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TryingToSell

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About TryingToSell

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  1. Most interesting. "Commercial transactions" is a strange title. Would this include selling to a limited company - ie a buy to let landlord?
  2. Ha ha - but these are houses I have bought and sold myself, so there definitely was a sale! I was the seller on one and the buyer on another.
  3. Why do some property sales never get listed on nethouseprices and the like? I thought all land registry transactions went there.
  4. I didn't get the report, and therefore I have no idea what the actual valuation said. Nor do I know how much money was borrowed against the house. However, I do know that the surveyor was fully under the impression that they were being asked to value a house which was being sold at £240k. I showed the surveyor round, made them a welcoming cup of tea, and had a general chat about what they were there for, what they would be looking at, etc etc. We discussed the weather, we discussed their extendable folding ladder, we discussed their shiney mercedes parked outside, and we had a one sided discussion about the house they were valuing. I asked them vague questions like "Does this house compare well with the others which are for sale on this estate?" and "Is the sale price realistic?". The surveyor quoted the £240k purchase price from their paperwork and I didn't correct them. The surveyor had also been told that I was a tennant - I didn't confirm or deny that one either. The surveyor was generally quite lazy, but very chatty - I mean, if I was a tennant showing them around, surely the sale price was confidential? Then again, a half decent surveyor would have known that the same house had been up for sale until about a week earlier with a 200k asking price. I've bought three houses so far, and in every case the "homebuyers valuation report" has exactly matched the same price as I was buying at. This time I was the seller, but I reckon the same thing happened. It's easy money right? "I'm buying a house for X, can you value it please?" "Yes, certainly. It's worth X. Will you pay me a large fee now please?" "yes, there you go". Isn't that how lazy peope make money and housing booms are created?
  5. Which part of "It's not on the land registry yet, I've checked" don't you understand? I will keep checking the Land registry, and if 240k is reported when it is listed then I'll contact them and point out the error. Until it is reported then there's no fraud or illegalities to it - it's just anecdotal and speculation. But please be assured, last summer was extremely stressful for me going through all this, and I certainly am not winding you up! Nobody has answered the BTL inflated prices on flats comparison. Isn't this exactly what loads of house builders and investment buyers have been doing for years? As recently reported in the media? The "sold price" at the LR and the price which the mortgage company lend against doesn't equate to the actual amount of money which changes hands, and the difference is referred to as a "discount". I don't quite see what's in it for the purchaser - they need the market to start rising again, or they'l default on the mortgage and walk away with the difference. But the parts of the process where this all goes horribly wrong are 1) The valuer didn't do any homework - they were asked to value a house and surprise surprise they said it's worth exactly what they were told it was being sold for. What kind of valuation is that? It's a nonsense. The valuation is supposed to protect the mortgage company but the valuers aren't doing that. 2) the LR recorded price, when it is recorded, should be the actual price paid - but that isn't the case in the BTL flats which have hit the headlines. So my point is that the whole process of valuing a house is flawed and therefore this crash is going to be a big one. In my case it was 23% but I was helped by other sellers refusing to lower their prices along with me. Once everyone starts lowering prices it only gets worse.
  6. In reply to several of the above posts ... It's not on the land regsitry yet - I guess the solicitors didn't send it all through until Christmas or possibly even this year. I will keep checking for it. I don't think I can get details of what the mortgage percentage is, can I? Nor can I identify the mortgage company. It's now up for sale at about the same as other houses which are similar. It's hard to call as no two houses are identical. Variation would be 5 to 10k either way I reckon, and that's the difference here (240k last April to 235k now) and on the ones I'm comparing it to (about 235k then, and about 230k now) And sorry guys, but I'm not identifying the property - just in case there's some come back . If you find it then that's your guess, but please do me a favour and don't identify it on here. I wanted to post the story as I think it says a lot about what's happening out there, but please don't land me in the crap. Three unanswered questions - 1) What was the valuer doing approving the 240k? Are they negligant? 2) The company knew I'd been trying to sell it at 200k without success. They've either pocketed the difference and legged it (limited company, so who carries the can?), or they're denying the crash and hoping to turn it this spring. What's their business plan? 3) Isn't this exactly what BTL'ers have been doing with new build aflats all over the land?
  7. Appointed by the buyer's mortgage company I guess. Their solicitor, not mine - I think. I queried the lagalities of it all many times with my solicitor and was assured it was up to the buyer and there's no come-back on me.
  8. I sold it for £185k - that was the price paid. The paperwork says I sold it at £240k but with a £55k "discount". The paperwork was drawn up by the company's legal dept and the advice I received from my solicitor was that it matters none to me how they want to dress it up. But that's key to their buying strategy. They borrowed funds against a £240k house, and I guess they borrowed a high percentage of that figure, but they only actually paid £185k to me. Isn't this exactly the same as the well reported BTL apartment buyers who get discounts on what they actually borrow against?
  9. Hi all, I first posted on here a few months back now with a dilema about accepting a low offer on a property. Since then I've had something of a roller coaster experience so I thought I'd share it. Started trying to sell a house for £240k in April last year. 2000 built 4 bed house in the East Midlands. That price was perhaps 2 to 5k above what others were asking for similar properties in the same area, but I was prepared to lower it if need be and my house had a nice aspect and was clean and tidy, with a few extras like a conservatory. Over the summer I had very little interest so I started to do three things. 1) Lower the price, by 5k at a time, until viewers and then offers arrived. 2) Sanatised the house, decorated (in magnolia), removed old furniture, put up neutral curtains, etc etc. It was show house central by the time I sold it, having spent about 2k and many many hours of my time. 3) I got a second agent on board. By the autumn I was asking for £200k and had one offer of £190k (the dilema offer). I accepted that, but then the buyer (BTL!) pulled out. Around then the media was starting to report the Northern Rock trouble so I was more desperate to sell than ever. By the end of Nov I'd had two offers - 195k from someone with an incomplete chain (and they still have the same incomplete chain right now) and another at 197k, a complete chain, but a FTB not wanting to actually complete until early Feb. Options weren't looking good. I then contacted several "we buy your house right now" companies. (you know the ones!). Most offered me prices in the 170's, but one offered 185k. Add to that free legal fees and no agent fees and it pretty much matched the earlier accepted offer, so I grabbed it. Only later did I discover I was actually selling it for £240k with a 55k "discount". The RICS approved valuer arrived and confirmed that 240k was realistic and compared well with other prices in the area, and that was that - property sold at the end of Nov. The current state is that the house is back on the market again, at £235k, with "no chain" written all over the adverts (but I never had a chain in the first place!). It's now empty, musty, and has weeds in the garden. The other properties I was comparing to have taken between 5k and 10k from their prices but are all still there - they weren't (aren't) as desperate to sell as I was. But the thing I still haven't grasped is this. Why did the RICS valuer support the £240 valuation when I'd been trying to sell it at £200k up until the week before and hadn't sold it? And how does the company that bought it hope to make anything on it? And what price will be recorded at the land registry for the sale? I don't think I'v been duped (have I?) but I can see that the so called property stats on which everyone relies so much are a complete fabrication in my case. To value a property you have to look at sold prices or asking prices. My sold price isn't what it actually sold for, and asking prices are a long long way away from selling prices. Comments invited!
  10. Have done that. Most recent sale of a similar property was £25k above what we're now asking for, and that sold nearly two years ago. Without doubt property prices are falling around here, and by at least 20% since the spring. Having lead the way by lowering our price, and still not sold, do we sit tight, stay ahead of other price drops, and hope a buyer with a complete chain comes along, or do we bail out now but suffer another 10% drop from where we are? Having suffered about 20%, will the crash be bigger than that? We are intending to buy elsewhere, and given that we're ahead of the crash our funds are tight. We may even rent for a while and see what happens.
  11. I know, but there's a good chance we'll end up with less in the spring, and we need to move asap for family / work reasons. Several have been trying to sell for longer than us and are only just reducing their prices now. We've been ratcheting ours down all summer and we're the cheapest by a long way at the moment. Others held out into Aug or Sept and then took the for sale boards down and gave up.
  12. My first post on here though I've been lurking in the wings for a while now. We've been trying to sell for 7 months. riginally hoped for 90% of the starting price. We're now advertising at 83% of the original price and we're still here. We have three potential buyers - two with incomplete chains and one BTL'er offering us 75% of the original asking price. Sorry for doing it all as % - I don't want Mrs BTL reading this! So, on balance, do we leg it or listen to the agents who say that's something of a giveaway at that price?
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