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pie-eater

Just Overheard A Bloke At Work On His Mobile

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A guy at work has been going on about selling his house for the past month or so.

Anyway, his mobile rings and this is what I hear....

"Yeah, but the other two valued it at £155k-£160k. Only Andrews valued it the £175k-£180k we want"

Pause.

"But we want higher than the other 2 valued it. Can you match Andrews?"

Pause.

"That's excellent. Thanks for your time."

Being a nosey person I ask him if it was about his house valuations.

His reply, "Yes, and it's excellent news. This new lot have just agreed to put it on the market at £190k. They only initially said it was worth £150k, but have now said they should be able to get £185k for us. I knew they were all giving us low values to shift it quickly and get an easy commission"

He then informed me that he bought the house for £145k in Feb 2007. I didn't have the heart to say anything back to him.

Edited by pie-eater

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it's not worth the ag.

it's tragic ... but keep us informed.

:)

+1 yes, I'd love to hear what happens.

Falling houses prices will be a tragedy for many, but this guy seems to be begging to be laughed at... FFS, he expects to make a profit of 27% in 2 years for zero effort!

Maybe I could introduce him to a Nigerian prince that I know of...

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I really wanted to say something, but bit my lip.

I really think he just has no comprehension of the market and hasn't been watching much tv of late! He has just been duped by the oldest EA trick in the book, and I await further calls soon, telling him to drop it, and drop it, and drop it....

He was speaking to the EA as if they were offering to buy his house! He's in for a shock. I did think about emailing him the link to zoopla or similar to make him smell the coffee.

Edited by pie-eater

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THere is so little good stock coming onto the market that the agents will say anything just to get the instruction. Sign them up for 16 weeks and then work on them to drop the price!

I expect the agents don't like doing it but it is probably the only way to get instructions at the moment. It would be interesting to see what the agent has to say. Do you know which agent it is? Why not give them a call once the house is on Rightmove :ph34r:

You could even put in at offer at £125k just to wind your colleague up ;)

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I think he's more naive than stupid.

Not everyone appreciates or is affected by the market until they try to sell; and only then it's if they need to.

His house will just do the usual and sit there without a jot of interest until he drops it to £120k or lower. Or, as is likely, he'll realise it will never sell for anything other than under what he paid and be removed.

Another EA wasting their own time and resources by being stupid instead of being honest.

Edited by pie-eater

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I think he's more naive than stupid.

Not everyone appreciates or is affected by the market until they try to sell; and only then it's if they need to.

His house will just do the usual and sit there without a jot of interest until he drops it to £120k or lower. Or, as is likely, he'll realise it will never sell for anything other than under what he paid and be removed.

Another EA wasting their own time and resources by being stupid instead of being honest.

Some of my work colleagues are also proving to be equally dumb... one has "investments" which I believe are all on IO mortgages totalling approx £ 850k where the property value ( two x 3 bed houses + a 1 bed flat) was about £ 1.2M in 2006 : I guess it's less than £ 1.0M now and falling. He earns about £55K a year. Someone has lent him 15 x salary.

Another guy is back from Spain, working a short term contract here to raise some cash. He has borrowed around Euro 1.0M from Spanish banks to build 4 villas around 2006... now the banks won't lend him any more, so he cannot finish the construction. He thinks he is in to deep to sell them 'as is' . His main UK income ( ignoring the short contract ) is from half a dozen BTL flats around Liverpool. I dread to think what he owes on them too. A bigger idiot ( or perhaps several .. don't know the collective noun.. a bunch perhaps?) must have lent him a vast sum, well in excess of £ 1M.

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Some of my work colleagues are also proving to be equally dumb... one has "investments" which I believe are all on IO mortgages totalling approx £ 850k where the property value ( two x 3 bed houses + a 1 bed flat) was about £ 1.2M in 2006 : I guess it's less than £ 1.0M now and falling. He earns about £55K a year. Someone has lent him 15 x salary.

Another guy is back from Spain, working a short term contract here to raise some cash. He has borrowed around Euro 1.0M from Spanish banks to build 4 villas around 2006... now the banks won't lend him any more, so he cannot finish the construction. He thinks he is in to deep to sell them 'as is' . His main UK income ( ignoring the short contract ) is from half a dozen BTL flats around Liverpool. I dread to think what he owes on them too. A bigger idiot ( or perhaps several .. don't know the collective noun.. a bunch perhaps?) must have lent him a vast sum, well in excess of £ 1M.

Now he IS in the brown stuff!

At least my colleague is merely dreaming and not fooked like yours!

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Wonderful thread.

It would be hilarious if it was not for such feckless sellers and EAs artificially keeping prices high and thereby, strangely, stopping themselves selling.

Roll on higher IRs.

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Well his house has been on the market for a week now at £190k and he's just accepted an offer of £187k - up from what he paid at peak (£145k).

Only joking. On at £190k without a single viewing so far and he's already considering knocking £10k off it.

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Well his house has been on the market for a week now at £190k and he's just accepted an offer of £187k - up from what he paid at peak (£145k).

There we go. Good job he held out for what he belived in.

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Well his house has been on the market for a week now at £190k and he's just accepted an offer of £187k - up from what he paid at peak (£145k).

There we go. Good job he held out for what he belived in.

I'm going to reply to this just to commit your original answer to the record before you realise what a tit it makes you look, and edit it ;)

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Yet another " Landlord" who sits near me ... on the phone this afternoon to the agent managing his BTL ( dont know where or what it is, it may be a 2bed terrace ' up north' ) :

" ...so there are lots of new builds near by .....what are they .. flats or houses ....oh ... ok reduce it to 575 if you must ... they move out on the 20th ? ..ok i'll come and have a look at the weekend..."

Sounds like a void month comming, and reduction in the rental . Poor sod, doomed to loose.

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Update:

He had 3 viewers and one offer (from an investor)@ £150k that he rejected as derisory

He's not a mate so I can;t really delve! I do know that he's dropped the asking price to £170k though, and still no interest

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Guest KingCharles1st

Did you ask him what their credit card bills and secured loans were?

Did you tell him how much it will actually cost to sell and move

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Yet another " Landlord" who sits near me ... on the phone this afternoon to the agent managing his BTL ( dont know where or what it is, it may be a 2bed terrace ' up north' ) :

" ...so there are lots of new builds near by .....what are they .. flats or houses ....oh ... ok reduce it to 575 if you must ... they move out on the 20th ? ..ok i'll come and have a look at the weekend..."

Sounds like a void month comming, and reduction in the rental . Poor sod, doomed to loose.

Schadenfreude.........Feels so good

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Could you find the property on Rightmove so we could all have a laugh?

All I know is it's @£170k, he paid £145k for it at the peak, and the best bit, well worst bit for him.............

IT'S IN LUTON - bum hole of the Beds.

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Update:

He had 3 viewers and one offer (from an investor)@ £150k that he rejected as derisory

He's not a mate so I can;t really delve! I do know that he's dropped the asking price to £170k though, and still no interest

He should have snapped his hand off.

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All I know is it's @£170k, he paid £145k for it at the peak, and the best bit, well worst bit for him.............

IT'S IN LUTON - bum hole of the Beds.

Could you drop a few subtle questions like...

"I'm actually interested in buying a house right now, but I've only got 170k, I know I said all these years that buying a house was stupid, and you'd only end up losing money, but hey, I was wrong, and I've now come to my senses and it looks like a really good investment, Gordon has rescued us and people such as Sibley and Hamish were right after all, do you know of any properties... oh you do... how many bedroom has it got, where is it? What agent are you using ..."

easy see.

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He should have snapped his hand off.

That was my thought.

He bought it as a wreck and has done it up - I think he wants all of his money back with the 07 premium.

Time will allow the market slump to sink in, surely.

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All I know is it's @£170k, he paid £145k for it at the peak, and the best bit, well worst bit for him.............

IT'S IN LUTON - bum hole of the Beds.

Could it be one of these? Don't forget Luton has the added attraction of little piggy porker Moran to boost house prices.

Edit to add link. Doh!

http://www.rightmove.co.uk/property-for-sa...p;auction=false

Edited by Moley

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