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Being_Patient

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Everything posted by Being_Patient

  1. Cahoot website finally came good mid morning. ATM transactions also working; absolutely no apology from them for the inconvenience caused...
  2. Cahoot website still not allowing on-line access this morning, throws up "General System Error". Over on MSE Santander and Abbey customers seem to be having similar problems (http://forums.moneysavingexpert.com/showthread.php?p=35959561#post35959561) Will be voting with my feet at this rate...
  3. After Barclays yesterday (http://www.bbc.co.uk/news/business-11051440) today it seems to be Cahoot's turn to be suffering from a "glitch". If you go to www.cahoot.com and click "Login" all you get is "service is suspended We are currently updating our systems. This takes approximately 5 minutes. Please wait until the cahoot service is resumed. Thanks for your patience". This at 23.25 this evening, and its been going on all day as far as I can tell. But it's not just a website glitch; got rather embarrassed this afternoon trying to pay for petrol with Cahoot debit card, it was declined, so was the wife's (joint account). Credit cards were at home, fortunately we are regulars, and the guy let us go home without fuss (paid later with credit card from another bank). Cahoot of course were part of Abbey, now Santander... Nothing yet in the media concerning this; don't they know that folks might think the worse when this sort of thing happens during the ongoing economic crisis?
  4. Perhaps I ought to add a little detail. One reason we got such a good deal was that it was the last house on the development to sell; it had "sold" previously, but the deal fell through. Being the last one Persimmon were less sensitive about the sale price affecting the price of others... So very little chance of a "Brummie neighbour" getting one cheaper. We paid just under the 3% stamp duty threshold, that gets you a lot in Lincolnshire, try detached 5 bed double garage with large garden and rural views...
  5. The trick now is to ween myself off HPC!
  6. Been stalking the market for years having been caught on the wrong side of the last house price crash, but today we completed on a Persimmon new build in Lincolnshire after 14 years of renting. We think we are getting a good deal as the price is 26% below that of an identical house sold last spring. We are well aware that prices might take another dip, but this is the last house we intend to buy until the retirement bungalow beckons, so are not too bothered.
  7. The text read as follows: My reply: Given the normal IQ of an EA I'm not expecting them to understand much of what I said...
  8. I've been watching the Lincoln and surrounding market for a while; 215K sounds an awful lot for a 3 bed in an outlying village. Methinks they are kite flying... Many 4 beds are going for less than 200k...
  9. Below is the text of an offer justification letter I submitted to an EA last week: During the viewing we had conversations with the vendor along similar lines to our justification. The EA passed the offer on verbally, the vendors declined to be sent the letter (allegedly). Our offer was rejected, no counter offer was made. However, between the EA and ourselves we have had an impact on the mind-set of the vendors as, 2 days later, they reduced their asking to "offers over £200,000". The EA has been unable to clarify how much over they mean. Now they may get lucky and get an offer over £200k, in which case a new benchmark will have been set for the area, which will influence the asking price of other properties, so we are quite content. Meanwhile our offer remains on the table... The next step we think is for their mind-set to adjust to the idea of a price under £200k, in which case we might start to negotiate. This might take a few more months...
  10. My experience of EAs over the last few months matches that of others in that they are still very much seller orientated. IMHO in this market they need to become buyer orientated (which is basically what you are saying), ie focus on buyers, not sellers. I have the means and am motivated to buy a house, why aren't EAs falling overthemselves on my behalf?
  11. How about a combination of 2 & 3? That is let her get repossessed then buy the property off the bank. If successful you pay a realistic price and she gets to stay in her house. She will of course still be liable for the outstanding dept (unless declared bankcrupt). You will have bought BMV; if you have trouble with that then use some of your STR fund to pay off her dept once she is paying you rent. Food for thought?
  12. Lincoln Update: I have been tracking the market for the SE outskirts of Lincoln for some time waiting for the right house to come along at the right price in the right place... Here are my observations: The recession has yet to be realy felt in Lincoln. Hence, although trending down average prices are not yet down as much as some other areas, maybe only 10% off peak so far. Many vendors (who had high expectations) have withdrawn from the market (over 50% of those properties I am tracking). Most of those remaining on the market are not shifting unless prices have been reduced to realistic levels. Properties new on the market are at more realistic levels, those that are competitive are selling. Newbuilds have, in most cases, been reduced; builders are starting to compete with pre-owned, ie the new-build premium has largely been removed, or can be negotiated away. EA's seem less in denial than some of their clients. Some hard to shift properties have seen large reductions. Regards
  13. Noticed in Lincoln this afternoon that JJB Sport have "Closing Down Sale" notices plastered all over their windows...
  14. So the economic model that has stood us in good stead in various guises since the end of the Depression appears to be well and truly broken. But what will replace it? What will the economic model that takes the globalised world forward look like? Will there be a place for fiat money, will there be a place for gold? Will "money" as we know it still exist? Clearly we are entering uncharted territory as governments walk the economic knife edge...
  15. Haven't seen a thread on this yet. I figured some folks might like to read and offer their sympathy... It seems that some City types are having a hard time of it...welcome to the real world...
  16. How about wording to the effect "if accepted this offer is subject to a satisfactory survey and will remain valid for one calendar month by which time exchange of contracts is expected to have taken place. If exhange has not been achieved by this time the offer will be adjusted downwards by the rate of the monthly national HaliWide (state preference) house price index." Alternatively just state a percentage per month. Hopefully this approach would serve to motivate vendors...
  17. By the time we get to 2012 the UK (and perhaps the rest of the developed world) will have experienced the worst economic downturn since the Great Depression. Affording the Olympics is going to get really difficult. The London Olympics will be billed as "just the stimulus the UK needs to lift itself out of the recession/depression", but it may not succeed... Whatever, the Conservatives will get the blame/credit for it... (IMHO)
  18. I like it! Very funny! Meanwhile Japanese fishermen are having a whale of a time...
  19. People who live in glass houses... So its OK to laugh at the BTL brigade when they lose al their money but not shareholders?
  20. [quote Icesave Easy Access 6.3% Anglo Irish Bank Easy Access 6.1% ICICI Bank UK Easy Access 6.16% FirstSave Easy Access 6.26% Kaupthing Edge Easy Access 6.5% Birmingham Midshires Easy Access 6.52% Chelsea BS Easy Access 6.5% Bradford & Bingley Easy Access 6.51% West Bromwich BS Easy Access 6.2% Intelligent Finance Easy Access 6.4% The reason why these institutions are top of the leage table is because they are all short of cash and hence desperate for savers' deposits; arguably the higher the interest rate the higher the risk! Northern Rock are probably the safest institution in the land as they have their special guarantee from the Government, ie it is not just your first £35k that is safe, but also any amount above this. (All IMHO of course.)
  21. So if we are going to feel guilty about the people we sold to how about the people we eventually buy from? These are likely to be distressed sellers who are desperate to sell, maybe in the throes of a life crisis eg death, divorce, bankruptcy. Yet we will be intent on driving a hard nosed bargain and getting our money's worth But that is capitalism for you...
  22. Estate agents like to call themselves "negotiators". Well they are going to have to live up to that title if they wish to stay in business, ie they have got to negotiate with vendors and get them to lower their expectations if they are to make sales in this market!
  23. We could remain in our rented house for the forseeable future, but if we find the house of our dreams for a minimum of 20% off peak price we might still be tempted. I've had the idea of running a reverse bidding process. If we find 2 or more properties that meet our needs we'll be saying "the first to come down to our offer gets our money". I figure this would work most effectively if a different EA is involved for every property...
  24. We viewed 3 more this afternoon. One vendor (OK it sounds better) told us they had already rejected an offer 10% below asking. We didn't have the heart to tell them they should have bitten the buyers arm off! The location had Chav written all over it, so we weren't in the least bit interested. Another property was a new build Bellway that has already been discounted 15K, we would want it for another 40K less. "You wont ever get one for that price" the agent said, we'll see... We always check previously sold prices to try and understand what headroom vendors have for reducing prices. Clearly someone who bought 2 years ago is going to be more reluctant to take a big drop than someone who bought 10 years ago.
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