Lost a sale due to low mortgage offer for first time buyers

owsaboutthatthen

macaque wrote: »

You were hoping to sell your house for an unrealistic price to naieve and inexperienced house buyers. Now you are dissapointed but you have no right to be. By the way, I was suggesting that your family and friends chip in to help the buyer.

Feeling disappointed is a natural reaction to what has happened when you are desparate to sell a house. At the time of the proposed buyers looking at the house, I was not aware of of their circumstances in whether they could afford it or not - you just assume they can or else they wouldn't be looking and bearing in mind the house has been reduced twice, my initial thoughts were it had been reduced to a more realistic price. The suggestion of my family and friends helping out - enlighten me on how we could make this happen?

macaque_2

owsaboutthatthen wrote: »

The suggestion of my family and friends helping out - enlighten me on how we could make this happen?

You ask your family give the buyers the money to make the difference between your unrealistic expectations and the buyers meagre purchasing power.

owsaboutthatthen

A_Nice_Englishman wrote: »

Did your buyers actually put in a formal offer?

Estate agents are supposed to take 'reasonable steps' to ensure potential buyers are able to raise the money while you are considering their offer.

See Part 7 of the Ombudsman for Estate Agents' Code of Practice

http://www.oea.co.uk/code_of_practice_sales.htm
http://www.oea.co.uk/code_of_practice_sales.htm

Well my estate agents told me that they were getting mortgage advice to increase their mortgage offer which currently stood at £100k. I was not aware of this at the time of their viewing the property. I then got a call to say they could only up it to £105k. A formal offer was not given due to the fact that this is a big drop from what we were asking for and bearing in mind we had reduced the property twice already, I think they just assumed we would not accept the offer and it was just left that they would still see what they could do.

Lizzy

Lynzpower said that THEIR (the buyers)family and friends may want to help them out with the short fall.

Macaque. There is no need to be rude to a fellow MS member in their desperate situation. It was very sarcastic to suggest that the OPs family should chip in to help the buyer !! Some comments are better kept to yourself if not at all constructive.

Owsaboutthatthen have a go at putting the street postcode into the right move website in the sold house price section to get a realistic price for what the houses are selling for in that road. Or the nearest road to it if none have sold recently. The estate agent won't be of much help, they just want the commission.

A_Nice_Englishman

Also use www.nethouseprices.com to see what similar properties have sold for recently.

macaque_2

Lizzy wrote: »

Lynzpower said that THEIR (the buyers)family and friends may want to help them out with the short fall.

Macaque. There is no need to be rude to a fellow MS member in their desperate situation. It was very sarcastic to suggest that the OPs family should chip in to help the buyer !! Some comments are better kept to yourself if not at all constructive.

Owsaboutthatthen have a go at putting the street postcode into the right move website in the sold house price section to get a realistic price for what the houses are selling for in that road. Or the nearest road to it if none have sold recently. The estate agent won't be of much help, they just want the commission.

I may have spoken the blunt truth but there is nothing rude in my post. Owsaboutthatthen's is desperate to sell a house for more than its worth. If the price is dropped by £10-20K, it will sell.

Owsaboutthatthen is only desperate because he/she cannot sell a £5 note for £10.

Gorgeous_George

Rude?

I'd saying trying to sell a house for £20K more than its worth is a bit rude too.

Selling now means moving in October/November. It's a quiet time and with the squeeze on credit it may prove to be even quieter. HIPS won't help either. I think the tterm 'buyers' market' comes to mind

Good luck. As I said, offer less for the house that you want. You never know, maybe they'll be desperate to sell too.

Alternatively, sell and jump off the property merry-go-round for a while.



GG

PasturesNew

dolce_vita wrote: »

... afforability.

There is a massive demand for Ferraris among 10 year old boys yet the price remains fairly static. Why? Because 10 year old boys can't get the money to buy one.

Hence the increase in youth crime.
They nick 'em

PasturesNew

owsaboutthatthen wrote: »

It has been said that they should have got mortgage advice before they started looking and not the other way round - which is what has happened in their case and have built all our hopes up for nothing!

Yes. They knew they could only raise £100k before they started looking.
Time wasters.

And, as the word is now out in the open world... these people are sub-prime. These are the sort of people lenders are really tightening up against now.

Even Northern Rock, who were throwing money at anybody (or their dead cat if they could get a paw print) are stopping doing so.

You'll just have to forget them.

owsaboutthatthen

PasturesNew wrote: »

You'll just have to forget them.

I've come to that conclusion now after discussing it with friends/family !