How much is 'proceedable' worth?

badger09

Sibbers123 said:

badger09 said:

wjr4 said:

comeandgo said:

Never ever first time buyer.

Why is this? 

Because, often due to inexperience (obviously as FTBs ) they can be very demanding over the tiniest detail, very very impatient, and very nervous. Some vendors avoid them like the plague, although not every FTB is the same  - just as not every vendor is the same.

Most purchasers are inexperienced. A lot of people only move house 3-4 times in their lifetime, often 10-20 years between moves.

Without FTBs, there would be some seriously long chains out there, taking months, or even years to complete. The longer the chains, the more likely they are to collapse. I'd rather have a FTB buying my house, compared to a downward chain, which would probably start with a FTB anyway. The chain is only as strong as it's weakest link.

I was not criticising FTBs, nor the part they play in the process.

I was merely answering a direct question asked by wjr4

Doozergirl

Sibbers123 said:

badger09 said:

wjr4 said:

comeandgo said:

Never ever first time buyer.

Why is this? 

Because, often due to inexperience (obviously as FTBs ) they can be very demanding over the tiniest detail, very very impatient, and very nervous. Some vendors avoid them like the plague, although not every FTB is the same  - just as not every vendor is the same.

Most purchasers are inexperienced. A lot of people only move house 3-4 times in their lifetime, often 10-20 years between moves.

Without FTBs, there would be some seriously long chains out there, taking months, or even years to complete. The longer the chains, the more likely they are to collapse. I'd rather have a FTB buying my house, compared to a downward chain, which would probably start with a FTB anyway. The chain is only as strong as it's weakest link.

People own houses between buying and selling though, so they understand some of the language more and also that houses need maintaining.   

We lost a FTB after 2 weeks because someone told them that we could build a house in the front garden of the house that we were selling to them.  🤷‍♀️

Crashy_Time

blue_max_3 said:

Crashy_Time said:

OldMusicGuy said:

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.

I rather think it will be GREAT for investors, speculators and property investors. This is just a buying opportunity for profiteering without 'ordinary' people, who need a mortgage to be able to buy, competing.
I don't agree with it, but that's the reality.

So you think "investors" are going to step in and snap up all the property that ordinary people want to buy with a mortgage? Sometimes you have to step back and consider other alternatives beyond your own VI IMO.

Falafels

SOME ftb's have very unrealistic expectations, especially if they're used to renting, have a landlord who will deal with every single problem and assume the vendor will be doing the same. Years ago, I sold a house which was keenly priced because it needed work on it, but my ftb purchasers wanted me to sort out all the works and give them a price reduction. I also got an angry letter because something had gone wrong after they'd bought it.

If you read threads on here, you often see ftb's getting really worked up about issues which seasoned homeowners wouldn't think twice about. It all gets very wearing for the vendor.

That said, ftb's are absolutely essential to the entire housing market....

tom9980

I sold to the FTB, having the names of viewers and a bit of Facebook searching proved useful helping me make the decision. 

blue_max_3

Crashy_Time said:

blue_max_3 said:

Crashy_Time said:

OldMusicGuy said:

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.

I rather think it will be GREAT for investors, speculators and property investors. This is just a buying opportunity for profiteering without 'ordinary' people, who need a mortgage to be able to buy, competing.
I don't agree with it, but that's the reality.

So you think "investors" are going to step in and snap up all the property that ordinary people want to buy with a mortgage? Sometimes you have to step back and consider other alternatives beyond your own VI IMO.

I think it will be the same as investors 'buying the dip' on the stock exchange. Make no mistake, there will never be cheap housing for all. Property as in investment is resilient. Quite possibly the most dependable asset to own. As I've said before, with low interest rates and an overheating stock market, property is seen as a safe investment. I am in the process of buying now. I got a good deal, but was waiting for the much predicted crash. It's been kicked down the road so many times, with extended stimulus provisions. It may end up as a myth, or at least much milder than has been predicted. There is still so much demand.

Sibbers123

blue_max_3 said:

Crashy_Time said:

blue_max_3 said:

Crashy_Time said:

OldMusicGuy said:

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.

I rather think it will be GREAT for investors, speculators and property investors. This is just a buying opportunity for profiteering without 'ordinary' people, who need a mortgage to be able to buy, competing.
I don't agree with it, but that's the reality.

So you think "investors" are going to step in and snap up all the property that ordinary people want to buy with a mortgage? Sometimes you have to step back and consider other alternatives beyond your own VI IMO.

I think it will be the same as investors 'buying the dip' on the stock exchange. Make no mistake, there will never be cheap housing for all. Property as in investment is resilient. Quite possibly the most dependable asset to own. As I've said before, with low interest rates and an overheating stock market, property is seen as a safe investment. I am in the process of buying now. I got a good deal, but was waiting for the much predicted crash. It's been kicked down the road so many times, with extended stimulus provisions. It may end up as a myth, or at least much milder than has been predicted. There is still so much demand.

There will always be speculative investors for part of the market (typically cheap 2 & 3 bed houses). There isn't that much of a rental market for larger properties and the yields in London and the south-east are just not that attractive anymore.

As for the value of a proceedable buyer, I would say it depends if you want to take advantage of the SDLT holiday (then it's up to £15k) and whether you are desperate to move. If you sold to person 1, then your chain gets longer, and you have very little control over who is in your chain and their respective financial positions.

jimbog

Falafels said:

If you read threads on here, you often see ftb's getting really worked up about issues which seasoned homeowners wouldn't think twice about. It all gets very wearing for the vendor.

I had an important message from my FTB before exchange who had identified a 'serious roof issue'. 
The slipped slate cost £45 to fix

Mickey666

blue_max_3 said:

Crashy_Time said:

blue_max_3 said:

Crashy_Time said:

OldMusicGuy said:

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.

I rather think it will be GREAT for investors, speculators and property investors. This is just a buying opportunity for profiteering without 'ordinary' people, who need a mortgage to be able to buy, competing.
I don't agree with it, but that's the reality.

So you think "investors" are going to step in and snap up all the property that ordinary people want to buy with a mortgage? Sometimes you have to step back and consider other alternatives beyond your own VI IMO.

I think it will be the same as investors 'buying the dip' on the stock exchange. Make no mistake, there will never be cheap housing for all. Property as in investment is resilient. Quite possibly the most dependable asset to own. As I've said before, with low interest rates and an overheating stock market, property is seen as a safe investment. I am in the process of buying now. I got a good deal, but was waiting for the much predicted crash. It's been kicked down the road so many times, with extended stimulus provisions. It may end up as a myth, or at least much milder than has been predicted. There is still so much demand.

Agreed. Houses are a unique form of asset.  They differ from other investments because they are one of life’s necessities, unlike shares, bonds, gold etc, that no one actually ‘needs’.  So, even if you’re deluded enough to believe there will be a house price crash in the near future (and by ‘crash’ I don’t mean just a slight dip in prices), it’s not easy to simply wait for it to happen because that waiting will cost you serious money if you are having to rent somewhere to live instead - quite possibly more money than a mortgage would cost.  It’s the fact that everyone needs somewhere to live that really drives the housing market and that isn’t going to change anytime soon.  In other words, we’re all FORCED to ‘invest’ in housing and our only choices are to buy for ourselves or to pay someone else to buy for us, ie pay them rent.  Sure, there are various nuances involved but it’s the basic fact that everyone needs somewhere to live that makes the housing market unlike any other.

Marvel1

Does person 1 have an offer on their property yet?