Help please...buyer pulled out week b4 completion after 13 weeks wait...

EdInvestor

Or you could rent it out for a bit and wait for the market to sort itself out.

egg345

Thank you to Ed invester Doozer girl & Pastures new for their useful replies.

Other than that thought this was just somewhere to post to get advice from money saving people. Feel upset by the tone of some replies.
Still won't post much more and I'm not sure who will have gained anything then.

After costs would have made 10k profit, now will offer that off, so should make the others happy that we made no profit because we just watched a tv programme apparently.

Re.windows to Pastures new-haven't replaced the existing sound wooden and single glazed original 1930,s glass door and two side windows that open out onto garden- so think they want a price for replacing this with a Upvc one.

Will get my builder round, a roofer and estate agent tomorrow, just wanted a few ideas if anyone had them. That's all.

neas

Flipping a property in general was supposed to be a an easy way to make a quick bucjk... as you say you expected to make 10k profit on it. You've been caught out by two things people once thought:1. Houses always increase in value (Not now they dont)2. Additional maintenance/work needing doing that your original survery missed or was inconsistent.I can sympathise with you but theres a general dislike of flippers.. people who buy a property paint it magnolia, put some fancy furniture in there change the curtains and then expect 20k profit.

egg345

neas-if a suitable house in the right catchment area would have been available when we sold our house we would have bought it. we are not trying to be flippers or what ever its called nor wanted 20k profit out of a run down 1930's wreck. we just wanted to stay on the property 'ladder'.

to others-If we had modernised a house we'd have bought at the time it may well have increased in value by now, is that wrong then?
if anyone on here buys a house and it increases in value for whatever reason, and you sell the house do you not keep the money then? do you donate it to charity?
we did this once with our equity whilst we looked for a house for us to live in-I didn't realise this was a criminal offence. we have been naive and made a silly mistake -we haven't commited a crime.

neas

not saying you committed a crime just trying to wake you up to fact its a serious situation. I was explaining why your responses were off a nasty manner... because the stereotypical 'flipper' is naive and has no experience but believes himself/herself to be a developer... when in fact they just repainted and benefited from a house price inflation.Sorry for your situation, if your 'margin' so to speak is so low at 10k.. I would really really recommend getting 'off' the ladder asap... house prices are dropping you dont want to be in negative equity for a house you cant even live in... that would be life shattering... Knock off the profit and hope for the best.

Trollfever

Cut your losses and run.

How much interest are you having to pay every week on your borrowing?

Doozergirl

If there is a next time - people like double glazing. Really like double glazing. Sometimes there is a real toss up between character and practicality. Unfortunately, those who like character are in the minority. Ideally, you'd be able to keep the character and still update to double glazing by paying extra to have bespoke, but not many properties can command or developers justify such expense.

I'm sorry you've been made to feel ridiculed. I wish I could stop it from happening. "if you can't say anything nice, don't say anything at all" is what I always tell my children. Hopefully my children will grow up to be well mannered and polite.

I'm sure you know how you feel where you may have gone wrong.

[Deleted User]

If they Buyers were really interested they would have asked you for a price reduction instead of running away, I wonder if they got cold feet at the last minute due to the credit crunch and the fact that house prices are coming down?

I agree with the others about dropping your price and sell as soon as possible. What does your EA recommend? Good luck!

Sooler

egg345 wrote: »

Feel upset by the tone of some replies.

Just brush them aside, don't know why people bother posting what they think you should have done, or what they would have done.

setmefree2

Hi egg345,

None of the things you listed sound that bad to me, cost wise...but I have to say I'm no expert. I have done up 2 wrecks though, to make them into homes. I do wonder if the previous poster is right, that the current climate has led your buyers to get cold feet? Do you think this is true? Having bought 2 wrecks, I don't think I would have let these things put me off....

Sorry to hear you're having a tough time:o and sorry I can't be of more help...