Lying mortgage broker!

SquatNow

Sounds like the buyer has been on here for advice.

Without knowing what %age of price 20k represents I can't advise, but expect to get 20% less than the place was "worth" in July.

What it comes down to is this:
The house is only "worth" what someone is prepared to pay you for it. Market conditions effect the "value" of your house, as does advice given to prospective buyers on MSE!:rotfl:

You can hold out for full "value" or you can sell now... the question is: Can you GUARANTY that you'll get a buyer? For all you know this could be your last chance, or you could get lucky and get a buyer tommorrow. In a best case scenario, someone with CASH could offer you the full amount tommorrow, in a worst case, you could be unable to sell, end up chasing the market down and selling for a lot more than £20k below your asking price.

So, do ya feel lucky, punk?

fc123

SquatNow wrote: »

Sounds like the buyer has been on here for advice.
So, do ya feel lucky, punk?

ohh Squat...this post was so sensible........and then you were mean to the OP

SquatNow

Actually I wasnt trying to be mean, it's just the best way to describe the situation.

gps_2

SquatNow wrote: »

Actually I wasnt trying to be mean, it's just the best way to describe the situation.

in your opinion you should add.

Dithering_Dad

SquatNow wrote: »

Actually I wasnt trying to be mean, it's just the best way to describe the situation.

You don't know the situation - the OP just didn't provide enough information for you to make any sort of judgement on. You may be right but equally, the OP could already have priced her house keenly for a quick sale. S/he may live in an area where house prices are actually moving up (these still do exist), the OP's prospective buyer might be making offers on lots of properties in that area, hoping to eventually run into a doom and gloom merchant like yourself who will give their house away because they are afraid of what they read about properties in the Daily Mail.

You need to get out more and enjoy life rather than worrying about the economy and other people's house sales :rotfl:.

sarahedwards

The house is on for £220k. We were offered £221 by another couple but they were in a chain, so we went with this guy who was chain free and said he wanted to move asap as well (I'm getting divorced so wanted all this to happen quickly). Personally I don't think house was overpriced as everything has been done to it (new bathroom, drive, kitchen, pation, conservatory etc) and it was in showhome condition.

In real dilemma now as don't know whether to go ahead with my own house purchase or just rent somewhere! Nothing's straightforward!

Gillibobs

poppy10 wrote: »

20k drop is a bit excessive, but chances are with the house back on the market, you won't get what this buyer was originally offering. Be prepared to drop your price at least a little.

We sold our flat about 7 weeks ago now for £4k under asking price. The buyer decided to pull out just 3 weeks in. Our flat went back on the market and in just 2 more weeks we had sold for the same price! Your place sold within two days of being on the market so depending on what your position is in terms of wanting to sell I don't think you necessarily need to drop the asking price straight away.

Dithering_Dad

I'd rent somewhere once you've sold your house. If you get a 6 month tenancy somewhere, it means that you're the end of the chain - attractive for your buyer and much less stressful for you.

It also puts you into poll position for when you buy because effectively you're a first time buyer. The added advantage is that it gives you a chance to see hwo the market is moving. If it stabilizes then buy, if it's going down, then hold out until you're sick of renting or it bottoms out.

sarahedwards

Thanks for all the advice. Renting is looking pretty strong at the mo!