House sale fell through

digiman97

I had my house for sale until the ftb buying MY buyers house, pulled out of the sale because of the recent media reporting on a property cool off/corection.I feel fed up now and doubt my house will sell,as it needs work doing to it.

poppy10_2

And your question is?

dolce_vita

poppy10 wrote: »

And your question is?

................."Does !!!!!! happen"?

movilogo

If you reduce price, you house will definitely sell

SquatNow

Agreed, you've simply overpriced it. You think it's worth X, the market thinks it's worth Y. Drop X until it meets Y. It will sell, it just wont sell for as much as you were hoping. Even if it needs work doing, someone will buy it and do the work if you price it right.

It sounds to me like your depressed because you thought you had found some sap willing to pay over the odds for a house with serious problems. I really can't feel any sympathy if that is the case... the person you sold to would have been the next victim on here asking for advice on a house they had bought that had "hidden problems".

Your house is only worth what someone is prepared to pay you for it. As demonstrated here, until you have the buyers cash in your bank account, the house is worth precisely £0

Expect a lot more threads on collapsed slaes and chains in the next few weeks.

HugoSP

SquatNow wrote: »

Agreed, you've simply overpriced it. You think it's worth X, the market thinks it's worth Y. Drop X until it meets Y. It will sell, it just wont sell for as much as you were hoping. Even if it needs work doing, someone will buy it and do the work if you price it right.

That may be correct, unless X=Y now, we don't know whether it is or is not overpriced. I don't know where the house is, or what size it is, or what needs doing to it. Nor do I know what similar mystry houses are selling for in the area. So I couldn't agree or disagree.

It sounds to me like your depressed because you thought you had found some sap willing to pay over the odds for a house with serious problems. I really can't feel any sympathy if that is the case... the person you sold to would have been the next victim on here asking for advice on a house they had bought that had "hidden problems".

WOW! you can tell all this from a two line opening post? I'm impressed, and I just had you down as a nutter

The OP's house sale has fallen though. This happens in any market. Some on here are looking extremely hard for as much evidence as possible for a housing crash of monumental proportions. Why they wish such misery on those who have a house I don't know. I know a lot of people whowant to buy but can't, but they wouldn't wish misery on those who have bought, because they are decent people.

The reason that they've given for backing out may or may not be true. If the house needs work they may have felt that they were taking too much on in this climate. In an ideal world the sale would have gone through for the vendor, but it didn't.

The vendor needs to have a good chat with the agent and discuss what efforts are going to be put into the marketing of the house. If they got one offer there must be more on it. Above all the estate agent needs to be upfront that the vendors pulled out because of personal reasons, not because of problems with the house.

SquatNow

HugoSP wrote: »

That may be correct, unless X=Y now, we don't know whether it is or is not overpriced. I don't know where the house is, or what size it is, or what needs doing to it. Nor do I know what similar mystry houses are selling for in the area. So I couldn't agree or disagree.

If X=Y then someone would buy it. The fact that no-one has means X>Y

HugoSP wrote: »

WOW! you can tell all this from a two line opening post? I'm impressed, and I just had you down as a nutter

Original OP said this:
"I feel fed up now and doubt my house will sell,as it needs work doing to it."
Which suggests that he was selling it without the buyer knowing of the problems.

HugoSP

SquatNow wrote: »

If X=Y then someone would buy it. The fact that no-one has means X>Y

Er, no actually it doesn't mate. He HAD a buyer for it. The fact that he hasn't found another buyer straight after the sale fell through means nothing at all apart from the EA needs to set about remarketing it.

Original OP said this:
"I feel fed up now and doubt my house will sell,as it needs work doing to it."
Which suggests that he was selling it without the buyer knowing of the problems.

I have bought loads of houses with work needing done. He may have found a buyer who was originally prepared to take the work on in return for paying a lower price to reflect its condition. Again, he needs to remarket the house to find a similar buyer. I don't think we can assume that the seller was trying to pull a fast one, even though I do accept he is guilty of capitalism.

In time he may have trouble selling it at the same price, or he may not. As I said earlier, we don't know where it is, how big it is or what other similar houses are selling for in the area.

Having said that if you wish to impart your wisdom for everyone elses benefit then please don't let me discourage you. It makes for a fascinating read.

digiman97

I had a buyer who knew the work that needed to be done,it's amazing how many people jump to conclusions on here, without knowing all the fact.

Thanks Hugo i appreciate your positive input.

m00m00

there's certainly no shortage of people who would be happy to purchase a property where some work needs to be done, as there's plenty of people seduced by property ladder etc, who think they can do 5k of work, paint the walls magnolia and market it for 50k more 3 months later.

In your situation, I would definitely look at remarketing your property, and perhaps consider another valuation, if you are concerned about your local property market declining.

have a look on rightmove for similar properties, both for prices and numbers.

sparkle03

Hi There,
I know exactly how you feel hun, I put my house on the market in june and sold it withinh three days for pretty much the asking price. Three months down the line after many excuses as to why things hadnt moved on she decided she didnt want it anymore, turned out she couldnt get a mortgage.

My house like yours needs work doing on it, I got it a couple of years ago and its all been decorated and updated but I have never installed a new kitchen or bathroom. Which are the main two rooms that cost a new buyer money.

After the first buyer pulled out I instantly got a second buyer by dropping the price by 10,000 as i was desperate not to lose the house I had already put money into. But guess what about three weeks ago she decided she wanted to invest elsewhere! So im back at square one right on top of christmas and lost my perfect house!

I feel like I have wasted 5 months of the year all down to time wasters.
Now we just have to play the waiting game again and see what comes of it!