Just been out bid for a house!

IveSeenTheLight

beingjdc wrote: »

Oh, and 2 empty flats in my (London) block of 12. Awaiting rent, should go fairly quickly but have been overpriced in my view.

"Should go fairly quickly" infers that they have been marketed properly.

"but have been overpriced in my view" infers that as they are to go quickly, then your view is miscalculated for the current market

IveSeenTheLight

MissMoneypenny wrote: »

Exactly. I was told a couple of months ago about someones son who is the forces and was looking for his first house in Lincolnshire. He put in an offer just 4k less than the asking price on a house on for the mid 200,000k and was really surprised when the seller immediately agreed. It took him while to realise the market was dropping and he was only going to be buying into negative equity.

4k less than the asking price of 200k is hardly an indication of how eager the sellers were to sell the property.
It's just under and maybe the timing was right regarding chains and properties they wanted to bid for

IveSeenTheLight

!!!!!!? wrote: »

High house prices are mostly a function of the cheap, easy credit of the last six ro seven years.

Agreed, not as a result of BTLers although granted easy credit also meant that it was easier for them to get a second property

si-mate

We have been gazumped twice now over the last 2 months and it was extremely upsetting and annoying at the time.

However we are now in a beautiful rented cottage with £70k from our sale sat in the bank. I also had the satisfaction ;ast week of a phone call off the estate agent of the first property asking if we would like it again as the chain fell apart. I said not really as we've moved on, unless they will accept an offer of a good deal less than the stamp duty threshold - our accepted offer was £280,000. The property is now back on the market at £15,000 less than the February asking price.
It still makes me smile when I think of it.

WTF?_2

IveSeenTheLight wrote: »

Agreed, not as a result of BTLers although granted easy credit also meant that it was easier for them to get a second property

Easy credit allowed people to get into the BTL game (the 'amateurs') who would not otherwise have been there simply because they saw massive capital appreciation on their primary residence and thought "Why not MEW it, spend some and put the rest down as a deposit on another property. It'll be easy and cheap to get a BTL mortgage".

And as the boom went on, it was quite often possible to MEW the second, or the first again, and get a third. And so on. Or even cut out the hassle of annoying tenants and buy-hold-sell once prices hit max velocity. I know one person who inadvertently made himself 30k when he had to sell a place after three and half months due to personal circumstances changing, such was the exuberance of buyers at the peak. Luckily he got out just in time or he'd have been sitting on a massive money-sucking mortgage liability around now.

As I said, 'investors' started making up most of my local market about 2 years ago. There was then a year or so of ueber-boom before the whole shebang ground to a halt at the end of last summer.

Fred1_2

PasturesNew wrote: »

Well, if you want to start counting, 3 out of 8 in my block are empty because:
- selling/moved out
- rental/unoccupied
- rental/unoccupied



So that's 3 in Wales.

Are those two on the market with letting agents? Oops, i'm beginning to sound like a broken record

BiggaThanBen

Merlinpixie wrote: »

Apparently the house had been up for £265k recently but hadn't sold for some time.

Sorry, didnt get it, according to rightmove link you provided the asking price was £249,950 ....

Hugh_Mann

teabelly wrote: »

If buyers are still buying at these prices then they are worth what they are paying for them. You may not agree or wish to pay that kind of money but it is naive to assume that prices will fall because you personally think they will or believe property to be too expensive. Most that can't afford the house they want where they want think property is too expensive. If people aren't watching the news then they aren't being swayed by the hysterical media and are only following on what is happening locally and from a personal perspective so they decide with their own eyes and ears not what some hack says they should be thinking or doing.

Maybe they didn't buy before because they believed all the HPC hot air over the last couple of years? Perhaps they got fed up waiting for this famous crash that was always just round the corner and thought stuff it for a game of soliders, we can afford to buy what we want so we are going to do it anyway.

I have just read through this thread and this has to be the most true post, people like myself have been waiting for the house prices in my area to fall and granted lately more property is coming onto the market but it is all still selling i have been outbid on two repossessions with apparent above asking price offers.

Luckily i have had a offer accepted on a property for 8% below its current market value this gives me a little head room if this crash ever comes.

Some people need a place to live and they cant fit this around waiting for prices to drop, if you need a house buy one and if the price drops just ride it out look at history they always rise again.

Don't believe the Hype.

WTF?_2

Hugh_Mann wrote: »

Some people need a place to live and they cant fit this around waiting for prices to drop, if you need a house buy one

Is it not possible for people to rent in your part of the country then?

and if the price drops just ride it out look at history they always rise again.

I dunno about you but I certainly wouldn't fancy having to ride out negative equity. Maybe you know with certainty that your personal circumstances aren't going to change over the likely period of NE but I would rather not have the worry and uncertainty.

Yes, the price will rise again but buy at the peak and you'll be looking at maybe a decade before it's back to where you paid for it.

beer_tins

BiggaThanBen wrote: »

Sorry, didnt get it, according to rightmove link you provided the asking price was £249,950 ....

They had it on for £265, took it off the market and put it back on for 249,950. So they already reduced the price by just under 6%. OP bid £225,000 which is 10% under asking price and around 15% less then it was on for first time round. The original offer of £240,000 is 10% under the price. It may be a good price for all concerned, we don't know enough about the house/market etc.