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bailey

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About bailey

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  1. There is of course negative equity but even if sellers get a bit less than they paid or break even they still have the big problem of finding the deposit to allow them to move up to a bigger property. Probably a lot of them would have had a minimal, or no. deposit when they bought. Add to that they may have run up some bad credit and they will be lucky to get a mortgage at all.
  2. Cheaper is not necessarily worse. Have any of your friends or family used one they could recommend ? I don't know where you are but you don't have to use local, everything could be done by email, fax.etc. Big city solicitors tend to be more expensive than smaller towns but bigger practices are not necessarily more expensive than smaller ones. Phone round and get comparable quotes - it is no different than any other service. A solicitor can't act for more than one buyer at a time offering on the same property. Equally a solicitor can't act for the buyer and seller. However if it is a big practice with multiple solicitors a different one could act for individual buyers offering or one could be acting for the seller and one for the buyer. They should tell you rather than you asking but it might save time to do so at the outset rather than go through a whole rigmarole to then find out they can't act. Re the multiple bids idea, some solicitors will (and should) qualify a lot of details about the buyer including if they have a mortgage in principle etc. If it is a closing date though and there is a higher offer it won't help and if your offer is still less than the sellers are either willing or able to accept it won't help either. The agent and seller could also be aware the other offeror hadn't viewed so would be suspicious. A solicitor can advise you but should not refuse to put in your bid, whatever that is. The last thing you should be worried about is 'insulting' the seller. Offer only what you can afford and what the property is worth to you. You are right there will be others. Remember though if there is no closing date you don't have to submit a written offer - you can offer verbally and negotiate an agreement before doing a written offer. It is a buyers market and provided you and the selling agent know you can get a mortgage you will be welcomed I can assure you
  3. bailey

    Edinbugh Latest

    It's a new campaign but they have done a tv ad before.
  4. bailey

    Edinbugh Latest

    It's a new campaign but they have done a tv ad before.
  5. Globrix do this spidery thing. It isn't a great site but it could be. However there have been quite a few agents moaning about permissions etc. You'd think they would be glad to get some more free ads.
  6. There is no real need for a new entrant as Rightmove is already there with Savills, Retties etc on it. However, they are expensive to use and in Scotland the SPC websites seem to get better results. I have used Rightmove in the past and I trialled some properties just listing there for a few weeks but when I then listed on ESPC viewings and enquiries definitely increased. Mind you that was a wee while ago and I think usage of Rightmove in Scotland has increased lately. There is already an SSPC site for all the prop centres in Scotland but it just redirects you to individual areas. If that enabled a full property search and was publicised then it could well used. The ESPC can't approach others like Retties to join, because the S stands for Solicitors and they don't want anyone else joining their club. However, they set it up and set the rules so can do what they like. The ESPC are a bit more flexible than other SPCs though because you can list on other websites. I know that some centres will not allow their members to advertise on any other portals which is just wrong - that is protecting their own income and not benefitting sellers at all.
  7. A big problem is there are a load of EAs who have no experience of a falling or stagnant market. They don't understand that you don't chase the market down but you set the price initially to sell. If prices fall faster than expected then you will have to review but at least try and get it right the first time. There are agents out there telling people the market has really picked up since Christmas and it has, but considering i was doing zero in November and December then that wouldn't be difficult.
  8. Sack them. That's right, sack your clients I have tried a bit of that but they always say we don't want to go anyway - we trust you. But thinking about it that's a lot of b******s cos if they trusted me then they would do what I suggest. So the answer for me is to be more ruthless ! Just say to the prospective client: I'm sorry, I cannot accept this listing if you insist on pricing it at N pounds. I think it is only worth N-10% (or whatever), and so to advertise it to the public and try to sell it at N pounds would be to engage in the process of trying to rip people off. I'm not willing to do that. That's what I was saying. It's not that I think I would be ripping people off, buyers are really not that naive, it's just that I don't think the property would sell at a higher price. I would say that 95% of offers coming in nowadays are below the asking price, unless there is a closing date (very rare). I know I've posted this in another thread a while ago but I think that some of the cosy deals that go on between RICS home valuers and some big EAs aren't helping manage sellers expectations on prices either. I've noticed that more realistic prices and valuations tend to turn up on houses marketed by small local solicitors on GSPC. For example a few bungalows in Bearsden have come on with small local firms at much more sensible prices. However as noone else is asking reasonable prices competition for these properties is fierce and they almost always sell in days. Presumably the surveyors who are asked to do home valuations for small independents are also more independent and less tied into the whole 'lets keep prices at 2007 levels' mentality of the big agencies like Countrywide (who are often owned by the banks). I can't really disgree with this. If an EA manages to get a Home Report at a higher price of course a seller will be tempted to use them. They then expect to get that price. I would say your cynicism is justified there
  9. It used to be policy that Your Move contacted all their buyers weekly or fornightly so things are slipping if you haven't heard from them for a while. Usually buyers just check on the internet these days and it is only active buyers who do register. EAs should review their buyer list regularly - no point in continually emailing details to anyone no longer interested after all. It also means you could be telling sellers you have 500 buyers registered when in reality there are only a small percentage actively looking. As for the 'Oh dear ' remark you sound a bit cynical. Imagine I register someone a few months before and they tell me they are renting but really want to buy as soon as possible (they might not mean that but will say it anyway I imagine they think if they don't they will be ignored). So I call them and ask if they have found anything yet and they say no - so I say that's a shame (Oh dear isn't me) and i will mean it. They told me they wanted to find a house but they haven't. Actually I might say that's good if I have something I think might suit them. However as you were describing Your Move maybe they were being patronising ! Now to managing the Sellers expectations. My god I try. I have lost a few properties where other agents have given higher values purely because that was what the seller expected and to get the listing. 3-6 months later they are reduced and usually sell for about what I said in the first place, or less because the longer they are on the market the more likely it is to be devalued. However, I cannot deny I have properties on my books that are now overpriced because they have been on so long. Persuading those sellers they must reduce is very very difficult. I have given them comparables, shown them figures, bluntly told them their property will not sell at that price but to no avail. If they gave me a tough time and put the blame on me then I would say I was no longer acting for them, but they don't, they just want to 'wait and see' Any suggestions would be welcome.
  10. Mind you the seller might not want to speak to you.
  11. This sounds exactly the same as the LINK scheme set up a couple of years ago and was pretty much a disaster. Applications were taking 9 months or more to process and buyers I know who went down that route gave up in frustration because of the obstacles put in their way.
  12. Yes nothing illegal there.
  13. It certainly is but on the first point EAs have to take all offers to their client unless they have been specifically instructed by their client that they do not want to know about any offers below the fixed price.
  14. There are a couple of big agencies who own surveying companies and I can't deny being suspicious of some of their values. However picking up on a few points : It isn't unusual for the agent to put a price guide on. I had one recently that I thought was about 57k but when the surveyor went out he said 52K so he didn't just go along with me and quite right too. Was the cancellation fee in addition to a marketing fee. I charge a marketing fee payable when sold or withdrawn, same as most agents but not a cancellation fee as well. I don't know if they are being deliberately difficult - that would indicate making an effort - I find that most of the big agencies can't be bothered putting themselves out ! Your final point about a price drop. The vast majority of areas have seen price drops and 8% would not be unbelievable if they were overpriced in the first place - please take the ROS figures with a pinch of salt. You have done the right thing in gathering evidence though and if you can get comparables on solds as well that would be advantageous. Hope it works out for you.
  15. This was a big issue when HRs came in as most people thought that buyers would not trust a survey the seller had instructed. However, this has proved not to be the case. I would be happy for a buyer to get their own survey if they want as long as they pay for it themselves. I know the surveyors we use are all reputable firms who want to protect their own reputations. I am not saying that all firms and areas are the same though. Initially a lot of lenders were instructing surveys of their own but that has died off now. It has certainly sped up the whole process. The only ones they won't accept are where the report is done by a surveyor not on their panel. There are a few online firms offering reports and I have had a couple of instances where vendors have instructed them and when it came to a sale the lender would not accept it.
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