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House Price Crash Forum


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About philipm

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  1. In England, I've always used the house price website to see the actual sold prices of this and other houses in the area. That's much more useful than the theoretical (and sometimes wrong) DCV available in NI. I was showing SWMBO what we could rent for the same money as an interest only mortgage. Needless to say we are now over the house emotionally. She has found one she likes - it's 70k more! SWMBO!
  2. DCV seems to be their compromise position under the asking price. The difficulty is that the EA believes that is fair, so isn't likely to advise the vendor to accept less. It seems the vendor isn't that desperate as there was no counter offer (a few k more and we're there, over x00k and we're done etc.) If only the estate agent had been to the lunchtime presentation today at my place of work by Hugo Dixon (who was Head of Lex for 5 years). I suspect they haven't been in the business for a complete cycle yet!
  3. Well, the offer was rejected. The word the EA used was "unacceptable". Unfortunately there has been a bit of a breakdown in setting the initial expectation. Not sure if that was me or the EA. Basically EA thinks DCV is a fair offer. I think DCV minus modernisation costs is more like it. SWMBO (She Who Must Be Obeyed - see www.idjit.net/swmbo.html) is not going to be happy if I suggest that we can do better for the money. She really liked the house. Will need to calm down a bit before I have a think about what to do next...
  4. Exactly. I put a limit on of just over a week. This is just politely saying that I won't offer on anything else for a week. You decide, but if you don't, I'll move on anyway. So it does give them breathing space to think about what they want to do without being in a mad rush to reply today. I can't see any downside to this for either side.
  5. Mum's the word. I'm happy to share the specifics as I'm used to England, where sold prices are all available online for free. However, as you'll understand, I'll wait for it to be accepted and complete first!
  6. My thoughts exactly with all the properties going back on the market. Helps soften up the vendors to lower bids from cash buyers too. Hadn't thought about "subject to sale", but yes, I agree that these offers are close to meaningless in the current buyer short market. DCV is Domestic Capital Value. I picked it up instead of RV as I mentioned it in the written offer, so wanted to get the exact term. No idea how far under the peak I am offering. The house has only been on the market for a few months. I has been reduced once already, so the offer is 45% under the initial price.
  7. Sage advice. But it's the first house SWMBO likes. Will she be convinced?!? It's now a full 24 hours since the offer went in. No news yet (I'll sit tight and not chase). Does suggest that it's not an instant no (21% less than DCV, 38% less than asking price) , therefore under consideration, so not too far off the mark...
  8. I have put a time constraint on every single offer I have ever made on a property. I always put the offer in writing and give brief details of how I calculated the price and any benefits I offer (no chain, approved finance, cash buyer, whatever it might be). It's also good to select an uneven price as this helps to support that you've really thought about it/calculated it. Also think about perception of prices and levels. 118,500 sounds much less than 121,500. So put the first level in under an even ten/hundred then when they want you to up it, it costs little to nudge it over a barrier. I have also won a house where I wasn't the highest bidder, but offered the most secure deal. I've seen a few houses which have fallen through and viewed one such place on Saturday. The seller was at wits end having had 4 offers fall through in 9 months. He was now open to offers some 20% less than the level the original offers were coming in at.
  9. That's a good point. Did the recent changes in selling law also include shill bidding? Offer is in. It's below the DCV too. Fingers crossed.
  10. I'm in the nice position that I've found a property I'm willing to make an offer on. I called the estate agent and there are "another couple interested, who have already sold their property and who want to view today". Now I have no idea if this is true or not. Let's think forward. If I make an offer this afternoon and then a second offer appears on the table, how do I know if it's real? I don't want to have to up my offer if they're bluffing!
  11. Not so sure about that. Inflation erodes mortgage values in real terms. 30-40 years ago, you could buy a house for a few thousand pounds, that was a lot then, not so much now. That's inflation for you. Of course if wages don't keep pace, we're in a right pickle.
  12. We are in unprecedented times. Lehman was the biggest bankrupcy in history, woolies has been around forever etc. etc. If ever there was a need to reinforce the following statement, it is now: Past Performance is Not Necessarily Indicative of Future Results.
  13. Doh! Shows you how much interest I take in politics. Any idea what changed around then? It seems quite a marked change. The start of the relaxation of mortgage lending criteria perhaps?
  14. I admit, I don't know the road well at all. Great advice. The thought of the Saxo brigade with their 4 inch exhausts at 2am is certainly making me think twice!
  15. In this case: - 900/month gives around £200k at 6% - the rented property has been on since september and was reduced from 950 to 895 in december Renting seems the better option in this case I agree...
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