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researchmug

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  1. Good news actually. The vendor has finally found somewhere to buy and we are proceeding almost a year after she first sold the property (to the buyer who pulled out due to wait, before I came in). Apart from the usual potential stumbling blocks I hope to be in by July. The vendor hasn't yet taken me up on my offer of help with the garden, though there is still time I suppose. I was about to offer to take on board her giant, blind and very old dog, which I don't think she is hugely fond of but I don't think that'll be necessary any more. I'm spending a lot of time at the moment reading about permaculture and the like.
  2. I think you've pretty much sussed the situation!
  3. The lack of realistic suggestions is quite reassuring actually, because it indicates that I'm at least not missing an obvious trick that I could have employed to try to move things along. The best news is that Nationwide and Halifax have both confirmed a fall in prices and the longer prices stagnate or fall, the more difficult it will be for the EA to propose such a tactic to the vendor, who is quite impressionable. Meanwhile I'm being very nice to her and have even offered to help with the gardening (which she has taken up). People might think that this is mad but in my experience being nice to people is usually more productive than being aggressive. I might ultimately get shat on but I'll survive. Every time I see a potential house I phone the EA and tell them to phone her about it but so far every place has been unsuitable for some reason.
  4. I can't play 'the reduce offer/pressure/threats/ being prepared to walk away" card because I'm not actually prepared to walk away and the reality is that houses like this are being sold in a matter of days around here. If I threaten to walk away. The agent will say "Bye!" Because at this point in time he may well sell it within a week for more than the current agreed price.
  5. I had an offer accepted last september on a place. I know I'm mad to buy but here are my delusional justifications: I've been in rented for 1.5 years having sold last place at height of the market and am completely sick of renting e.g. my son can't even practise his drums because of the proximity of neighbours, I can't park near my house, I can't put my pictures up etc. etc. etc. The house I've bought is quite rare - small house close to a quant market town in bucks with 1.75 acres in good school catchment. You see a lot of big houses with land but not small ones. It could be another 3 years before a similar place comes up. Anyway, now thats out of the way here's the issue: I'm buying from a very nice/sweet old lady who wants to move closer to the town, but we are in the 6th month now and she still hasn't found anywhere that meets her quite narrow criteria. I'm happy to be patient but last time I phoned the EA (admittedly I spoke to a junior plonker) he blurted out that they had discussed the possibility that the vendor could now get more money for the property. He hinted that there was a possibility that with the rises in house prices since I bought (houses have been flying off the shelves here since last autumn) the vendor might ask for money, so that she could find it easier to get what she wanted. I know the most recent data points to renewed falls in prices but EA's definitely can be selective with things like that. So I have the following problems. Greedy EA trying to manipulate the vendor (or just doing his job as he would describe it) Very nice old lady/vendor who doesn't seem to want to leave the house she's sold unless she finds exactly what she wants The real possibility that I could get a phone call asking for more money (which I don't have) Any serious ideas/suggestions? P.S.I don't mind getting mean with the EA, but I don't want to be mean to the vendor. It's just not my style.
  6. researchmug

    The Home Show C4 8pm Tonight

    he kept saying "I just ran out of money!" "I just ran out of money!" "I just ran out of money!" "I just ran out of money!" It's not what an architect could normally say to a client when they turn up to a supposed complete project and see some of it missing. In real life he'd probably be receiving a letter from a solicitor regarding plans, contracts and fees etc.
  7. researchmug

    First Time Buyers Account Of Current Goings On

    just stop looking at houses! do other things. Picnics, hobbies, intercourse, anything, just stop looking at overpriced property. in a few years it will be dirt cheap then buy and have new hobbies like DIY, barbecues and .....erm intercourse.
  8. if you are looking for stability for your child then shouldn't you be aiming for security, which means not committing yourself to excessive debt as we enter into a recession. Paying over the odds for a house is just that. Then there is the bigger picture. a mortgage lasts for 25 years. You need to pay for a lot of trainers and school trips in that time. Surely waiting a bit longer to ensure that your mortgage is just that little bit less in 2020 is a good thing for your family stability. In my opinion buying a house with a mortgage creates only the illusion of stability. Having money in the bank and no financial burdens is the kind of stability I would have thought you would most benefit from. I'd also suggest that you have until your child starts school before you really need to commit to staying put somewhere. Before that age kids are surprisingly relaxed about moving house. IMHO resist the temptation and wait.
  9. I honestly don't think a huge amount of foresight is necessary. What is necessary is the bravery to accept that bad times are on the horizon and quickly bring about the necessary personal upheavals required to protect your family. I sat down with my wife in winter 2007 with some plans hastily scribbled on the back of an envelope and we followed through on them while all around us were busy getting more credit. She agreed to sell up etc. because we graduated in 1991 right into the last recession and both remember full well that recessions don't last a couple of months for us plebeians. I know so many people who are only in the sh*t because they have been unwilling to accept the reality of the situation. They have actually had plenty of time to downsize etc. My sister won't listen to me despite being a single mum, having a job at risk and a massive mortgage. I tried to get her to downsize now while people are still buying but all I get is flimsy excuses about garden requirements etc. So it's not about foresight. It's all about denial or accepting and dealing with a bad situation
  10. I'd heard stuff on various alternative media/news websites in 2007 about impending economic doom and decided to dismiss it as conspiracy theory nonsense and just try to think positive like everyone else. Then I read hints in the FT and when Northern Rock began to go bust I realised I had been burying my head in the sand and sorted it out quickly. Mainly I just sold my house (spring 2008) and got rid of my mortgage, leaving us free of any debt, with a bit of cash and a lot of flexibility employment wise. As an ignorant peasant (who sensed problems on the horizon) I find it very hard to believe that gordon didn't see it coming too, considering he had been behind the steering wheel for 12 years?
  11. researchmug

    House Prices Are Going Back Up

    "we can see it in the real world. " When I do my weekly search on rightmove (buckinghamshire) using property bee I'm still seeing the prices of properties falling (in my area at least) so i don't agree that we 'can see it in the real world' The market has shrunk to a point where Natifacks data is less reliable. Take into account the added confusing effect of unusual and inconsistent mortgage lending practices (changing deposit requirements etc.) and you have research data that isn't very reliable
  12. IMHO it's all just about supply and demand. The supply is falling, not because of increased demand but because owners are holding on to their property in the hope that 2007 will magically return. They can temporarily afford to stay put because of low interest rates. The reduced supply get the plebs all animated and panicky so the few owners that do sell can briefly get a little more. But the situation can easily be reinterpreted by VI's as the end of the fall in prices. We are hardly into the recession and have barely started to feel the real impact, which will be felt by the average joe several years beyond national economic growth e.g. employment lags behind the economy so people will still be losing their jobs even when we are technically past recession. Budget's and staff are being cut across public and private sectors. When interest rates eventually rise, combined with the long term effects of recession House prices can only fall. So I'm not getting my wallet out just yet.
  13. I had a couple of close calls with my wife who wanted to buy at over the odds, backed up by her dad who keeps informing me that I need to buy now before prices rise because when they do it will be quick and I may miss the boat. He's been telling me this since last April. Each time I tell him about U shaped recoveries and unemployment always bringing down prices etc. etc. but 2 months later he's lecturing me again with the same tripe as if I've said nothing. However after making sure my wife reads all the right stuff about the economy (she's become a regular FT reader) she's become a proper little bear and is talking about buying in a few years to avoid having a mortgage at all.
  14. I just made this post over at 'anecdotal' but I thought I'd put it here too because it does go some way IMHO to explaining why there has been a sudden rises in 'prices' "I went to view a house last night (to rent) and got into a conversation with the estate agent. He said that only stupid people are buying property at the moment. He told me that they are seeing very limited supply and that sellers are deluded about prices, either waiting for market to miraculously return to 2007 or putting their homes on for unrealistic prices. He told me that they want to sell at 2007 prices but buy at 2009 prices. I asked him why he didn't tell sellers that their houses are priced too high and he admitted that he'd like to but because of the competition between agents for very few property's he can't afford to be to brutally honest with them. He said sellers are mostly going on the market with the agent that values the highest alongside charging the least and he has to compete with that. But the best bit was when he told us that his business is basically paying the bills on the back of the occasional "nutter" who is still willing to come along and pay 2007 prices or near for one of the few properties on their books, and they are still out there. He thought that prices would continue to fall for years yet and that it would be madness to buy at the moment. so effectively he by his own admission is over valuing properties and has a limited supply of over priced properties in his window. Occasionally an idiot will walk in a pay over the odds for a property which is just keeping his business afloat. surely this anecdotal evidence would make the recent 1.2 percent rise in properties look more like the market in it's dying throws, as opposed to a bounce?
  15. researchmug

    Another Honest Ea

    I went to view a house last night (to rent) and got into a conversation with the estate agent. He said that only stupid people are buying property at the moment. He told me that they are seeing very limited supply and that sellers are deluded about prices, either waiting for market to miraculously return to 2007 or putting their homes on for unrealistic prices. He told me that they want to sell at 2007 prices but buy at 2009 prices. I asked him why he didn't tell sellers that their houses are priced too high and he admitted that he'd like to but because of the competition between agents for very few property's he can't afford to be to brutally honest with them. He said sellers are mostly going on the market with the agent that values the highest alongside charging the least and he has to compete with that. But the best bit was when he told us that his business is basically paying the bills on the back of the occasional "nutter" who is still willing to come along and pay 2007 prices or near for one of the few properties on their books, and they are still out there. He thought that prices would continue to fall for years yet and that it would be madness to buy at the moment. so effectively he by his own admission is over valuing properties and has a limited supply of over priced properties in his window. Occasionally an idiot will walk in a pay over the odds for a property which is just keeping his business afloat. surely this anecdotal evidence would make the recent 1.2 percent rise in properties look more like the market in it's dying throws, as opposed to a bounce?
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