Jump to content
House Price Crash Forum
Sign in to follow this  
Bearfacts

Sold, Sale Agreed - Dont Believe It !

Recommended Posts

Property just around the corner from us went on the market 3-4 months ago. Could not believe my eyes when I saw the asking price of £850k for a 4 bed bungalow. Told myself it wouldn't sell. How pissed off was I when it had a SOLD board up within 2 weeks ! Anyway its been that way ever since, a constant reminder that I could be wrong and that there are still jerks prepared to pay way over the odds for property.

Then today , joy of joy its back to FOR SALE ....... my how we laughed !

Anyway just proves the point that SALE AGREED and SOLD means absolutely nothing other than two people have agreed a price. I get the impression certain agents are absolutley desperate to put these boards up to give the impression that everything is just tickety boo and normal ...WELL DONT BELIEVE IT.

One agent around here has 75% of their boards showing SALE AGREED or SOLD stc. The dubious thing about it is that all the other agents manage about 10-20% tops, so either this agent has the best salesmen by a long away or they have a policy of getting baords up a.s.a.p regardless of the likelihood of a sale completing i.e complete chain being in place.

Anyone happen know if there are any laws relating to these boards ? Can it be labelled as SOLD before contracts are exchanged ?

Share this post


Link to post
Share on other sites
Property just around the corner from us went on the market 3-4 months ago. Could not believe my eyes when I saw the asking price of £850k for a 4 bed bungalow.

Any chance of a link then in case there is a reduction to check out?

D

Share this post


Link to post
Share on other sites
Property just around the corner from us went on the market 3-4 months ago. Could not believe my eyes when I saw the asking price of £850k for a 4 bed bungalow. Told myself it wouldn't sell. How pissed off was I when it had a SOLD board up within 2 weeks ! Anyway its been that way ever since, a constant reminder that I could be wrong and that there are still jerks prepared to pay way over the odds for property.

Then today , joy of joy its back to FOR SALE ....... my how we laughed !

Anyway just proves the point that SALE AGREED and SOLD means absolutely nothing other than two people have agreed a price. I get the impression certain agents are absolutley desperate to put these boards up to give the impression that everything is just tickety boo and normal ...WELL DONT BELIEVE IT.

One agent around here has 75% of their boards showing SALE AGREED or SOLD stc. The dubious thing about it is that all the other agents manage about 10-20% tops, so either this agent has the best salesmen by a long away or they have a policy of getting baords up a.s.a.p regardless of the likelihood of a sale completing i.e complete chain being in place.

Anyone happen know if there are any laws relating to these boards ? Can it be labelled as SOLD before contracts are exchanged ?

I know of a couple places that have had sold boards up for months then for sale signs.

I know of alot more with more than 1 EA board on it.

Share this post


Link to post
Share on other sites

The flat next to ours has been "Under Offer" according to a local estate agent since I moved in to mine 2 1/2 years ago. It's been empty the entire time, and there's been no change in price. :rolleyes:

This I think is one of those factors choking the supply side - I think some cash buyers with no mortgage to support have been happy to leave their properties empty and just watch the capital appreciate, and skipping the hassle of tenants.

Share this post


Link to post
Share on other sites

Estate agents getting desparate, I think its Streets Ahead round my way who have just splashed out on new advert for the back window of their car:-

THE BUSIEST DAY FOR PROPERTY IS SUNDAY

Times must be hard

The worthless slackers have finally worked out that the best day for them to work is the one day that most people have off

Bit unrelated but I'm always too lazy or shy to start my own thread

Share this post


Link to post
Share on other sites
Then today , joy of joy its back to FOR SALE ....... my how we laughed !

Anyway just proves the point that SALE AGREED and SOLD means absolutely nothing other than two people have agreed a price. I get the impression certain agents are absolutley desperate to put these boards up to give the impression that everything is just tickety boo and normal ...WELL DONT BELIEVE IT.

Yep, know what you mean. I watched no less than 5 properties close by me all go Sold within about 2-3 weeks of each other about 3 months ago. And now they've started to go back to For Sale again. Not one of them ever had it's Sold sign torn down and new owners move in. Collapsing chains, I guess, as people lower down realise they are funding other peoples property boom riches...

Nomadd

Share this post


Link to post
Share on other sites

The parents of my ex have a lovely farmhouse in mid-Wales on the England/Wales border. It is delightful.

It also has been on the market for 4 years now and, in that time, I have lost count of the number of times it has been apparently sold.

The ex now claims that her parents have made a small fortune from retainer fees from perspective purchasers - but I do not believe that for a moment.

Btw, it was on the market in 2001 for 350K, went up to 375K and is still, so I believe, on the market fro 350K. I personally think it is worth about half that. There is a country pub opposite which was sold in 2002 for about 1 million so I think that is clouding the issue somewhat.

Share this post


Link to post
Share on other sites

Walking home from the pub last night I noticed every house with a board up had SOLD on it.

I was going to start a thread on this myself today, as I am not exactly sure what this means.

Does it mean offer accepted, or sold subject to contract or contracts have been exchanged ? At what point in the procedure should you put SOLD on the board ?

All these SOLD boards just doesn't tally with the massive drop in sales I know there has been in my area in the last year. ( Approx. 58% )

Share this post


Link to post
Share on other sites

My understanding is that the board has to come down within 2 weeks of exchange of contracts otherwise agents face a decent fine if found out.

Just shows that most of these are sold SUBJECT TO CONTRACT, which is very different from completed.

Share this post


Link to post
Share on other sites

I've been watching a Bungalow near where I live since the beginning of June, it's up for sale for £250k with no change in asking price in that period, I'm wondering how long it is before they realise they won't get this asking price (I believe it went on in May) - surely if someone decides to move they would have some sort of timescale in mind rather than just waiting & hoping someone will pay a figure they plucked out of mid air?

Share this post


Link to post
Share on other sites

FATB?? - Where did you get your avatar from?!?!? :) Only one beaker on this board! :P:P

Thi sis something I've always whinged about with an estate agent in Camrbidge, the tucker gardner partnership.. Their sold signs must outnumber the for sales by 3 to 1. something very unrealistic going on... also the house I've been looking at on our street which started at 575k, dropped to 425k and nwo has a sold sign too. grrr...

Edited by Beaker

Share this post


Link to post
Share on other sites
Any chance of a link then in case there is a reduction to check out?

D

Try this http://www.wilkinsons.co.uk/pfs.mhtml

I'm not an internet 'boffin' so I'm not entirely sure this will work I just cut and pasted the URL ? If it just gets you onto the EA site it's listed under Pinkneys Green, actually I was wrorg about the price, it's a snip at £875,000 !!! still whats the odd £25,000 these days ... I've probably got more in loose change down the back of my SOFA !

Oh theres a section where you can register 'interest' in the property, I thought about having my two penny worth of ' You've overpriced this perfectly ordinary house you muppets .... it wont sell' but I might need to rent a property through them but hey if any of you would like to mail in your opinions I'm sure they'd be delighted to hear from you ! perhaps you could express surprise that this reasonably priced property is up for sale again.

Actually thinking about it these guys are 'new kids on the block' as it where, they probably just went with the ludicrous overvaluation just to get the business.

Still take a peek enjoy !

Share this post


Link to post
Share on other sites

Two Countrywide owned agents in my area regularly add new properties onto Rightmove as SSTC. Some weeks new properties are added as For Sale, other weeks new properties are added as SSTC.

Bairstow Eves (Burnley) - 35 listed:

15 For Sale

0 "Under Offer"

20 SSTC

Entwistle Green (Burnley) - 27 listed:

9 For Sale

0 "Under Offer"

18 SSTC

Another agent thinks it's funny to add all his new properties as Under Offer.

John W Dinsdale (Burnley) - 11 listed:

2 For Sale

9 "Under Offer"

0 SSTC

The price range I am monitoring is approx £40,000 - £75,000, primarily 2BR terraces, no garden, on street parking.

Share this post


Link to post
Share on other sites

http://www.padihamestateagency.co.uk/home.asp

This has just been put on the market, it's opposite my inlaws.

No way is it worth that much. Inlaws next door neighbours sold theirs for £90k a year ago, and it's much nicer.

BTW, the 'conservatory' is a converted garage.

Edit: Just been pointed out to me (thanks madenph :D;) ) that the links to the main page.

If you go to property search, it's the house on Harrow close. Only a small village and even smaller EA's so not many listed on there.

Edited by libitina

Share this post


Link to post
Share on other sites

No problem libitina. I agree, my take on a fair price for houses around Kings Drive should be £60-£80,000 tops.

Steering back to the original topic, you've reminded me another agent that wrongly marks properties as Under Offer or Sold is none other than Padiham Estate Agency.

Their website is so sparsely populated because at the first sniff of an offer they remove the property from the site (sometimes never to return).

A great example of this is 8 Inkerman Street, Padiham. I drive past the for sale sign every day, yet the property disappeared off their site on (or around) 24/04/05.

Maybe the sold/sale agreed/for sale discrepancies are down to incompetence?

Share this post


Link to post
Share on other sites

Prices have only just finished rocketing up there though. Literally in the last couple of weeks or so.

Our friends house was bought for £25k approx 8 years or so ago (2 bed bay window terrace, you know the type), need some work on it.

Next door put theirs up for private sale (BTL bright purple kitchen, needed some work) for £90k! We literally laughed in her face.

Sis-in-law lives in Briefield. Bought her house off plan 18 months ago for £135k. Her next door neighbour has put theirs up for £225k. I know it's a good area, but even so.... and it's not as nicely decorated either.

Edited by libitina

Share this post


Link to post
Share on other sites

I agree things have changed massively in the last month, due in part to Time shutting. In fact, a quick bit of totting up on my database suggests agents unsold stock levels have risen by approx. 7-8 percent since the beginning of August.

What I have also observed is that until recently nearly all new instructions were valued higher than previous houses on the same street (sold or not), suggesting that all sellers thought the market was rising. Right now half of new instructions are priced at or below

existing properties. I haven't yet taken the time to check whether the shift if limited to certain areas, agents or price bands, but whatever the reason there is a marked shift downwards in sellers expectations.

If you don't mind PM me the street address of the purple kitchen house, I could do with a laugh.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

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.