I have seen a house but I havent sold mine yet - advice needed

Lomion

Am in the lucky position of being able to proceed non-dependantly. The hard part was getting the 2nd mortgage before selling my own house. Even with a large deposit, I made my mortgage advisor earn his keep this time around. Only !!!!!! now is if I can't get rid of the first house quickly :rolleyes: . Paying 2 mortgages for more than a few months isn't really what I had planned to do with my Holiday money :rolleyes: (I thought it was funny Cyber )

Depending on your finances, it's possible though. Another option is a bridging loan. But be very very very very VERY careful before you even think about taking one of these out. In fact, best advice is to speak to a Mortgage Advisor

TBeckett100

Thankfully as a financial adviser, i can pop next door for advice. I would prefer not to over complicate things, afterall moving and going on holiday is tough!

i will keep the thread posted!

SquatNow

TBeckett100 wrote: »

We have a flat, well presented on the market and it is cheaper than the other 3 for sale (which are over priced)

Regardless of what prices other flats near you are, and what price the [STRIKE]cretins[/STRIKE] estate agents says your flat is worth, it is only worth what someone is prepared to pay you for it.

In the current market that figure is decreasing by around 1% a week, probably more, so the longer you hold out for a "high" price the less chance you have of selling it. If you want this new place, price your current property aggressively and be prepared to haggle.

Basically until the sale is complete and you have the buyers cash in your bank account, your flat is worth precisely £0.

Doozergirl

SquatNow wrote: »

In the current market that figure is decreasing by around 1% a week, probably more, so the longer you hold out for a "high" price the less chance you have of selling it. If you want this new place, price your current property aggressively and be prepared to haggle.

Fabulous. I can get myself a free house in two years time.

SquatNow

Doozergirl wrote: »

Fabulous. I can get myself a free house in two years time.

Oh dear. Somebody doesn't understand how percentages work.

Doozergirl

SquatNow wrote: »

Oh dear. Somebody doesn't understand how percentages work.

Yeah, woopdeedoo. Someone else doesn't know how the housing *markets* work. :rolleyes:

1% a week across the nation. Just wiped off. Because you said so.

SquatNow

Doozergirl wrote: »

Yeah, woopdeedoo. Someone else doesn't know how the housing *markets* work. :rolleyes:

1% a week across the nation. Just wiped off. Because you said so.

1% a week is only around 4% a month. There were plenty of months when house prices "rose" 4%. When auctions prices start diving and house builders start offering big discounts or kickback, then prices are on their way down.

Granted, at the moment it doesn't look that way because no-one is buying. Well some people are, but the prices they are paying are dropping around 1% a week!

Basically your another person that thinks houses are worth £xxx,000 simply because the estate agent says so. Well news flash - they ain't. They are worth what people will pay. When people stop paying and you have to drop the price to the price they'll pay, that called a "house price decrease".

I know it can be confusing, most people haven't really seen one before.

Saying prices have "gone up" simply because asking prices have gone up is moronic. It the sale prices that count. Of course, now house prices have started to drop the estate agents say the figure are invalid because they are based on low volumes. WELL OF COURSE THEY ARE! Only people willing to drop the price are able to sell.

Basic maths says that if no-one was willing to buy, then all houses are worth £0.

Doozergirl

SquatNow wrote: »

1% a week is only around 4% a month. There were plenty of months when house prices "rose" 4%. When auctions prices start diving and house builders start offering big discounts or kickback, then prices are on their way down.

Granted, at the moment it doesn't look that way because no-one is buying. Well some people are, but the prices they are paying are dropping around 1% a week!

Basically your another person that thinks houses are worth £xxx,000 simply because the estate agent says so. Well news flash - they ain't. They are worth what people will pay. When people stop paying and you have to drop the price to the price they'll pay, that called a "house price decrease".

I know it can be confusing, most people haven't really seen one before.

Saying prices have "gone up" simply because asking prices have gone up is moronic. It the sale prices that count. Of course, now house prices have started to drop the estate agents say the figure are invalid because they are based on low volumes. WELL OF COURSE THEY ARE! Only people willing to drop the price are able to sell.

Basic maths says that if no-one was willing to buy, then all houses are worth £0.

I've managed to read read all of your posts. Have you managed to read mine?

I'm sure that prices may have risen 4% in a month at some point. I doubt they rose by 48% in a year as much as they are falling 1% a week. Or is this a consistent trend shown by a respectable source over a period of time?

Can you also back up, with evidence all of the other tripe that you spout about 40% discounts on new build (even the ridiculous example you gave was 30%).

That *all* BTL's in last couple of years are high LTV?

That only rich idiots are allowed to buy at auction so that EAs can keep prices up? Do you think it could have something to do with having a secure sale or even the potential to dupe an unwitting into paying over the odds for a lemon? Have you ever even been to an auction? Not that many rich idiots to be seen.

I'm no ramper, just hate BS when I see it. Back your argument up and earn yourself some respect. You're screaming 'troll' at me right now.

SquatNow

{Goes to fetch Doozergirl a tin of Whiskers and a saucer of milk}

SquatNow

Doozergirl wrote: »

I've managed to read read all of your posts. Have you managed to read mine?

Writing over 5000 posts doesn't excuse you from ignoring basics economics. Something is only worth what someone is prepared to pay for it. Period.

Until it's case in your hand, it's worth £0.