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Penny For Your Thoughts

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  1. Hi Gus Thank you for the compliment which was greatly appreciated, particularly after niceathome's distasteful post! Yes, some British vendors are a mystery to me too, particularly those making their way up the property ladder. I read an article recently (it might have been on this website) where a person made a low offer on a property he was interested in but when the EA asked him if he would consider lowering the asking price on his property, he refused. Unfortunately, what you said about the unusual house on a quiet country lane in Herefordshire i.e. has been on the market for over a year at 425K with no viewings, appears to be the norm in Britain. The Masked Tulip made a valid point above, "I suspect it is they cannot afford to drop" which is probably why the vendor in this case has not reduced the asking price. However, if their reason is that the "vendors convince themselves that their property is "worth" X and they will simply not budge unless forced by external factors," then keep watching that space. Sadly, the current economic climate is about to get worse! Sadly, my good fortune came about because the Lenders have not only made it so damn hard for first time buyers to get their foot on the ladder but with the CML guidance and low LTV, I had less competition from the buy to letters. Having watched the property market for close on a year, it would appear that the best properties are not those that have been repossessed or sold at auction but sadly those that have come on the market due to personal circumstances or following a bereavement. The property I have just bought belonged to an elderly lady who after a short illness passed away in hospital. Bless her, her home although a little dated is absolutely immaculate. Having had such a low offer accepted, I think that the family got to the point where they just wanted shot of it. I have just made an offer on a second property which again has been on the market for some months. Thankfully, this lady has not passed away but from what I have been told by neighbours is that she lives in a carehome. A quick sale is needed to ensure her support at the home continues. Making an offer on this property was the hardest decision I have made in a while. Even now that I have made the offer, I feel guilty that I have not only benefited from someone elses grief but now I might also benefit from someone elses tragic circumstances. I swear if I win a million on the lottery, I will march straight down the carehome and to the bereft family to return their kindness. Merry Xmas Gus and Masked Tulip. May you both have a wonderful Xmas and a lucky and prosperous New Year! x
  2. Hi not so niceathome, Has anyone ever told you, you should never assume? It only makes an ass out of you not me! Firstly, the EA is in her early thirties, therefore you can hardly call her a kid and secondly, I am a happily married heterosexual. Furthermore, it is not in my nature to patronize. The EA is a lovely lady whom I have developed a good professional rapport with. It is just so sad that she is being manipulated by such an unprofessional bunch of idiots at her office. Secondly, why shouldn't I make such a big deal. I am absolutely delighted at purchasing a 10 year old property that was on the market for £99,995. Amusingly, just like you, my family thought I was deluded when I made such a low offer. The result, my ELDEST SON aged 23, now has his foot firmly on the property ladder. Moreover, if my offer on another property is accepted too, then my YOUNGEST SON aged 20 will have a great start too. So you see, suffice to say, I did do it MY WAY. Ironically, when I told my son who whilst ecstatic was in disbelief, his words were, "Oh Mam, thank you, you are such a Legend!" Purchasing a home, is anything but mundane. I know, only too well that whilst the experience can be stressful, if things go to plan, it is the most extraordinary and invigorating event. With regards to your finale, I don't know what might have given you the impression that I might take offence to your tirade. To the contrary, I am niceathome in the living room of our modest four bedroom detached, celebrating with my family. Merry Xmas niceathome. No offence intended but it would be a good idea if you were to make a New Year's resolution i.e. I will learn from this and never again be Judgemental, unless I am sure of the facts.
  3. 'Bidding war' for homes to rent http://www.bbc.co.uk/news/business-11796277?dm_i=4AK,BO8L,381TJT,WYG5,1
  4. Hi All Unfortunately, mrpleasant the reputable EA does not operate in Cardiff. I am reluctant to put the EA's name or the office in print for fear of exposing the lady's naivety. She has been in the job for less than a year. Sadly, with experience she will probably end up like the rest. This was evident when I missed out on a property I was interested in by one day. The property was on the market at 70K and the vendor had accepted 60K. As the offer had been accepted the previous day, mindful that the person had probably not instructed a Solicitor at this point (I am not completely heartless) I put in an offer of 61K, much to the EA's delight. However, the following day she rang me to apologise and inform me that the property had now been sold but could she show me around the other property I was interested in. I could tell by the tone of her voice that she had been pressurised into doing this. My reply was, tell your Manager that I hope they do not live to regret their decision. I went on to ask if her Manager had checked that the buyer had their finances in order? Her silence spoke volumes. Nevertheless, feeling sorry for her, I agreed to view the property. During the viewing I could tell by her body-language she was uncomfortable and was waiting for me to challenge her on our previous discussion. She relaxed when I said, look I want you to be your usual cheery self, lets just say I know matters were taken out of your hands. Your boss might live to regret it but you have nothing to be worried about OK. Now show me around this house, like you have done with the others - happy, upbeat and relaxed. The poor girl, you could see the weight lifting off her shoulders. Anyway, now 3 weeks later, I have purchased a property which if all goes to plan I should have the keys before Christmas. Sadly, it is not the property I viewed and neither was it advertised with this agency. It was advertised with a small local EA who does not advertise in the local press. Even his website is hard to find unless you know what you are looking for. It is for this reason that I think I managed to knock 15K off the asking price. I will put pictures on the website when the deal goes through. Oh and before I forget, I had a call 4 days ago. Yes, you've guessed it! The property I made an offer of 61K for is back on the market. The prospective buyer failed to get a mortgage. What did I say about "No Business Acumen" and "biting off the hand that feeds you!" EA's let this be a lesson to you. I now plan to view the property again and put in a cheeky offer of 50K. To all those EA's with no Business Acumen. I am too old a cat to be p***** about by kittens like you! Regrets, I've had a few; But then again, too few to mention. I did what I had to do And saw it through without exemption. I planned each charted course; Each careful step along the byway, But more, much more than this, I did it my way. Yes, there were times, I'm sure you knew When I bit off more than I could chew. But through it all, when there was doubt, I ate it up and spat it out. I faced it all and I stood tall; And did it my way. Heres to a Merry Xmas and a Prosperous New Year
  5. Well this is certainly a step in the right direction but still, I don't think it is enough! http://www.themovechannel.com/news/d5943259-d587/?utm_source=newsletter&utm_medium=email&utm_campaign=daily
  6. http://www.lovemoney.com/news/make-good-property-decisions/mortgages/the-secret-clause-in-your-mortgage-contract-10381.aspx?source=1000421
  7. http://www.walesonline.co.uk/news/wales-news/2010/11/15/rural-homes-record-a-huge-rise-in-value-91466-27658970/
  8. Spending cuts will slash house prices in these towns http://uk.biz.yahoo.com/27102010/389/spending-cuts-slash-house-prices-towns.html
  9. Excuse the pun but I think you have hit the nail on the head!
  10. Hi Mrs Bear Yes it was a repo and I agree with all that you have said. However, having dealt with a considerable amount of Estate Agents, I have found that the majority have been less than honest. In fact, there is only one office out of a chain that I would not hesitate in recommending to friends and colleagues. They are professional, have excellent customer service skills and who I have found to be completely honest and up front. Don't get me wrong, I am aware that Estate Agents should act in the best interests of the vendor to obtain the best offer, have targets to meet and a crust to make. That is the name of the game and I understand that there is no sentiment in business. However, it is the lies and deceit that really gets to me. How do I know this Estate Agent tried to deceive me? I don't for sure but to be a good liar, you have to have a good memory which he didn't. Moreover, the lack of a letter to the vendor, clearly stating my offer had been declined is usually a pretty good indication. The reason why I did not pursue the matter is that on the very same day I made them an offer on this property, I received a call from the reputable Estate Agent I have mentioned above, regarding two other properties. I have arranged to see them again with a builder in tow on Wednesday.
  11. Hi Expat and Darwin Thank you for your replies. Yes, this auctioneer is a bit more efficient than some others and updated their website soon after the auction. I noted the purchase price not long after posting. Ironically, they got less at auction than a prior offer (that is if you can believe anything that an Estate Agent says). I just hope the purchaser knows what they have let themselves in for!
  12. I now understand why over the last few years, there has been a decline in the number of Estate Agents. I am now convinced that it is not on account of the economic climate, it is due to the lack of business acumen. One such Estate Agent has just had less for a property at auction than what they would have had from me. The Estate Agent in question informed me that they had already received an offer of 6K above what they eventually got for the property at auction. In the event that the Estate Agent reads this post (you know who you are). Let me just educate you on the current economic climate. Sadly, repossessions are becoming the norm, the number of people claiming jobseekers' allowance in Wales up to the beginning of September stands at 71,500, there are 344,000 people in Wales working in the public sector who's jobs are under threat, the banks are reluctant to lend and you are in stiff competition with other Agents. For those of us who are fortunate enough to have the cash, it is a buyers market. Take care not to bite off the hand that feeds you!
  13. Hi to all. Did any of our members happen to attend the Harman Healy property auction today? I was just wondering if they had much success with Lot 36. Would be grateful for an update!
  14. Thanks Masked Tulip, I will do as you suggest! Regards
  15. Hi Masked Tulip Sorry I did not include you in my last post. I only saw your post after I sent mine. What you said is interesting as the properties I have spoken about are in Swansea!
  16. Hi Jessica and Plummet I live in South Wales where thankfully the properties are a lot less than in the SE. I am not a first time buyer, just a mum who is trying to purchase an affordable property for my 2 sons. I was hoping that after renting it out for a few years, they could sell it and use the equity and rental income to get their foot on the house ladder. I have made an offer on 2 different houses (one of which was a cash buy or investor only)and despite having the cash and offering above the asking price, my offer was declined. With the first property, I had a copy of the letter which was sent to the vendor, clearly indicating my offer had been declined. With the second (cash only property)I had a letter stating my offer had been declined but with no vendor address. Is it standard practice for an Estate Agent to address a refusal of offer letter from themselves with no vendor/bank address? The reason why I ask is that having read about brown envelopes stuffed with notes changing hands, I have a funny feeling that with the cash property the morgagee in possession of the property were unaware of my offer and it has been sold to a builder at a lower price. Would appreciate your thoughts
  17. Hi, I am new to the forum. Has anyone noticed that first time buyer properties (repo's etc) are being sold at above asking price?
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