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  • FIRST POST
    • Cuilean
    • By Cuilean 4th May 19, 5:33 PM
    • 685Posts
    • 1,320Thanks
    Cuilean
    Why won't the agent take no for an answer?
    • #1
    • 4th May 19, 5:33 PM
    Why won't the agent take no for an answer? 4th May 19 at 5:33 PM
    Our local market is currently dead. We're not too worried as we're not in a situation where we must move - we'd just like to live closer to family. We've been on the market for a couple of months with our current agent, and already dropped the price to £250k on their advice. Realistically, we need to achieve £240k to avoid a real-terms loss. If it's not achievable, we'll just take it off the market, and we've been honest with the agent about that.

    The have been 3 viewings, one of which resulted in an offer £40k under the asking price, which we declined, and reminded the agent of the £240k minimum. Buyer then offered £35k under, which we declined, then £30k under with our white goods included. We declined.

    I've now received a five paragraph sob story/buyer biography email from the manager, saying that we really ought to accept the offer because nobody else is buying houses just now, and "These buyers are lovely people who deserve it". There were also some unprofessional digs about the house which hadn't been mentioned before. They signed off by saying they'd be calling me on Tuesday to see if we'd changed our minds.

    My suspicion is that with the local market as flat as it is, they're desperate to make a sale, even one where they'd take a hit on their commission. However, I am fed up with repeating "No," and I feel sorry for the buyers who are no doubt being told "They're still thinking about it", when we clearly aren't. How can I get this agent to understand that no means no?
    © Cuilean 2005. Any connection between your reality and mine is purely coincidental.
Page 4
    • Simby
    • By Simby 13th May 19, 7:09 PM
    • 47 Posts
    • 59 Thanks
    Simby
    The trouble is, I'm paying a mortgage.
    It's just not my own.
    I get what you mean ... we used to joke that bank had kindly let us live in their house for another month ... as they owned more of the house then we did in the early days..

    One thing that helped me was having an offset mortgage and paying some extra each month even if it was only £10 , Over time I could see the mortgage come down .. whatever happened each month I made sure to pay something additional. Meant I felt I was progressing.

    It’s not easy but over time it feels good to chip away at that balance.. just think how you will feel when it’s all yours
    • Crashy Time
    • By Crashy Time 16th May 19, 11:44 PM
    • 7,830 Posts
    • 2,817 Thanks
    Crashy Time
    No you are right having a mortgage does not provide security against homelessness but paying off a mortgage and owning your home does , and I agree having strong pension savings and another savings vehicle plus 6 months wages in savings are also important. But I personally never felt secure until I had cleared my mortgage and it was mine.

    House prices go in cycles but after 25 years but if you buy you will own a house to live in as opposed to renting for 25 years and not owning a home after the same time and continuing to have to pay rent into retirement, each to their own but I know which I prefer.

    Yes if you bought in Sydney 6 months ago you would be facing a paper loss now if you sold but itís only a real loss if you have to sell before prices recover and you bought at the peak or after, actually the peak was July 2017 with declining prices since then but in about 18 months it will stabilize and then grow gradually in a cycle . Itís only a small minority will have to sell in this time and as normally happens in a downturn listings drop as sellers wait for the market to recover.

    But I still firmly believe that having your own home over time gives a better outcome then renting. Look at it this way I buy a house today prices rise a little then fall a little then rise some more then fall again after 25 years maybe the house is worth the same as it was when I bought it who knows.. but I own it. Unlike the person who chose not to buy but after those 25 years has spent exactly what I have but do not own their home and have to continue spending income on rent.
    Originally posted by Simby
    Buying the wrong house at the wrong time at the wrong (too high) price will set you further back economically than renting cheaply and getting your head round a sensible diversified portfolio (if you can`t resist property dabble in an ETf or something) many who borrowed into this mega bubble will be ruined for life, and prices won`t go back to the silly bubble days either IMO, so little point in hoping for that.
    • Crashy Time
    • By Crashy Time 16th May 19, 11:48 PM
    • 7,830 Posts
    • 2,817 Thanks
    Crashy Time
    I get what you mean ... we used to joke that bank had kindly let us live in their house for another month ... as they owned more of the house then we did in the early days..

    One thing that helped me was having an offset mortgage and paying some extra each month even if it was only £10 , Over time I could see the mortgage come down .. whatever happened each month I made sure to pay something additional. Meant I felt I was progressing.

    Itís not easy but over time it feels good to chip away at that balance.. just think how you will feel when itís all yours
    Originally posted by Simby
    Problem is that on normal wages in somewhere like London that is a forty year wait, and the generation that would need to take up the borrowing slack to keep it all going live with mum and dad and "go travelling" instead of taking the banker`s loans, meaning that it is all just completely unsustainable.
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