I've pulled out of our house sale..........

Nenen

chriseast wrote: »

We may or not go ahead with this purchase, but by sitting tight have already saved £60000 from the original price they wanted and £45000 from our original offer. Some people simply have a vastly over-inflated ideas about how much their houses are worth and the agents need to take some of the blame as well. It's really satisfying when it turns round and bites them! Looking forward to the next phone call!

out of interest what was the original asking price chriseast? I'm eager to know what the percentage drop is so far!

Doc_N

SquatNow wrote: »

Agree to pay the 5k. Let them go through with buying their next place.

Then drop your offer by 10k... if they've now found a place and are ready to move, having their seller pull out will leave them hanging in the wind.

They'll have no choice but to accept your lower offer.

Gazundering is fun.

I like this one! What's to lose?

guppy

budget_counsellor_shaz wrote: »

Sorry I always start with a blank canvas I can see the potential. I've spent most of my life living in building sites. Not everyones ideal I know:rotfl:

Only joking...it was the desmelling bit that got me! Feel free to elaborate on that!

I completely agree its better moneysaving to add the value yourself rather than pay over the odds to someone else who's done it already (and probably not to your taste)

budget_counsellor_shaz

guppy wrote: »

Only joking...it was the desmelling bit that got me! Feel free to elaborate on that!

I completely agree its better moneysaving to add the value yourself rather than pay over the odds to someone else who's done it already (and probably not to your taste)

A very smelly dog smell and cleanliness wasn't the top of her priorities:eek: even the estate agent was nearly heaving as we made our way as quickly as possible to each window:rotfl:

The estate agent was trying to be so professional it was quite funny:rotfl:

The poor estate agent will have to venture into the smelly house again:o

merlinthehappypig

Nenen wrote: »

out of interest what was the original asking price chriseast? I'm eager to know what the percentage drop is so far!

I didn't mention it in case it makes me look a posh git, when actually we are combining two lots of deposit because my parents-in-law can't live alone anymore and we need a big house! It was on at £649950. We offered £565000, they wanted £580000. We said no and walked away. They came back a week later saying they would take the £565000 after all, but we told them it wasn't on the table anymore after looking at other houses. They came back with £550000 which we said no to, now they are saying £520000. Overall a drop of just under 20% so far. We have said no to £520000 by the way after all the doom and gloom about house prices in the media. They have been watching the same thing, of course:rotfl:

Doc_N

chriseast wrote: »

I didn't mention it in case it makes me look a posh git, when actually we are combining two lots of deposit because my parents-in-law can't live alone anymore and we need a big house! It was on at £649950. We offered £565000, they wanted £580000. We said no and walked away. They came back a week later saying they would take the £565000 after all, but we told them it wasn't on the table anymore after looking at other houses. They came back with £550000 which we said no to, now they are saying £520000. Overall a drop of just under 20% so far. We have said no to £520000 by the way after all the doom and gloom about house prices in the media. They have been watching the same thing, of course:rotfl:

Thanks - that's a very interesting practical example of what's going on in the market now, and it seems to be happening more and more across the country.

It was panic and the herd instinct that kept pushing prices ever upwards - now the same thing is pushing them back down again even faster. No bad thing at all for the majority of people either. The only losers are downsizers and people waiting for an inheritance.

Nenen

chriseast wrote: »

I didn't mention it in case it makes me look a posh git, when actually we are combining two lots of deposit because my parents-in-law can't live alone anymore and we need a big house! It was on at £649950. We offered £565000, they wanted £580000. We said no and walked away. They came back a week later saying they would take the £565000 after all, but we told them it wasn't on the table anymore after looking at other houses. They came back with £550000 which we said no to, now they are saying £520000. Overall a drop of just under 20% so far. We have said no to £520000 by the way after all the doom and gloom about house prices in the media. They have been watching the same thing, of course:rotfl:

WoW! what a great story... and such a cliffhanger too. Thanks for posting re price... you don't look like a 'posh git' to me... in this area that's about the price of a decent 3-4 bed semi in a nice part of the city!
I wish I could get someone to accept 20% lower! It sounds as if you have very good bargaining skills and nerves of steel!

franklee

Nenen wrote: »

Same here Chriseast.... If I needed any proof that the HPC (or at least stagnation) is upon us it is the fact that two different EAs have rung us this week trying to persuade us to go and see a property! This is after a year of us having to practicaly beg them to do a viewing for us and have them patronise us when we put in offers. Suddenly it is them chasing us! :j :j :j

Tell them you'll think about it and get back to them...


... then forget

We were looking in the windows of a few EA's the other day, all were empty apart from staff. A couple holding a few sales details were looking too, following us from one window to the next. We were chatting away - oh is that one still on the market, Oh that ones gone down etc. etc. This other couple didn't go in :A

I did think of going in to ask for a coffee, to give them something to do, but didn't bother in the end. Didn't want to look like a customer to any passers by :rotfl:

IveSeenTheLight

Doc_N wrote: »

Thanks - that's a very interesting practical example of what's going on in the market now, and it seems to be happening more and more across the country.

It was panic and the herd instinct that kept pushing prices ever upwards - now the same thing is pushing them back down again even faster. No bad thing at all for the majority of people either. The only losers are downsizers and people waiting for an inheritance.

I dont see how this example shows what's going on in the market across the country.

The following recent release shows more accurately what has happened in the last quarter.
http://www.nationwide.co.uk/hpi/historical/Q3_2007.pdf

England shows the lowest growth, probably affected by their higher property valuations, however other areas in Scotland and Northern Ireland recorded record rises.
This clearly shows that different areas are affected differently and are not all suffering from a "correction".
Maybe these areas are under correction as Scotland in particular is still one of the least expensive markets in the UK.;)

I also checked out for Q1 & Q2 for comparrison

http://www.nationwide.co.uk/hpi/historical/Q1_2007.pdf

http://www.nationwide.co.uk/hpi/historical/Q2_2007.pdf

merlinthehappypig

Nenen wrote: »

WoW! what a great story... and such a cliffhanger too. Thanks for posting re price... you don't look like a 'posh git' to me... in this area that's about the price of a decent 3-4 bed semi in a nice part of the city!
I wish I could get someone to accept 20% lower! It sounds as if you have very good bargaining skills and nerves of steel!

To be honest I don't actually want to buy at all at present, so the 'nerves of steel', is more indifference really. I'm really worried that they will reduce the price again as I have more or less agreed with my wife that we will buy it if it reduces to £499000. I said this knowing full well that they wouldn't, or so I thought.....

It is interesting though and shows what can happen if you are prepared to wait it out. I agree that it isn't indicative of houses prices across the UK, just of my area, though I am in the most expensive place in the South West and one that isn't usually as badly affected by any loss of confidence in house buying.

I agree that Scotland is still cheap, having sold there in March, and prices are still rising there as well, though they will never reach the sort of prices that England has.

What has hit home to me more than anything though, having sold and put my money away in a high interest account, is how little I fully appreciated the value of money.

Like most people I borrowed large amounts for a house, used credit cards to get things and took out loans. None of this was MY money though so it was easy to spend. Now I have a fairly large sum of money (to me anyway) and no debts, I am much more protective of it and don't want to waste it on an overpriced house.

If we all actually stopped and thought about just how much we were spending on houses and what else we could do with it, perhaps we wouldn't be so quick to rush out and spend it.

We have about £370000 to put into the new house. That wouldn't even buy the house I am renting here, for £900 a month, yet, even if we pay full tax on the interest, which we don't, I can get £1550 a month in interest in a safe, no risk investment. That's more than many people earn a month. Yet £370000 is a very small amount in house buying terms and still we rush to spend ever more