Catastrophic Missive Fees

siowenson

lol, my 2bed flat is now £50 cheaper than a 1 bed on the same street.
If mine doesn't sell then its proof the market is fooked.

Kez100

No it's not. The one bed may be overpriced. In fact, it probably is -no one around here is dropping, nor selling.

I am confused why the potential P/E deal at £128 is so bad. If you are now selling for £124 by the time you have accepted an offer (no one willoffer the full asking at a time like this) and the EA and sale fees are paid you have a lot, lot less than £128k P/E with less hassle.

SquatNow

Your chances of getting a sale done, dusted, exchanged and completed by the 23rd are, roughly, generally, f**k all unless you are priced WAY under the "market value" quoted by the estate agents.

You need a buy with cold hard cash. Very few around and those that are are looking for real bargains.

Basing you plan on "hoping it sells by the 23rd" is complete folly.

You have to come up with an alternate plan and you have to do it NOW.

You CANNOT wait and see if it sells by the 23rd... you have to assume it wont and make alternative plans. If you don't you will loose everything and it will be entirely your own fault. DOING NOTHING IS NOT AN OPTION.

Kez100

The refusal to consider a P/E is totally beyond me.

SquatNow

Kez100 wrote: »

The refusal to consider a P/E is totally beyond me.

Yeah I don't get that... persimon offer £128k and the OP has the prices advertised at £125k?

barnaby-bear

SquatNow wrote: »

Yeah I don't get that... persimon offer £128k and the OP has the prices advertised at £125k?

It's scotland so I think people expect offers at more than the advertised... but do they stamp duty at 125k there - if so very odd....

maybe Persimmon can theoretically only pay 128k but in practice want to give less?

a 7k shortfall isn't that big but if they are relying on a mortgage offer applyign for a loan may cause the mortgage to be returned to underwriters, they credit check to see if applied for further credit - probably best if they found it from savings/family...

Kez100

I do think the 128 is hypothetical and not agreed but, even so, the OP isn't even discussing it when it might be a possible option. They need to make concrete attempts to move forward and as many as possible. Even a really religious person knows not to rely on prayer at a time like this.

EdInvestor

siowenson wrote: »

Im not an expert on the economy or the housing market, thats why I pay lots of money to solicitors and morgage advisors to advise me. Unfortunately all they are trying to do is keep their profits rolling in for as long as possible with the cash cow that is the housing market. All at the expense of people like me.

If the mortgage advisor did not warn you of the risks of exchanging on the new place before selling the first, and thus possibly ending up paying two mortgages at once, then you may well have a claim for misselling.

Captain_Mainwaring_2

EdInvestor wrote: »

If the mortgage advisor did not warn you of the risks of exchanging on the new place before selling the first, and thus possibly ending up paying two mortgages at once, then you may well have a claim for misselling.

Don't talk wet.

There is an assumption that the person entering into the transaction has sufficent mental function to grasp the basics - in this case I'm beginning to wonder.

dopester

siowenson wrote: »

lol, my 2bed flat is now £50 cheaper than a 1 bed on the same street.
If mine doesn't sell then its proof the market is fooked.

Your neighbours who are also trying to sell must be cursing you (if they know who you are) for devaluing their properties in your quest to sell.

I bet they are monitoring your property on Rightmove (or wherever) with some fear.