Jump to content
House Price Crash Forum
whippet

Pi55ed Right Off

Recommended Posts

Put my house on the market in July 2007 for £235’000

Took it of the market 2 weeks later ( wife became ill, long story ??)

Put it back on the market August 2008 for £260,000 ( EA’s new valuation……….asshole, to much money?)

September 08 dropped it to £240,000 no takers

December 08 dropped to £230,000 still no takers

May 2009 except offer for £226,500 buyer wants to complete Mid August. 3 people in chain, us, whose moving to rented, our buyer who’s sold to someone who’s in rented. Easy peesy lemon squeezy!…..Excellent!!!

Good price, got loads of equity in house.

Start reading HPC every five minutes and am now virtually convinced I’m doing right thing.

Today our chain of 3 collapses.

Pi55ed right off

Share this post


Link to post
Share on other sites

Sorry to hear that :(

Get it back on the market soonest, theres a recovery doncha know. Who knows, maybe one of the mcspamish, sibbers, hilarious, pandykn, rinowall collective will buy it as a btl opportunity? C'mon guys, money where your mouth is?..

Share this post


Link to post
Share on other sites
Today our chain of 3 collapses.

That's the problem, it's difficult enough for two people to complete, When there are three in the chain it is virtually impossible.

I imagine the buyer who couldn't complete was the First Time Buyer?

Share this post


Link to post
Share on other sites
Put my house on the market in July 2007 for £235’000

Took it of the market 2 weeks later ( wife became ill, long story ??)

Put it back on the market August 2008 for £260,000 ( EA’s new valuation)

I must just add that I can see a flaw in the thesis here.

Share this post


Link to post
Share on other sites

So, in 2 years you dropped it by 9k? - you certainly chased the market down

How much did you pay for it?

Maybe the bank didnt want to lend what the buyer thought they wanted to pay.

Edited by Yorkshire Lad

Share this post


Link to post
Share on other sites
Start reading HPC every five minutes and am now virtually convinced I’m doing right thing.

Then you will know what you need to do next if you really intend to sell.

Cut the price. Cut it aggressively. Cut it every week until it sells.

I seriously seriously doubt that you are going to get 95% of the July 07 "value", even if we assume you could have sold in 07 for 235k.

Indices are down 20% from peak, which would suggest you could achieve 80% (£190k or so).

Either cut aggressively or you are just wasting your own time and potential buyers' time.

Share this post


Link to post
Share on other sites
I've read it back to myself 8 times now.........What flaw?

He means the fact that indices showed achieved sale prices had fallen over that period, yet you raised your asking price.

Share this post


Link to post
Share on other sites
I've read it back to myself 8 times now.........What flaw?

Hello Whippet

What flaw?

I don't know for sure what HM meant, but I can see a flaw, a big one indeed:

summer 2007: UK house prices peaked - your house valued/put on the market at £235k

August 2008: (a year in the crash) - your house valued/on the marked for... £260,000 (WHAT!!!?? 25k more than peak price???)

There's your big flaw, in a crash prices go DOWN not up!

Of course the price has hence gone down, only to be now 8.5K below its peak price in 2007, a massive price reduction indeed (hang on a sec.: 10 out of 235= -3.7% wow! And everyone here thought that prices have already gone down 15-25%!!).

Sorry but you and your EA must be living on another planet

Good luck

Share this post


Link to post
Share on other sites
I've read it back to myself 8 times now.........What flaw?

Here it is:

Put my house on the market in July 2007 for £235 000.

Put it back on the market August 2008 for £260 000.

September 08 dropped it to £240 000 no takers.

December 08 dropped to £230 000 still no takers.

In August 2008 the asking price should have been around £210 000.

Today it should be ~£185 000 at a push.

Simples!

Share this post


Link to post
Share on other sites

I dropped mine by £8k in early 2007, then agreed another £5k off with my buyer (who had seen it for sale at the original price, so he saw a £13k price drop). I co uld have built another house from the bricks I was sh1tting, hoping it wouldn't collapse (2nd buyer, 1st had pulled out).

If I were selling it now I'd be hard pushed to get any viewers even if I dropped it another £80k off my sold price.

Edited by ScaredEitherWay

Share this post


Link to post
Share on other sites

Your buyer needed sectioning....my god he has had a lucky escape..and ask for going at 260k greed is a flaw in a lot of people

Share this post


Link to post
Share on other sites

The whole country didnt suffer price falls at exactly the same time by exactly the same percentages, did they???? :blink:

In August 2008, were we all singing from the same hymn sheet about 12 months earlier being the peak?

Or is it really this year that everyones being talking about mid 07 being the peak?

Was my house undervauled in 2007?

Who knows????

I'm just pee'd off that I thought I was getting off the band wagon for a while, with a nice bit of equity and I could take my time and see what would happen with out the worry of staying off the ladder for to long.

Share this post


Link to post
Share on other sites
Put my house on the market in July 2007 for £235’000

Took it of the market 2 weeks later ( wife became ill, long story ??)

Put it back on the market August 2008 for £260,000 ( EA’s new valuation……….asshole, to much money?)

Serves you right you greedy bar stward.

Share this post


Link to post
Share on other sites
I'm just pee'd off that I thought I was getting off the band wagon for a while, with a nice bit of equity and I could take my time and see what would happen with out the worry of staying off the ladder for to long.

Yeah, don't get me wrong, I'm sorry you're going through this. I was sheeting myself as I awaited D-day on my house sale at the end of 2007 - the crash was clearly kicking in & I was convinced my buyer was going to wise up.

The relief when I saw his cash in my bank account was tangible - I hope you experience it soon too.

Share this post


Link to post
Share on other sites
I could take my time and see what would happen with out the worry of staying off the ladder for to long.

What ladder?

Share this post


Link to post
Share on other sites

Whippet,

It may be useful if you could enlighten us why the chain broke down. One of the the two sales fell through.

This could be because one of the two buyers got cold feet and decided aginst the move, one of the two buyer was not accepted for a mortgage on basic credit score/deposit/lack of mortgage availability grounds, or it could be because one of the two houses in the chain was overvalued.

Previous posters seem to have identified the problem as your house being overvalued. The advice they are giving is based on that assumption.

It may be helpful if you can let everyone know the actual reason the sale fell through. The truth is that you only need to address that reason. If it is a problem with the valuation on your buyers house sale, then maybe you could help by suggesting you knock a few quid off yours to help them pass on a discount.

Truth is, that any advice is pie in the sky without knowing the reasons for the sale breaking down.

But the one piece of good advice is to get out know whilst the public sentiment seems to have a bit of a gloss to it. If you allow your sale to drag on, it will cost you.

Share this post


Link to post
Share on other sites
Put my house on the market in July 2007 for £235’000

Took it of the market 2 weeks later ( wife became ill, long story ??)

Put it back on the market August 2008 for £260,000 ( EA’s new valuation……….asshole, to much money?)

September 08 dropped it to £240,000 no takers

December 08 dropped to £230,000 still no takers

May 2009 except offer for £226,500 buyer wants to complete Mid August. 3 people in chain, us, whose moving to rented, our buyer who’s sold to someone who’s in rented. Easy peesy lemon squeezy!…..Excellent!!!

Good price, got loads of equity in house.

Start reading HPC every five minutes and am now virtually convinced I’m doing right thing.

Today our chain of 3 collapses.

Pi55ed right off

Put it back on the market for £230k .... and TELL the agents to reduce the price by £2000 a month until sold.

Anything less, and you risk chasing it down again.

You gotta get under that curve.

??

Share this post


Link to post
Share on other sites

I'll give you 120k cash unseen now before it's too late for you - subject to contact .

Don't all laugh , because if you believe all the bears on this site a 50% crash is just around the corner :lol::lol:

Share this post


Link to post
Share on other sites
Whippet,

It may be useful if you could enlighten us why the chain broke down. One of the the two sales fell through.

This could be because one of the two buyers got cold feet and decided aginst the move, one of the two buyer was not accepted for a mortgage on basic credit score/deposit/lack of mortgage availability grounds, or it could be because one of the two houses in the chain was overvalued.

Previous posters seem to have identified the problem as your house being overvalued. The advice they are giving is based on that assumption.

It may be helpful if you can let everyone know the actual reason the sale fell through. The truth is that you only need to address that reason. If it is a problem with the valuation on your buyers house sale, then maybe you could help by suggesting you knock a few quid off yours to help them pass on a discount.

Truth is, that any advice is pie in the sky without knowing the reasons for the sale breaking down.

But the one piece of good advice is to get out know whilst the public sentiment seems to have a bit of a gloss to it. If you allow your sale to drag on, it will cost you.

Person buying my house is retired and owns their property out right. The person buying theirs is self employed and got refused the mortgage.

My buyer still really wants our house (family live close by) just got to see if they can find another buyer.

Share this post


Link to post
Share on other sites
Person buying my house is retired and owns their property out right. The person buying theirs is self employed and got refused the mortgage.

My buyer still really wants our house (family live close by) just got to see if they can find another buyer.

In that case I would suggest ignoring the advice about dropping your price for the time being, but maybe you could do something to help your buyer get pro-active in selling their house.

Not sure what you could do. Has your agent made any suggestions? Might as well make them work for their fee!

Maybe someone here can suggest a course of action in the light of this update.

Share this post


Link to post
Share on other sites
Put my house on the market ......./

December 08 dropped to £230,000 still no takers

May 2009 except offer for £226,500 buyer wants to complete .../

Pi55ed right off

accept? :unsure::blink:

Share this post


Link to post
Share on other sites
In that case I would suggest ignoring the advice about dropping your price for the time being, but maybe you could do something to help your buyer get pro-active in selling their house.

Not sure what you could do. Has your agent made any suggestions? Might as well make them work for their fee!

Maybe someone here can suggest a course of action in the light of this update.

Tell the buyer you are putting it back on the market at £x and dropping the price incrementally at £x per month until sold.

??

What use is an offer from someone who has not sold??.....if they own outright, they at least have some scope for reduction?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.