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How To Buy?

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#16 Son of Taeper

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Posted 28 November 2011 - 04:16 PM

Don't lie to us about whether you need a mortgage or not. By all means get your finance in advance and from elsewhere, but if you've told us you are cash and we get a phone call a fortnight later for survey access, we will be asking questions about your honesty and motivation and in all likelihood advising the vendor to remarket the property.

Also know what you can afford. The number of buyers who offer without knowing how much they can afford to pay is truely staggering.

Reminds me of a situation a few years back.
We had done the rounds of all the agents in town one saturday morning in person to get on there mailing lists.
There was only one agent left and I was happy to skip them as they were about as down market as you could get in our area but we had a few minutes free so we went in.
Conversation went a bit like this -

Us - Good morning, we'd like to go on your mailing list please, price range £xxx - £xxx

Agent - Sure, our financial expert is with a customer at the moment, be about 10 minutes.

Us - We don't want a financial expert, we just want to go down on your mailing list.

Agent - You'll need to finance it so you need to speak to our finance expert.

Us - The Finance is in place, mailing list only please.

Agent - Ah, So you're property owners. You'll need to speak to our financial expert so we can arrange another mortgage for you

Us - No, Our finance is all taken care of, just the mailing list please

Agent - But you need a mortgage, everyone needs a mortgage

Us -( now irritated ) No we don't..

Agent - Why not?

Us - Because we are cash buyers

Agent - Having a mortgage could save you money you know and you just keep your cash in the bank or take a holiday

Us - Care to put that in writing with exactly what we would save?

Agent - Not allowed to sir

Me - (standing up and leaving) Forget about the mailing list
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#17 WageSlaveBear


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Posted 11 December 2011 - 06:26 PM

How to handle EA negotiation, like house, hate price?

Advice please

I need to move to Maidstone for new job, otherwise hours commute each way will be exhausting me, let alone petrol costs.
Put in 120,000 offer and got flat refusal by letter. Older lady vendor wants 140,000, previously at 160,000 ??

Tried 130,000 (we have 125,000 cash husband's combined "voluntary" redundancy and early retirement) and after about a week got answer phone message from estate agent asking us to get back in contact.

I am expecting message to be still refusal, but at least open negotiation.


Seriously think this is overpriced, but Maidstone prices are mad.

#18 24gray24


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Posted 11 December 2011 - 06:46 PM

It's obvious the agent is getting in touch, because woman wants to sell the property.

It's also obvious they are going to bluff you, and say other buyers are interested etc when no such buyers exist.

So I'd say: 1. Let agent phone you. Don't phone them. Phoning them tells them you're really interested. Them phoning you tells you, she really wants to sell.

2. Stick to £120,000. Don't go up. Wait while they tell you there's no chance, and let you stew for a couple of days, fictitious buyer etc. Remember the EA is a crook, who is on the side of the vendor, not your side at all. He's just lying to you when he pretends he's a middle man.

Finally, I think you're mad to buy now, just as the euro is lurching into its death-throws. Are you too much of a snob to rent? If you put your money in silver, there's a pretty good chance it won't go down far, and a reasonable chance it will go up to £200,000. House prices fell 90% in the last Great Depression; you seem to be betting they will not fall in this one.
2012 prediction:

banks fall like dominoes in 2013, as funds are withdrawn into PMs.

Sarkozy, Obama and Merkel all fall from power.

the british housing crash is not gradual and slow, it drops like a stone on the day interest rates rise.

#19 WageSlaveBear


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Posted 13 December 2011 - 06:08 PM

Thanks for the response 24gray24
We are trying to hold back as advised.

The estate agent didn't ring us on Monday, but we also didn't ring her.
We are fully aware that prices are due an almighty drop, but I am exhausted by commuting and we both are reluctant to rent.
OK we are snobs.
A place we actually like is not that common. I hate nothing more a modern fitted kitchen.

We are just not the types to invest in silver or shares. Just out of our league.
We are not looking to make any profit, just would prefer not to throw away thousands of pounds.
Therefore going to hang back for a few more months .


#20 WageSlaveBear


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Posted 09 January 2012 - 07:51 PM

Nearly a month since we came to stand off with EA, just no response after 130 offer on 140 house.( Actually really glad we got slapped down. House prices are so going down this year)

Looking at the graphs on property bee I keep seeing the same pattern repeating.

House comes on obviously over priced. (as per usual EA shenanigans).
After a short few months of nothing doing, a drop down.
Sometimes even a second drop.
Then they flatline for ever.

Have sellers reached a bottom line due to negative equity, or some preconceived limit based on maximum reached by neighbour? or have they actually not selling just still on there in zombie mode.

#21 WageSlaveBear


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Posted 11 January 2012 - 12:08 AM


Can't get picture to attach, but check out house prices " Up my Street" ME15 Maidstone...
What a beautiful graph!

#22 Snozzle


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Posted 22 December 2013 - 01:21 PM

Can you put offers in on more than one house at a time?

#23 georgesmith


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Posted 16 November 2014 - 04:39 PM

...and improve your negotiating skills whenever you can! :)

#24 tyres


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Posted 17 November 2014 - 12:40 PM

Can you put offers in on more than one house at a time?

you can, but generally not a good idea, specially if its with the same EA

#25 24 year mortgage 8itch

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Posted 17 November 2014 - 12:44 PM

Is this a new government scheme to lend you the money to put down 5% on a wigwam?


There is no ladder.


No need to sell up, the next phase of the economics cycle is going to be very positive for anyone that owns property.

All I'm sayings is, don't listen to the property bears people, they are wrong.

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