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arrgee1991

How To Sell

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It maybe teaching your granny to suck eggs, but....

1. Set a minimum price you will accept at the outset. If you are planning to upgrade by say £100K then you will need not only that money but the stamp duty as well. If you accept too little you may find yourself short at the point of exchange or unable to purchase the property you require.

2. Don't immediately accept any offer that comes your way unless it is for asking price or above. If offer is at asking price question your valuation, but be realistic, buyer may be prepared to offer that to ensure no one else gets a chance. You may find some buyers don't come back with better offers, but if you have time, then you can always wait and see. There is no problem with going back to an offer you received a month ago. People will make their best offer and leave it, and some may set a deadline, but nothing to stop you going back.

3. Ensure your buyers have an offer accepted on their property, have the cash or can easily sell. No point in accepting an offer from somone who expects to get a certain amount. They must have the finances in place when they make the offer. Until the property is sold, it's impossible to know.

4. On acceptance of an offer, insist on an immediate survey. Even if you have to find somewhere this will ensure financial commitment from the buyer making them less likely to withdraw further down the line. If they won't do this until you have found somewhere be concerned about their commitment.

5. On acceptance of an offer, do not cease marketing until the survey is conducted and accepted by the buyer. Some buyers may make big offers and then use the survey to knock you down. If you have ceased marketing, you won't have other buyers lined up.

6. If you are forced to renegotiate sale price, look to renegotiate purchase price. The longer the chain, and the longer it has gone on for, the less likely those higher up the chain will want to start again. Costs get more expensive as the property does and the loss of £10K on £1 million plus does not have the same impact of £10K on £200K.

7. Never be afraid to walk away if the deal turns against you. Your buyers may want to pay less as exchange approaches and your sellers may want more. You may need to show a little flexibility under extreme circumstances, but in all likelihood sticking to your guns will not cause a chain to collapse.

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It maybe teaching your granny to suck eggs, but....

1. Set a minimum price you will accept at the outset. If you are planning to upgrade by say £100K then you will need not only that money but the stamp duty as well. If you accept too little you may find yourself short at the point of exchange or unable to purchase the property you require.

2. Don't immediately accept any offer that comes your way unless it is for asking price or above. If offer is at asking price question your valuation, but be realistic, buyer may be prepared to offer that to ensure no one else gets a chance. You may find some buyers don't come back with better offers, but if you have time, then you can always wait and see. There is no problem with going back to an offer you received a month ago. People will make their best offer and leave it, and some may set a deadline, but nothing to stop you going back.

3. Ensure your buyers have an offer accepted on their property, have the cash or can easily sell. No point in accepting an offer from somone who expects to get a certain amount. They must have the finances in place when they make the offer. Until the property is sold, it's impossible to know.

4. On acceptance of an offer, insist on an immediate survey. Even if you have to find somewhere this will ensure financial commitment from the buyer making them less likely to withdraw further down the line. If they won't do this until you have found somewhere be concerned about their commitment.

5. On acceptance of an offer, do not cease marketing until the survey is conducted and accepted by the buyer. Some buyers may make big offers and then use the survey to knock you down. If you have ceased marketing, you won't have other buyers lined up.

6. If you are forced to renegotiate sale price, look to renegotiate purchase price. The longer the chain, and the longer it has gone on for, the less likely those higher up the chain will want to start again. Costs get more expensive as the property does and the loss of £10K on £1 million plus does not have the same impact of £10K on £200K.

7. Never be afraid to walk away if the deal turns against you. Your buyers may want to pay less as exchange approaches and your sellers may want more. You may need to show a little flexibility under extreme circumstances, but in all likelihood sticking to your guns will not cause a chain to collapse.

What if it's a cash offer, at 10 per cent less than the asking price?

Would you say no to that?

It happened to my friend recently! The sellers turned that cash offer down!

INSANE sellers if you ask me...

You'd take a cash offer, right? In this day and age?

Edited by Frenchie73

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You forgot and finally

8. Follow every one of the above seven rules and sit in your house forever while it never sells.

Your advice is perfect... 4 years ago!

How about this for how to sell

1. if any buyer offers you anywhere near asking price, bite their hand off, DO NOT piss them off and thank your lucky stars

2. Goto 1

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You forgot and finally

8. Follow every one of the above seven rules and sit in your house forever while it never sells.

Your advice is perfect... 4 years ago!

How about this for how to sell

1. if any buyer offers you anywhere near asking price, bite their hand off, DO NOT piss them off and thank your lucky stars

2. Goto 1

Yep...It took me almost 1 year to sell mine, and I've had to compromise a lot on the asking price, even in London.

In the end, I've accepted an offer not so much based on the price, but on the situation of the buyer.

If I'd have got a cash offer, I'd have taken it and would have ran to the hills with it.

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4. On acceptance of an offer, insist on an immediate survey. Even if you have to find somewhere this will ensure financial commitment from the buyer making them less likely to withdraw further down the line. If they won't do this until you have found somewhere be concerned about their commitment.

Insist on your prospective buyer making a big unsecured payout without giving any token of being serious yourself!

5. On acceptance of an offer, do not cease marketing until the survey is conducted and accepted by the buyer. Some buyers may make big offers and then use the survey to knock you down. If you have ceased marketing, you won't have other buyers lined up.

Not merely no promise of being serious about selling, make it clear you're serious about double-crossing them!

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You forgot and finally

8. Follow every one of the above seven rules and sit in your house forever while it never sells.

Your advice is perfect... 4 years ago!

How about this for how to sell

1. if any buyer offers you anywhere near asking price, bite their hand off, DO NOT piss them off and thank your lucky stars

2. Goto 1

+1

This is good advice in a sellers' market. It's insane advice right now.

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What if it's a cash offer, at 10 per cent less than the asking price?

Would you say no to that?

It happened to my friend recently! The sellers turned that cash offer down!

INSANE sellers if you ask me...

You'd take a cash offer, right? In this day and age?

Not where I'm looking.

FAP and mortgage trumps 10% below cash offer every time.

And so far, of the properties I have considered, I have seen two properties complete - one at 8% below AP and the other 13% below and nine fall through.

But still the sellers won't budge!

tim

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FAP and mortgage trumps 10% below cash offer every time.

Assuming FAP means "fair asking price" then theres your answer, if the price was fair then the 10% below cash is a low offer.

However, most are ©RAP or Ridiculous Asking Price in which case... well u know the rest

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Assuming FAP means "fair asking price" then theres your answer, if the price was fair then the 10% below cash is a low offer.

However, most are ©RAP or Ridiculous Asking Price in which case... well u know the rest

Full Asking Price (usually 10% over peak)

tim

Edited by tim123

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You forgot and finally

8. Follow every one of the above seven rules and sit in your house forever while it never sells.

Your advice is perfect... 4 years ago!

How about this for how to sell

1. if any buyer offers you anywhere near asking price, bite their hand off, DO NOT piss them off and thank your lucky stars

2. Goto 1

1. is what what I did (they offered asking price), but then they pulled out as I made an offer, and I had no more time to look. I had to move by September or just stay put.

I'd have been better off at the outset finding a commited buyer at less than asking price.

Ultimately if you want to move try your best to ensure buyer is sound (which is the point I was trying to make). The price is somewhat secondary, but you need enough to make your move.

I'd have been happy to have been within 10% of asking price. Which was my minimum to move.

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what about if the house has been on the market for three years with no offers...do what i done and got 39% off from original asking price..divorcing couple unable to move on until house was sold...she was the pusher..took three months to complete and that was for a cash sale...

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It maybe teaching your granny to suck eggs, but....

1. Set a minimum price you will accept at the outset. If you are planning to upgrade by say £100K then you will need not only that money but the stamp duty as well. If you accept too little you may find yourself short at the point of exchange or unable to purchase the property you require.

2. Don't immediately accept any offer that comes your way unless it is for asking price or above. If offer is at asking price question your valuation, but be realistic, buyer may be prepared to offer that to ensure no one else gets a chance. You may find some buyers don't come back with better offers, but if you have time, then you can always wait and see. There is no problem with going back to an offer you received a month ago. People will make their best offer and leave it, and some may set a deadline, but nothing to stop you going back.

3. Ensure your buyers have an offer accepted on their property, have the cash or can easily sell. No point in accepting an offer from somone who expects to get a certain amount. They must have the finances in place when they make the offer. Until the property is sold, it's impossible to know.

4. On acceptance of an offer, insist on an immediate survey. Even if you have to find somewhere this will ensure financial commitment from the buyer making them less likely to withdraw further down the line. If they won't do this until you have found somewhere be concerned about their commitment.

5. On acceptance of an offer, do not cease marketing until the survey is conducted and accepted by the buyer. Some buyers may make big offers and then use the survey to knock you down. If you have ceased marketing, you won't have other buyers lined up.

6. If you are forced to renegotiate sale price, look to renegotiate purchase price. The longer the chain, and the longer it has gone on for, the less likely those higher up the chain will want to start again. Costs get more expensive as the property does and the loss of £10K on £1 million plus does not have the same impact of £10K on £200K.

7. Never be afraid to walk away if the deal turns against you. Your buyers may want to pay less as exchange approaches and your sellers may want more. You may need to show a little flexibility under extreme circumstances, but in all likelihood sticking to your guns will not cause a chain to collapse.

those were the days,,,,your imformation no longer applys...average selling time for my area of cheshire is 1 year.....things have changed and you have not... ;)

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those were the days,,,,your imformation no longer applys...average selling time for my area of cheshire is 1 year.....things have changed and you have not... ;)

Cheshire is probably diiferent to around here (E11/IG8). This year, I have had 3 people knock on door to buy my house. All offered immediately. Two at my not unreasonable asking price (£70K off 2007 peak in my street), and one at £40K under. I couldn't work with timescale of one of the asking price offers, so they bought the house a few doors down at same price. I haven't even had to put it up for sale with an estate agent (I had them do valuation and take photos, but sold before they got it up on their web site). On the houses I have offered on they have both gone under offer on first day of viewing, and we didn't even get to view another prospect.

I guess my information doesn't apply everywhere. There are a number of properties in our area that have been on market for long time, but those with reasonable asking prices have shifted quickly. So quickly, that I lost mine in the 24 hours my buyer withdrew and came back again.

Edited by arrgee1991

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Cheshire is probably diiferent to around here (E11/IG8).

E11 is Leytonstone, isn't it? ISTR where we (as young graduates in the '80s) lived in a condemned flat in Leyton as E10.

I guess you must be in the orbit of all those East London regeneration efforts, so your demand goes up and down like a yoyo as white elephants like the dome and the olympics come and go. So now should be a good time to sell if you have the option to move!

It's not quite that extreme here!

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those were the days,,,,your imformation no longer applys...average selling time for my area of cheshire is 1 year.....things have changed and you have not... ;)

likewise

6 months down the line we had 35 viewings to get an offer - close to asking price and acceptable but 3 months into sale buyers buyer asked for one more concenssion to may and our buyer sacked him - he has now accepted a new offer from a cash buyer at 20k less but we are now due to complete september - will have taken 9 months and we were lucky our buyer is in desirable area and found enw buyer within a week

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E11 is Leytonstone, isn't it? ISTR where we (as young graduates in the '80s) lived in a condemned flat in Leyton as E10.

I guess you must be in the orbit of all those East London regeneration efforts, so your demand goes up and down like a yoyo as white elephants like the dome and the olympics come and go. So now should be a good time to sell if you have the option to move!

It's not quite that extreme here!

E11 is Leytonstone & Wanstead, and they are like chalk & cheese. In laws live in W2, though sadly not the uber-rich part. Even within London postcodes there can be wild discrepancies.

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Not where I'm looking.

FAP and mortgage trumps 10% below cash offer every time.

And so far, of the properties I have considered, I have seen two properties complete - one at 8% below AP and the other 13% below and nine fall through.

But still the sellers won't budge!

tim

Umm that's good to know.

In the area I'm looking, none of the properties got their full asking price, and at least 2 have fallen through in the last 6 months.

Some have been sitting idle on the agency list for months and won't sell, and yet it's a very sought after area of London.

When selling mine, I've had to compromise more than 10 per cent on my asking price. In the end, I picked the person who was sure to pay me rather than the highest offer on the table.

It's a mad market at the moment.

Lending is starting to dry up apparently...

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E11 is Leytonstone, isn't it? ISTR where we (as young graduates in the '80s) lived in a condemned flat in Leyton as E10.

I guess you must be in the orbit of all those East London regeneration efforts, so your demand goes up and down like a yoyo as white elephants like the dome and the olympics come and go. So now should be a good time to sell if you have the option to move!

It's not quite that extreme here!

That's close to the area in which I've sold mine, and it took at least 7 to 8 months before I found a buyer.

Asking prices in my area are going up, but places just won't sell.

Some have been there for months and are not budging. I reduced the asking price on mine and found a buyer. If I had waited to sell based on the estate agents evaluation I'd still be waiting to sell my place!

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[quote name='Frenchie73' d

it took at least 7 to 8 months before I found a buyer.

Asking prices in my area are going up, but places just won't sell.

That does not make any sense.....asking prices going up when there are no buyers?????? :o

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  • 152 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%



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