Wednesday, Aug 20, 2008
Heart warming storeis from Rightmove
Kernow: Your Stories of "Brickor Mortis"
"Sold in March with a June completion date… I quit my job at the end of May to get sorted. The buyer wanted to move 27th June but as my son was getting married that day I asked to move anytime after that. Then they pulled out. So I’ve no job, no money and a property which is difficult to sell. It’s worth £270k but no one will pay that because of this stamp duty, so I’ll never get an offer above £250k." WTF, she quit her job when selling her house?
Plenty of other jems.
"I bought my house 2 years ago for £120k. It’s been on the market for 9 months with 15 viewings but no offers. I've dropped the price by £18k but still no interest, it’s now on the market for £110k.
I feel I'm being robbed and still can't even sell."
Posted by kernow @ 11:03 AM (1477 views) Add Comment
26 Comments
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1. mark wadsworth said...
"We received one silly offer in July07 (£35k off the asking price) which we’re now thinking we should have taken..."
MWAHAHAHAHAHAHAHAH
2. inbreda said...
Not such a silly offer then, was it!
Defining "silly" seems to be as difficult as defining what a house is "worth". All seems to boil down to the vagueries of opinion rather than fact.
3. Ijjhall said...
I see from many of these comments that the 'stamp duty fiasco' is being blamed to explain the lack of sales - anything but admit their precious property is grossly overpriced.
4. jackas said...
"....we decided to pay for stamp duty and include two classic cars as part of the deal. We’ve attracted more attention to the property and the agent has seen a rise in enquiries."
problem solved!
It's not a lack of credit - it's a lack of classic cars free with property thats the problem.
ROFPMSL
5. montesquieu said...
Priceless.
Threads like this one should be saved somewhere easy to find and brought out 15 years from now when Krusty/Thil/Beeney's reincarnations are blathering on about how property always ever goes up ....
6. Wiltshire said...
"We've had our 8-bed 6-bathroom house on the market for 8 months.
Priced at just £220k with pool, outdoor Jacuzzi and 2.5 acres of garden we expected to sell fairly quickly.
We've had 5 viewers and no offers. We're looking to return to the UK and buy a B&B in Blackpool.
France seems to be in the same position as the UK.
Mick & Nix Thompson, 19/08/2008, SW France"
That puts a little perspective on UK house prices doesn't it?
7. wiltshire said...
"We've had our 8-bed 6-bathroom house on the market for 8 months.
Priced at just £220k with pool, outdoor Jacuzzi and 2.5 acres of garden we expected to sell fairly quickly.
We've had 5 viewers and no offers. We're looking to return to the UK and buy a B&B in Blackpool.
France seems to be in the same position as the UK.
Mick & Nix Thompson, 19/08/2008, SW France"
That puts some perspective on UK house prices doesn't it?
8. drewster said...
Pure greed, through and through. Few of these people are unable to sell - they just can't get what they think it's worth. For now this is leading to a stalemate, but ultimately some homes will always have to be sold due to deaths and repossessions, via auction rooms if necessary. When sellers discover how cheaply comparable properties are selling, they'll capitulate too.
9. jack c said...
@5. wiltshire - "We're looking to return to the UK and buy a B&B in Blackpool" - presume in view of current market conditions B&B means bat and ball !
10. Sensiblebear said...
Buying a B&B is a good investment at the moment - the government will have to pay to house all the repo'd families there..
11. jack c said...
Q - "I bought my home with a 100% mortgage last year for £131k. I put it on the market this year for £139,995. By May I had no interest so I dropped the price to £134,995… and after getting nothing again, dropped it to just under £130k – negative equity!! You’d think with a price drop like that I’d have buyers biting my hand off… but nothing is happening. Where do I go from here?!!"
A - Insolvency practitioner, IVA specialist, Bankruptcy court, Bank of Mum & Dad (should have went to HPC website before buying)
12. Pond321 said...
I just posted the following gloat. Am guessing they will not publish it....
"I am a first time buyer. I have been in a position to buy a reasonable (by reasonable I mean 3+ bed with garage and garden in an OK area) house since about 2004. However, I held off because I thought houses were massively overvalued. Most of my friends did not hold off and have bought houses that are now losing value. I, on the other hand, have rented for the last 4 years and consequently have a 6 figure deposit. Getting a mortgage at a decent rate will be absolutely no problem because I have such a big deposit. However, I think it will be at least 24 months before house prices start to become more reasonable as the serious drops (could be called a crash) have yet to happen. I think that realistically I will be paying 40% to 50% less than someone who purchased in the summer of 2007. This means I will have a tiny mortgage.
Over the course of the last four/five years almost everyone I know put pressure on me to buy a house. I am really glad I stuck to my guns and did not take the plunge. I will have saved myself literally hundreds of thousands of pounds (as a result of prices dropping and reduction in mortgage interest payments). This means I should be able to retire early and enjoy my life, rather than slaving away to support my ‘bricks and mortar investment'"
13. W Smith said...
These people are living in a dream world. I really liked this one:
"We are trying to sell our modern 5 bed 3 bathroomed detached property. It is within easy reach of Chester, Manchester & the M6. An 18 hole golf course is within easy walking distance, beautiful open country side views.
We have been on the market for a year and not had a single viewing. It's not over priced at £440,000. We are desperate to retire to a smaller property with land for our horses. What can we do to reach a wider market?"
Eh? Some answers:
1. Er, yes it is overpriced.
2. No one gives a t*ss about your horses, certainly not enough to pay for their home anyway.
3. And finally, DROP THE PRICE!!! Why is that so hard for people to grasp?
14. voiceofreason said...
As the old saying goes.
Price is just a matter of opinion whereas debt is real.,,,
15. drewster said...
I don't understand why so many people seem to want to sell after just a year. Buying a property is supposed to be a long-term decision, or did they ignore that fact in their greed?
@voice of reason,
That quote is from Mervyn King: "House prices are a matter of opinion whereas debt is real."
Not sure when or where he said it, think it was 2006.
16. Pjsergeant said...
Our house is a well presented modernised 3 bed semi, its been on the market for 7 months and the price has been dropped 15%. Even though we have had 27 viewings,(the majority time wasters), we have had one derisory offer £70k below the original asking price. The final nail in the coffin is the government dithering on stamp duty. We are now completely disillusioned with what to do next.
D Redmond, 15/08/2008, Kent
70k below asking price, He may live to regret not taking it
17. sid public said...
A lot of people have been buying for the short-term over the last few years.
For the last two years my girlfiends family were on at us to buy a place, no matter how small.
But what do you do when you need more space? Or have a kid?
People were obsessed by 'getting a foot on the housing ladder' and no thought went into prices actually going.... DOWN!!!!!
18. Madasabadger said...
Why is it always someone else's fault....stampduty....lenders....boe should give 100% mortgages. Look in the mirror and go Baaaaaa! Same with the Dot corn bubble. Wonder if sheepies live on a diet of bubbles. If the effect on the younger generation wasn't so devastating it would be laughable!
19. Bobed said...
The more we get people saying that they've dropped their price 20%, the more people will drop their price 20%. It's a feedback loop where the sheep follow the herd. One thing you can do to MAKE THIS HAPPEN is post feasible fiction on these well read threads.
20. it_is_going_with_a_bang said...
What defines a silly?
1 Someone asking too much
2 Someone paying too much
3 Someone offering what it's worth to them
Yes of course all those questioned on there would no doubt see this as option 3.
Those pesky silly people that won't buy my overpriced property. How dare they!
The French house sounds nice ... but 6 bathrooms??? lol.
The reassurance a first time buyer could have now is hold fire and wait as you are. Do not under any circumstances buy ANY property.
Thats the advice the government should be giving out as it is good honest advice.
21. Missingteddybear said...
"I have been on the market for about 14 months, and in that time I have only had 4 viewings. I had my flat on at £119,950, it has been reduced now down to £114,950 and not one viewing. I am sure there must be a way out of this mess, my flat is in good condition and right for first time buyers. When is this going to get better? I am retired and want to live in Devon and live my retirement by the sea.
H McCarthy, Cannock Staffordshire
Selfish individuals like this who want to use the pyramid selling scheme of inflated property to force young FTB like myself to fund their retirement make me really angry. I don't want to gloat at other people's misfortune especially if it is some kindly if deluded old dear, but it's hard!
22. Jimmarshall87 said...
"With the housing market as it is, it’s important to have cut-through and really stand out against other properties in the area if you don’t want to suffer from Brickor Mortis – we realised this when we went to sell our house. So we decided to pay for stamp duty and include two classic cars as part of the deal. We’ve attracted more attention to the property and the agent has seen a rise in enquiries."
Errr...I was expecting a punchline of "...and we sold it within a week.". Oh well, at least they've knocked the dust off the agent's telephone for him...
23. Notaneconomicsguru said...
19. If I were to make (or receive) what I'd call a silly offer, it would mean that I'd made an offer signficantly below what my instinct tells me is likely to be the vendors lowest possible selling price, or perhaps signficantly lower than the price that similar properties have sold at in the prevailing market.
I suspect that all vendors now know they have to reduce their view of the minimum price they'll accept, but some can't do that or they'll finish up with a net loss, and some perhaps can't or won't because they aren't confident of being able to negotiate a similar drop in the price of the property they'd like to buy regardless of whether they are planning a move to a more or less expensive property.
There is also great difficulty in being the first to slash the selling price purely out of choice simply because you'll always feel - damn I probably could have got have got a bit more. After all it is normal to want the best possible price when you sell something - especially if what you are selling represents many years of hard work and sacrifice and that it is also a very desirable asset which of course most houses are.
24. a saver said...
Amazing how these would-be sellers blame the government for dithering over stamp duty and the banks for not giving 100% mortgages -instead of the government for allowing rampant house price inflation in the first place and .... the banks for giving 100%+ mortgages
25. micasasucasa said...
It makes for frustrating reading...so many deluded people who cannot see the obvious!
26. enuii said...
Property Ladder - Stamp Duty- Next Rung - Stamp Duty - Next Rung - Stamp Duty - Etc - Etc - Downsize - Stamp Duty
Thats why the government does not want to do anything as they have done very nicely out of thank you very much.