Can't sell 1 bed flat in Eastcote, Middlesex

RelievedSheff

Crashy_Time wrote: »

Go to the "discussion" forum, you will find a few posters there (well a couple) who are still not ready to believe this. This forum used to be property price cheerleading central so if you are feeling a negative tone about your price maybe the market really has changed recently.

That very much depends where you are located according the the latest Land Registry information.

https://www.gov.uk/government/publications/uk-house-price-index-england-november-2019/uk-house-price-index-england-november-2019

Crashy_Time

Sales volumes for England
September 2015
80,192
September 2016
76,114
September 2017
78,082
September 2018
68,839
September 2019
61,633

Crashy_Time

The OP is a victim of this trend, sellers try to get high prices still because they are still seeing high average prices pumped out in the media, but as the bottom (transactions) has fallen out of the market, as the OP rightly points out, the buyers don`t materialise for the high priced property, Catch 22 really?

Cakeguts

Where I live houses are selling easily. One went the other day after 2 days on Rightmove. It is well priced though and it isn't a second hand 1 bed flat. Anything that is overpriced is sticking.

RelievedSheff

Cakeguts wrote: »

Where I live houses are selling easily. One went the other day after 2 days on Rightmove. It is well priced though and it isn't a second hand 1 bed flat. Anything that is overpriced is sticking.

Same where we live.

If something is priced sensibly and presented to suit it's target market it will sell quickly.

There are a good mix of existing properties and new builds in our area and sales of both are doing really well.

It is a mixed market across the country. Some areas are doing far better than others. But even in areas that are struggling a good property priced well will sell.

Crashy_Time

Obviously demand is falling if headline prices are rising as most over-priced property just sits there, and transaction figures seem to back this up.

kazzamunga

Yep, so, demand falling, etc. Wondering if we could speak to our agent and say that we can't drop our price again so soon because it'll look desperate, but can they reach out to people that are looking to pay in the 280s to say that we will accept offers.

It might come to just taking it off the market for a bit, as we can't keep tweaking the price. In the meantime though, my crappy ex-agent just got back in touch to complicate matters. Not sure how well I explained the situation of September and October, but basically we had an offer of £290k, and everything was going through for 7 weeks (our solicitors were talking to their solicitors, they had their valuation survey done and that was all fine, etc). Then at around the time when they had originally said they would want exchange, out of the blue they told us that the lenders didn't have their solicitors on the panel, so could they start the whole process again with another solicitor?

So we were like...wth? We literally thought we were on track to complete in a couple of weeks? And we said OK fine, try another solicitor but we want to work to a deadline this time. The agents knew we were unhappy though, so bizarrely put the flat back on the market but didn't tell the buyers. When the buyers found out they pulled out. It was so weird and I now don't trust anyone. When it fell through, the agents released us from the contract because it was just easier for everyone, as they'd screwed the whole thing up and I was really upset!

Anyway, we've now been with the new agent for like 10 weeks (sole agency), and out of the blue the original agent calls up to say that that original buyer who pulled out has come back to them and wants to put in a revised offer. I said we're not with you anymore, ask your guy to ring our current agent. And then the ex-agent comes up with some spiel about 'they found the person first' so the money would go to them and we wouldn't have to pay the new agent (who we are still in contract with until early March).

Does any of that sound legit at ALL? It was such a disaster last time that I don't think I could possibly agree to it, but is it even legal? And if it did happen, would we suddenly end up having to pay both agents? Ugh, the whole thing is such a FARCE.

GDB2222

Does your new agent have 'sole selling rights'?

You are actually in some danger of having to pay both agents! The solution is to put them in touch, tell them to work it out between them and let you know what agreement they reach. You can also threaten to take the flat off the market entirely.

Alan2020

I know this area well enough, come to Yaprak sometimes to eat. Its not as amazing as you describe, as I live in the nicer parts. I haven't looked at the specifics but in the nicer parts £275K will bag you a similar apartment. I personally will offer less than that for a chain free sale if I were on the market for it, but I am not. Good luck getting £290K, achievable if you are patient I guess.

If I were on the market I would as a FTB buy this;
https://www.rightmove.co.uk/property-for-sale/property-76794112.html

franklee

kazzamunga wrote: »

Yep, so, demand falling, etc. Wondering if we could speak to our agent and say that we can't drop our price again so soon because it'll look desperate, but can they reach out to people that are looking to pay in the 280s to say that we will accept offers.

It might come to just taking it off the market for a bit, as we can't keep tweaking the price. In the meantime though, my crappy ex-agent just got back in touch to complicate matters. Not sure how well I explained the situation of September and October, but basically we had an offer of £290k, and everything was going through for 7 weeks (our solicitors were talking to their solicitors, they had their valuation survey done and that was all fine, etc). Then at around the time when they had originally said they would want exchange, out of the blue they told us that the lenders didn't have their solicitors on the panel, so could they start the whole process again with another solicitor?

So we were like...wth? We literally thought we were on track to complete in a couple of weeks? And we said OK fine, try another solicitor but we want to work to a deadline this time. The agents knew we were unhappy though, so bizarrely put the flat back on the market but didn't tell the buyers. When the buyers found out they pulled out. It was so weird and I now don't trust anyone. When it fell through, the agents released us from the contract because it was just easier for everyone, as they'd screwed the whole thing up and I was really upset!

Anyway, we've now been with the new agent for like 10 weeks (sole agency), and out of the blue the original agent calls up to say that that original buyer who pulled out has come back to them and wants to put in a revised offer. I said we're not with you anymore, ask your guy to ring our current agent. And then the ex-agent comes up with some spiel about 'they found the person first' so the money would go to them and we wouldn't have to pay the new agent (who we are still in contract with until early March).

Does any of that sound legit at ALL? It was such a disaster last time that I don't think I could possibly agree to it, but is it even legal? And if it did happen, would we suddenly end up having to pay both agents? Ugh, the whole thing is such a FARCE.

The usual protocol when you change agents is you ask agent 1 for a list of buyers they introduced. As part of negotiating the package with agent 2 you give them this list and get their written agreement that if any one those buyers come back into the frame then you pay agent 1 and not agent 2.

If you did not do this then you need to read the contracts you signed with both agent 1 and agent 2 to see exactly what you are on the hook for, plus the written release from agent 1. Worst case you would need to pay both agents if you go with a buyer introduced by agent 1.

The photos look good to me BTW.

If I've read the thread correctly your brother is staying rent free in a flat that would let for 1K per month and this has been dragging on for 8 months or more. So that a nice gift of 8K and counting. If you need any more brothers I'm available.

It may sound tempting holding till the market picks up but will that mean you miss out on buying in that low market? If you are going to be buying something worth more than the flat you could loose more than your share of the flat's gain by delaying your purchase.

Also who is paying the mortgage? If that's you then you are subsiding a situation that is already costing you.