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TheCountOfNowhere

How Long Would You Wait To Exchange Contracts....

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Guide Price £545,000 4 bedroom detached house for sale The Dolls House, Teeton Road, Guilsborough, NN6

http://www.rightmove.co.uk/property-for-sa...auction%3Dfalse

03 March 2009

* Status changed: from 'Available' to 'Under offer'

13 January 2009

* Price changed: from 'Guide Price £575,000' to 'Guide Price £545,000'

I've heard of people wanting to "be in by christmas"...but never when they buy in March.

This spring bounce might see houses completing by next spring :lol:

Edited by TheCountOfNowhere

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silly boy...that means there was a offer under asking...Under Offer....see?

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Guide Price £545,000 4 bedroom detached house for sale The Dolls House, Teeton Road, Guilsborough, NN6

http://www.rightmove.co.uk/property-for-sa...auction%3Dfalse

03 March 2009

* Status changed: from 'Available' to 'Under offer'

13 January 2009

* Price changed: from 'Guide Price £575,000' to 'Guide Price £545,000'

I've heard of people wanting to "be in by christmas"...but never when they buy in March.

This spring bounce might see houses completing by next spring :lol:

OR NOT!!

There have been a few of these threads over the last few months.

From February to June 2009 I had about 50 properties I was watching NOTHING was going Under Offer or SSTC .

Then there was a flurry of activity, but so many of those have gone Under Offer or SSTC and then back again and then back again to Under Offer etc, but nobody is moving , they all just sit there. I have friends with offers on 4 properties that have been turned down, those properties have not sold, and two have been Under Offer for 10 weeks!

I guess they are all waiting for the buyers who are in denial and offered high offers, to either sell or get a mortgage ...then the valuations come in 25 - 30% below peak!

Rightmove's latest HPI said they were advising sellers to take a lower offer from a cash rich buyer rather than wait for someone who needs a mortgage.

Ernst & Young's latest report repeats what RM have said, the market currently is being driven by a few cash rich buyers but it is not sustainable.

EA's are selling 2 properties or less per month that is not RECOVERY.

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How Long Would You Wait To Exchange Contracts?

Most sales have either exchanged by the 10th week, or never will.

I used to advise my clients to set a deadline of three more weeks at this point. If it got to 13 weeks, they were back on the market with contracts pulled.

If you can't exchange in a whole quarter year, then either you can't, or you're playing silly boogers.

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Speaking to a bloke in London at the weekend, juyst bought a nice house 800k !!!!

he said...we had a problem getting finance, the valuation was silly, came in 20% under what we offered, we spent 2 months sorting finance out with the banks cand finally THEY SAW SENSE !!!!

I almost p*ssed myself laughing.

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Most sales have either exchanged by the 10th week, or never will.

I used to advise my clients to set a deadline of three more weeks at this point. If it got to 13 weeks, they were back on the market with contracts pulled.

If you can't exchange in a whole quarter year, then either you can't, or you're playing silly boogers.

I note you say "used to" , I assume these days the problem is finding one buyer let alone two buyers willing to pay a hugely inflated price, after several realistic offers of 25% from peak you hang on to the idiot that offers you 10% from peak and pray to god they can bridge the difference in the lenders valuation. Of course the other problem is not just your buyer but completing a chain , chains need FTB's , completing a chain in a choosy cash rich market must be a nightmare. Property prices need to fall to get this market moving but we know that don't we

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I note you say "used to" , I assume these days the problem is finding one buyer let alone two buyers willing to pay a hugely inflated price, after several realistic offers of 25% from peak you hang on to the idiot that offers you 10% from peak and pray to god they can bridge the difference in the lenders valuation. Of course the other problem is not just your buyer but completing a chain , chains need FTB's , completing a chain in a choosy cash rich market must be a nightmare. Property prices need to fall to get this market moving but we know that don't we

Possibly, but the reason I said "used to" is that I left estate agency in 2005.

One can have too much of a bad thing...

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