whippet Posted June 29, 2009 Share Posted June 29, 2009 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 Quote Link to comment Share on other sites More sharing options...
three pint princess Posted June 29, 2009 Share Posted June 29, 2009 I don't know what gas mains are made of but they get broken all the time it seems. Quote Link to comment Share on other sites More sharing options...
3 Men In A Boat Posted June 29, 2009 Share Posted June 29, 2009 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?.. Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted June 29, 2009 Share Posted June 29, 2009 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? Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted June 29, 2009 Share Posted June 29, 2009 Put my house on the market in July 2007 for £235’000Took 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. Quote Link to comment Share on other sites More sharing options...
Yorkshire Lad Posted June 29, 2009 Share Posted June 29, 2009 (edited) 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 June 29, 2009 by Yorkshire Lad Quote Link to comment Share on other sites More sharing options...
whippet Posted June 29, 2009 Author Share Posted June 29, 2009 I must just add that I can see a flaw in the thesis here. I've read it back to myself 8 times now.........What flaw? Quote Link to comment Share on other sites More sharing options...
Selling up Posted June 29, 2009 Share Posted June 29, 2009 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. Quote Link to comment Share on other sites More sharing options...
Selling up Posted June 29, 2009 Share Posted June 29, 2009 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. Quote Link to comment Share on other sites More sharing options...
Capt. Picard Posted June 29, 2009 Share Posted June 29, 2009 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 Quote Link to comment Share on other sites More sharing options...
keef Posted June 29, 2009 Share Posted June 29, 2009 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! Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted June 29, 2009 Share Posted June 29, 2009 (edited) 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 June 29, 2009 by ScaredEitherWay Quote Link to comment Share on other sites More sharing options...
geoffk Posted June 29, 2009 Share Posted June 29, 2009 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 Quote Link to comment Share on other sites More sharing options...
whippet Posted June 29, 2009 Author Share Posted June 29, 2009 The whole country didnt suffer price falls at exactly the same time by exactly the same percentages, did they???? 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. Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted June 29, 2009 Share Posted June 29, 2009 Put my house on the market in July 2007 for £235’000Took 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. Quote Link to comment Share on other sites More sharing options...
keef Posted June 29, 2009 Share Posted June 29, 2009 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. Quote Link to comment Share on other sites More sharing options...
200p Posted June 30, 2009 Share Posted June 30, 2009 "Swansea is special, Swansea is special, Swansea is....." Cannot get that out my head. Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted June 30, 2009 Share Posted June 30, 2009 I could take my time and see what would happen with out the worry of staying off the ladder for to long. What ladder? Quote Link to comment Share on other sites More sharing options...
Caveat Mortgagor Posted June 30, 2009 Share Posted June 30, 2009 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. Quote Link to comment Share on other sites More sharing options...
nixy Posted June 30, 2009 Share Posted June 30, 2009 Put my house on the market in July 2007 for £235’000Took 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. ?? Quote Link to comment Share on other sites More sharing options...
Legal_Landlord Posted June 30, 2009 Share Posted June 30, 2009 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 Quote Link to comment Share on other sites More sharing options...
whippet Posted June 30, 2009 Author Share Posted June 30, 2009 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. Quote Link to comment Share on other sites More sharing options...
Caveat Mortgagor Posted June 30, 2009 Share Posted June 30, 2009 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. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted June 30, 2009 Share Posted June 30, 2009 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? Quote Link to comment Share on other sites More sharing options...
nixy Posted June 30, 2009 Share Posted June 30, 2009 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? Quote Link to comment Share on other sites More sharing options...
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