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D179

Sold Twice, Fallen Through Twice, Sold Again Within A Day

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Found a house a few months ago we liked, did not want to pay too much so we didnt view it. It sold. It then came back on within a few weeks, then it sold again within a few weeks, about 20% off peak. fallen through again and back on again and under offer within 24 hours.

A little frustrating, the wife would buy it it asking price, can you imagine the hastle I am getting from her...

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Found a house a few months ago we liked, did not want to pay too much so we didnt view it. It sold. It then came back on within a few weeks, then it sold again within a few weeks, about 20% off peak. fallen through again and back on again and under offer within 24 hours.

A little frustrating, the wife would buy it it asking price, can you imagine the hastle I am getting from her...

You mean it didn't sell? :huh:

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Thats the difference between the offer of what the purchaser thinks it's worth (or the vendor is demanding) and the lenders valuation for mortgage purposes.

When the funds are forthcoming then the sale falls through........

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Found a house a few months ago we liked, did not want to pay too much so we didnt view it. It sold. It then came back on within a few weeks, then it sold again within a few weeks, about 20% off peak. fallen through again and back on again and under offer within 24 hours.

A little frustrating, the wife would buy it it asking price, can you imagine the hastle I am getting from her...

Is it a fairly unique house? If not, I wouldn't worry as something else is bound to come onto the market in a few months time, and probably cheaper. If it keeps falling through, I guess it is quite likely that potential buyers are having trouble getting mortgage finance for the price or that it keeps getting valued down by surveyors. The vendors cannot keep on like that forever.

I am starting to have similar concerns about my area. I am looking a a very specific area with lots of flats and very few houses. Until quite recently, the only houses that were coming on were at peak price, and stuck on the market for ages. Then a few houses started coming on at 20% off peak, and most sold quickly. Now even some of the ones that are on at peak prices have gone under offer.

I assume that this is partly because of all of the 'green shoots' type news that we are getting at the moment. Either way, if the mortgages aren't available, I can't see how these sales are going to progress.

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Found a house a few months ago we liked, did not want to pay too much so we didnt view it. It sold. It then came back on within a few weeks, then it sold again within a few weeks, about 20% off peak. fallen through again and back on again and under offer within 24 hours.

A little frustrating, the wife would buy it it asking price, can you imagine the hastle I am getting from her...

ask the EA? If something has been turned up on survey they must now declare it. Yes could be a valuation shortfall... or it could be mortgages werent actually in place when the offer was made.... oh dear. Could be a chain that fell through pretty quickly, ( it only needs 1 redundancy), or any other numerous reasons, or all of the above. You will only know once completed and LR shows the data.

Cant imagine the hassle though ........ mines perfect ;)

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Thats the difference between the offer of what the purchaser thinks it's worth (or the vendor is demanding) and the lenders valuation for mortgage purposes.

When the funds are forthcoming then the sale falls through........

So what difference would you put between what the seller asks and the lenders valuation?

I thought they were valuing 30% off peak but asked the Q here yesterday but overall the thread seemed to conclude that only Rinoa and McTavish have the answers and anyone that says buyers are only buying at 25 - 30% off peak is a Muppet.

HPC Link

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So what difference would you put between what the seller asks and the lenders valuation?

I thought they were valuing 30% off peak but asked the Q here yesterday but overall the thread seemed to conclude that only Rinoa and McTavish have the answers and anyone that says buyers are only buying at 25 - 30% off peak is a Muppet.

HPC Link

A couple of points, the second time it fell through was down to redundancy. Not down to mortgage shortfall problem.

I also understand that a couple of cash buyers were interested and that why it has gone under offer again.

The house is not highly individual as such but as we are all finding out that the price falls have been stagnated not by lenders increasing money supply but by potential venders choosing not to put on the market or 'try-to-let'. Which means that the decent houses are few and far between coupled with a realistic price, means that they sell to STR, , high deposit holders or cash buyers.

however, I accept that another one will come along, it is not the last and only house in existance, nor is a georgian gem with a river running through the garden...

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A couple of points, the second time it fell through was down to redundancy. Not down to mortgage shortfall problem.

I also understand that a couple of cash buyers were interested and that why it has gone under offer again.

The house is not highly individual as such but as we are all finding out that the price falls have been stagnated not by lenders increasing money supply but by potential venders choosing not to put on the market or 'try-to-let'. Which means that the decent houses are few and far between coupled with a realistic price, means that they sell to STR, , high deposit holders or cash buyers.

however, I accept that another one will come along, it is not the last and only house in existance, nor is a georgian gem with a river running through the garden...

The thing with "rivers running through the garden " is that the Environment Agency Flood Map (useful link if you are looking at property) would probably confirm it is just as likely to run through your house! Problem with this apart from the obvious is that it will put up your insurance or even make it impossible to get insurance.

I sympathise with men in particular at the moment, women LOVE to have a home at any cost, must be tough for men with not only wives but in-laws all saying "you are going to miss the boat" etc etc.. Six months however, and it will be obvious how wise you were to wait, but if they are like the people I know ramping the market at the moment, they will probably never be able to admit that they were wrong to try to encourage you to get on the rung now.

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The thing with "rivers running through the garden " is that the Environment Agency Flood Map (useful link if you are looking at property) would probably confirm it is just as likely to run through your house! Problem with this apart from the obvious is that it will put up your insurance or even make it impossible to get insurance.

I sympathise with men in particular at the moment, women LOVE to have a home at any cost, must be tough for men with not only wives but in-laws all saying "you are going to miss the boat" etc etc.. Six months however, and it will be obvious how wise you were to wait, but if they are like the people I know ramping the market at the moment, they will probably never be able to admit that they were wrong to try to encourage you to get on the rung now.

Yeah, I think however that the position we are in, my wife simply is getting annoyed, put simply she wants to nest (please no comments such as"you can have kids in a rented house etc"). I have am now in a position where i can only pursuade the missus that we cant buy for so long, she is of the opinion that if we are ahead of the game, like we already are, then missing out by a bit more is not of interest to her. She is 33 and wants to get on with being settled in a place so we can have kids.

Edited by D179

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The thing with "rivers running through the garden " is that the Environment Agency Flood Map (useful link if you are looking at property) would probably confirm it is just as likely to run through your house! Problem with this apart from the obvious is that it will put up your insurance or even make it impossible to get insurance.

I sympathise with men in particular at the moment, women LOVE to have a home at any cost, must be tough for men with not only wives but in-laws all saying "you are going to miss the boat" etc etc.. Six months however, and it will be obvious how wise you were to wait, but if they are like the people I know ramping the market at the moment, they will probably never be able to admit that they were wrong to try to encourage you to get on the rung now.

oh and the river through the garden was a bit of a throw away comment ( if I could afford such a thing I would be in my element, risk of flooding or not)

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oh and the river through the garden was a bit of a throw away comment ( if I could afford such a thing I would be in my element, risk of flooding or not)

Yes has a friend in Tewkesbury with two properties (next door to each other), lived there for decades .....bit of flooding from time to time and THEN, everything GONE..........They have never been able to get insurance, dreams get tarnished.

I think if I was a potential nester that didn't buy in 2006 - 2007 I would be thanking my LUCKY STARS every day.......and wait another 6 months. GOOD LUCK .

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Yes has a friend in Tewkesbury with two properties (next door to each other), lived there for decades .....bit of flooding from time to time and THEN, everything GONE..........They have never been able to get insurance, dreams get tarnished.

I think if I was a potential nester that didn't buy in 2006 - 2007 I would be thanking my LUCKY STARS every day.......and wait another 6 months. GOOD LUCK .

Yeah well we did buy in 2006, and sold in early 08, phew, made some money doing it..... but only just got out in time...

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nice house next ot my bank, was for sale for ages, then sold, then for sale then for rent.

this week, its for sale again.

house opposite, for sale during the same period, now empty. the previous "owners" had the new pickups, the large fancy cars and so on. guess its a possession now as there is no furniture.

UK, the land of broken chains....forget rises, its actual sales that go through to proceed that counts.

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