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House Price Crash Forum

Mrs Bear

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Everything posted by Mrs Bear

  1. I wouldn't have considered it once, but I would now. Nobody thanks you for being 'honourable' - they just think you're a mug. I recently turned down a higher offer from 2nd EA since I'd just given my word to go ahead with a previous offer via 1st EA. My purchaser was told I'd done this (it was conditional on the purchase proceeding reasonably quickly.) She then 'thanked' me by trying to gazunder me the day before completion, and my vile 1st EA colluded by trying to bully and frighten me into reducing what I knew was already a very fair price. I didn't. She then caved in and vile-bully EA had the gall to pretend he had 'talked her out of it'.
  2. Last crash was somewhat different. Interest rates here were far higher and the crash wasn't triggered by vast sub-prime losses/banks taking fright. Also, mortgages hadn't been dished out like Smarties as they have been recently, both here and in US. However, there are basic reasons for any HPC. 1) all bubbles burst eventually and this has been a colossal bubble. 2) for whatever reason, there's a lack of confidence in the market, i.e. people put off buying because they think prices will drop further and they don't want to be landed with neg. equity/a bigger mortgage than necessary. 3) People are unable to get mortgages, or not big enough mortgages. 4) Vendors become desperate and are willing to accept a drop rather than wait and very likely get even less later. A lot of vendors refuse to reduce prices because their neighbours in a similar house sold it last summer in 3 days for (eg) £550K, with 7 buyers fighting over it. So they insisted on putting it on at £565K and despite only 4 viewings in 3 months and only one v. cheeky offer, and despite the EA telling them it won't sell unless they reduce, they hold out. Eventually someone else in a similar house 4 doors away will put it on at £495K and sell quickly, and penny will drop. But in these circs. pennies can take an awful long time to drop. Personally I think it'll take at least 3 months from now for prices to take a really hefty, widespread dive, and more likely after the summer. I'd put my money on November as a good time to put in offers - traditionally a quiet time and any over-optimistic vendors who've been trying to sell since the spring will be getting very real. Don't forget that EAs are obliged to pass on all offers, however cheeky/realistic so it's aways worth a try. If you don't ask, you don't get.
  3. Always best to ask EAs for exact address first off, and look at the outside/location before booking a viewing. Saves everybody's time, esp. of any messy vendor like me who has to go mad tidying up.
  4. Don't read too much into seats on the train - it's still Easter holidays and a lot of people are away. Roads will be quieter, too, or at least they always are around here during school hols.
  5. Not so sure - big drops possible if buyers are desperate or just want to get shot asap. Recently saw a property in Lyme Regis reduced in one go from £249K to £200K (originally priced at £269K). This was on property snake but also on EA's website so no mistake. And it worked - at £200K the house went under offer v quickly. It had been sticking for ages - this is a market I've been watching for a while. OK, not so big a drop as the above but still telling.
  6. David Miliband? Pretty-boy a la Blair as was - DB's biding his time for a coup, but whether he'll want to stage it during an economic quagmire is another q.
  7. I've been following the lower-end SW15 sales and rental markets for 2 yrs, mostly on findaproperty. Current availability of rentals between 850 and 1200 pcm is 40 properties - significantly more than a few months ago. At one point there were only about 9. But significantly fewer 2-beds around the 1000-1200 mark, many of which used to be on a large LA estate with a lot of BTLs. A lot of landlords evidently cashing in. In mid 06 2-bed flats on that estate were up for £190K, done up -now it's £230+ for 'needing cosmetic renovation' - £245+ for done up. At one point last summer EAs were starting to price at £265+ for a 2 bed, but that was just as the market started wobbling.
  8. Someone tried to gazunder me at the end of Feb, one day before completion. She was trying it on and luckily I didn't need to sell quickly so held out and she caved in. (It was a fair price, already reduced.) But a lot has changed since then - you might have to accept a price drop in order to sell, or be faced with bigger drops and fewer buyers later. If you don't actually need to sell it's a good time to stay put IMO. But even if you do accept a drop anything else you might buy will also have come down. Swings and roundabouts - it's also a good time to put in very cheeky offers. Good luck. Re GMTV Jo, fibromyalgia is dreadful. A friend of mine has it - it's painful and makes you feel very tired and weak.
  9. Hi, Greenstuff, Just be firm and polite with the EA but remember that all they want is to make a sale, any sale, whether it's what you want or not. They can be unbelievably persuasive and/or try to bully you (like one I dealt with recently who tried to bully me into accepting a reduction just before completion) if they think you might cave in. DO NOT LET THEM PERSUADE YOU EVEN AN INCH INTO ANYTHING YOU'RE NOT COMPLETELY HAPPY WITH. A lot of them will be under huge pressure just now to make sales and very likely worried about their jobs so if they think you're going to fall for a load of sales talk they'll try it on 300%. Smile when you're speaking on the phone - it'll make you sound calm and un-fazed and in control. Don't get stroppy with them - you want EAs on your side in case something really good comes up. If you're interested in that other area then call and say so. For heaven's sake don't let them intimidate you - remember, YOU are in control! And don't be afraid of making cheeky offers - they are obliged to pass them on to vendors and in this market they might well be accepted. Good luck!
  10. It will not come as a shcok to many, but out of the five or so house price reductions in my local area ALL are from Foxtons. For example a flat being reduced from £475k to £450k in two weeks or a small house being reduced from £499k to £469k in the same time period.> Foxtons are infamous for wildly overpricing in the first place, so no wonder.
  11. Don't knock time-warp decor - great chance to get a reduction since it'll put so many people off. I never cease to be amazed by dopes who can't see past hideous wallpaper or an avocado bath - or a load of clutter, come to that. Memo to dopes - the vendors will take their 48 cuddly teddies with them! And it's surely always better to do up a property in your own style rather than make do with someone else's, esp. if (as so often) they've bunged in a cheapie k&b just to sell it. While I'm on this tack, it's equally amazing how other dopes are taken in by 'stylish' decor - eg. vases of dried twigs, dishes of pointless pebbles, etc. (and don't get me started on all those daft cushions and throws all over the beds - what the hell is the point of a load of cushions you just have to chuck off at night?) - people taken in by all this 'dressing' often can't see that there is nowhere actually to PUT anything! Daughter with EA Saturday job recently said it was an eye-opener how many viewers were seduced by twigs and pebbles when there was no room to swing a hamster.
  12. People going into furnished lets while they look around/wait for prices to drop? No chain puts you in a great bargaining position!
  13. Well done Brass Neck - if you don't ask you don't get. Sign of the times with new builds I saw last week was full page ad in one of the Sundays actually offering discounted prices. Before then all I'd ever seen was 'inducements' like stamp duty/legal fees paid. Apparently these builders distort the sold prices you see on eg nethouseprices since they register the asking prices, i.e. they don't deduct whatever inducements they've had to offer. Why is this allowed??
  14. Anyway.... now I think about it I'm not sure I like the idea of going into a tenancy in a house that the owners will almost certainly put back on the market within the next 6 months... but then again, that's probably the story with a LOT of rental properties around. Go for a discount and make sure you get a 6 months AST (Assured shorthold tenancy) via a reliable agent. That way they won't be able to mess you around, or have prospective purchasers dropping in without your consent. OTOH they might give you a further discount if you agree to it, but whether it's worth having to constantly tidy up for is debatable.
  15. [£1.3M 46 houses> It's not actually 46, but the estate agent can't seem to make his/her mind up - first it says '16 two and three bed homes' and later it says '8 x 3 bed and 11 x 2 bed.' Which makes 19. Someone please send them some more fingers to count on.
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