 4 working days from the property being advertised to the offer coming in (the brochures haven't even been printed...) I don't think it is to be expected that I'd already have found somewhere. The vendors themselves have sold already prior to looking and are moving into rented accommodation on Monday.

Guess I'd better get looking seriously now I know what my budget is...

You had no idea of your budget until you received this offer ?

shazza39

Dan-Dan wrote: »

You had no idea of your budget until you received this offer ?

My thoughts exactly! Why would someone put their house on the market without knowing what their budget is to buy another when their own sells.

Dan-Dan

shazza39 wrote: »

My thoughts exactly! Why would someone put their house on the market without knowing what their budget is to buy another when their own sells.

because they are intending to be a right royal pain in the !!!!!!!

greenbee

shazza39 wrote: »

My thoughts exactly! Why would someone put their house on the market without knowing what their budget is to buy another when their own sells.

Because until it's sold, you don't know how much money you're going to get?

Plenty of people seem to hit that problem - find somewhere they love, assume they'll get the asking price on their place, put in an offer and then discover they don't get the asking price so the whole thing falls apart.

Have you seen all the threads about how much to offer? most people are going in under the asking price. If you look at property bee you can see prices being dropped quite drastically in some cases where properties have been over priced - and I bet those people had mentally spent the money. One I've been looking at has been on the market for over a year and the price has dropped four times so far. How would you feel if those people had put an offer in on your house, and you'd taken yours off the market, and were waiting and waiting and waiting for them to sell? Based on other properties in the area, I was expecting it to take 3 months to sell, and probably at less that the asking price. So plenty of time to look - and some EAs have been very clear that they wouldn't set up viewings on certain properties if my house wasn't already on the market.

I have family who have missed out on the house they wanted because they accepted an offer, only to discover that the person who put their offer in hadn't even put their house on the market. Apparently it would sell instantly... several months later they are still waiting. As a result, I certainly wasn't be putting an offer in until I knew what my deposit was going to be and had my MIP agreed.

Given the difference between the lowest EA valuation on my property and the asking price (which this EA warned me I might not get), I'm now looking seriously at properties which before were aspirational.

There are a lot of you on here I wouldn't want as buyers... I'm assuming you'd want your vendor out of the door before you even managed to get the paperwork done.

shazza39

greenbee wrote: »

Because until it's sold, you don't know how much money you're going to get?

Yes I know where you are coming from but vendors must surely have an idea what they want for their house or they wouldn't be selling it. Think of worst case cenario and work your budget around that, if it isn't going to be worthwhile then don't move.

I jusr personally think its crazy putting your house on the market and have no idea what you think your budget is going to be for buying.

greenbee

shazza39 wrote: »

Yes I know where you are coming from but vendors must surely have an idea what they want for their house or they wouldn't be selling it. Think of worst case cenario and work your budget around that, if it isn't going to be worthwhile then don't move.

I jusr personally think its crazy putting your house on the market and have no idea what you think your budget is going to be for buying.

It's not no idea, but it's a matter of £50k one way or the other, which makes a difference. I'd been assuming the lower end of the scale... so now I can look at the stuff I'd been trying to ignore :cool:

Dan-Dan

and hope your buyers dont get sick of waiting....or after survey they knock you down , then your back at square one