Selling House Glasgow South Side

[bingobob777]

Might as well post some of the rubbish I hear on here. Had Slater Hogg in yesterday

1. 2011 will be the springboard back to the days before the credit crunch

2. The Burnside office made a loss last year but expects to make a profit this year

3. Whole big rambling on why my street sells better at offers over than fixed price.

4. Fees less than I thought, 0.85% up to £255k and 1% over 255k. Was expecting 1% and 1.25%, although he really wants the house and I have Corum coming tomorrow.

Pulled out all this paperwork and eventually gave a bottom, middle and top exactly the same as I had told the wife.

If only to remind myself I'll keep posting.

[WageslaveX14]

This was surprising:

"4. Fees less than I thought, 0.85% up to £255k and 1% over 255k. Was expecting 1% and 1.25%, although he really wants the house and I have Corum coming tomorrow."

Why does the percentage charged go UP as the houses get more expensive? I would have thought it went the other way? Is this tailored to your own house, i.e. with £255k being the target price, and this is to give them an incentive for achieving a higher price, rather than just securing a sale at any price?

[bingobob777]

Corum out this morning. Their figures are 250k minimum, 265k middle and 280k top, so 15k more than Slater Hogg on average.1% flat fee commission and £499 marketing fee.He did propose gettting a few surveyors out to do a walkthrough valuation before instructing one to do a full survey for the home report, obviously with a view to ensuring we get the valuation we/he needs .Also brought up the possibility of a bid of £249,999 to come under 3% stamp duty and adding 6-7k on for fittings, all dependent on how flexible the buyers solicitor is.So now I need to decide, go with Slater Hogg who I believe are more realistic in their valuation and offer lower commission and marketing fee or get swept up by Corum in the hope that they can get me 20k more than I believe it's worth. Take on board everything I've read on here for the last 18 months or believe the hype

[bingobob777]

This was surprising:

"4. Fees less than I thought, 0.85% up to £255k and 1% over 255k. Was expecting 1% and 1.25%, although he really wants the house and I have Corum coming tomorrow."

Why does the percentage charged go UP as the houses get more expensive? I would have thought it went the other way? Is this tailored to your own house, i.e. with £255k being the target price, and this is to give them an incentive for achieving a higher price, rather than just securing a sale at any price?

I thought it was standard, when I sold my flat in 2006 with Slater Hogg it was 1% and 1.25%, as you say they bump it up around the value of the house I suppose as an incentive for them to achieve more.

[littlelamb]

Corum out this morning. Their figures are 250k minimum, 265k middle and 280k top, so 15k more than Slater Hogg on average.1% flat fee commission and £499 marketing fee.He did propose gettting a few surveyors out to do a walkthrough valuation before instructing one to do a full survey for the home report, obviously with a view to ensuring we get the valuation we/he needs .Also brought up the possibility of a bid of £249,999 to come under 3% stamp duty and adding 6-7k on for fittings, all dependent on how flexible the buyers solicitor is.So now I need to decide, go with Slater Hogg who I believe are more realistic in their valuation and offer lower commission and marketing fee or get swept up by Corum in the hope that they can get me 20k more than I believe it's worth. Take on board everything I've read on here for the last 18 months or believe the hype

Thanks for the info, I find it really helpful as I'm new to this game. EA's love to point out valuation on HR's which I never believe anyway....amazing how cynical you get.

[TTD]

Absolute madness to even think of pricing just over the stamp duty threshold. All you'll get is offers at or around £245-250k.

You can only assign £6-7k to 'fittings' if that's a genuine second-hand value for them. Otherwise it's tax fraud.

If you are going to price at between £250-270k, then the simplest way to ease the buyer's pain on the stamp duty is to offer to pay part of it for them - anywhere up to the 2% difference that they'll have to pay if they buy at over £250k

Setting aside the EA's valuations - if you look yourself at zoopla, ourproperty, nethouseprice, etc you can see what houses are actually selling for in your area. What does this tell you?

[bingobob777]

Absolute madness to even think of pricing just over the stamp duty threshold. All you'll get is offers at or around £245-250k.

You can only assign £6-7k to 'fittings' if that's a genuine second-hand value for them. Otherwise it's tax fraud.

If you are going to price at between £250-270k, then the simplest way to ease the buyer's pain on the stamp duty is to offer to pay part of it for them - anywhere up to the 2% difference that they'll have to pay if they buy at over £250k

Setting aside the EA's valuations - if you look yourself at zoopla, ourproperty, nethouseprice, etc you can see what houses are actually selling for in your area. What does this tell you?

I agree, surely 250,001 to around 257k is a no mans land and nothing ever sells for that.

My research tells me house is worth 250k, but I don't know if I'm being realistic or if using this website makes me naturally gloomy . No one wants a HPC when it comes to selling their own do they?

[littlelamb]

I agree, surely 250,001 to around 257k is a no mans land and nothing ever sells for that.

My research tells me house is worth 250k, but I don't know if I'm being realistic or if using this website makes me naturally gloomy . No one wants a HPC when it comes to selling their own do they?

Hi Bingobob

Which EA did you opt for and how are things going re sale!

Good luck

[marcsmith]

I assume you are based in Burnside as this is SHoggs terittory. Don't understand people who only consider SHOgg and Corum. To my mind it is a snobbish thing and as long as peole are prepared to just go there they will continue to rip you off £3000 plus to sell you house, cmon.

[TTD]

I assume you are based in Burnside as this is SHoggs terittory. Don't understand people who only consider SHOgg and Corum. To my mind it is a snobbish thing and as long as peole are prepared to just go there they will continue to rip you off £3000 plus to sell you house, cmon.

If they sell more than anyone else in the area, seems logical to go with one of them, but I don't know if they do. Do you?

Who would you pick in preference to these two, and why?

[marcsmith]

If they sell more than anyone else in the area, seems logical to go with one of them, but I don't know if they do. Do you?

Who would you pick in preference to these two, and why?

Reading all your past post can I ask what Estate Agent you work for? I lived in Burnside for years and property is evenly split accross about 5 agents. SHogg prob are largest but in my view the others sell more while SHOgg LIST more. I would not use them or Corum.

[bingobob777]

Decided to go with Slater Hogg, it's either them or Corum who seem to sell in my area. The other agent who seems to get properties is HBM sayers, but they never seem to achieve as good a price and I think there schedules look a bit crap.The Corum guy was just a bit too salesman like and definitely overvalued the house IMO, I don't need to be sold my own house. That was the main reason in choosing Slater Hogg, plus we did buy the house from Slater Hogg

Surveyor was here Thursday so expect home report on Monday or Tuesday but a similar house in an adjacent street has come up, home report values it at 245k, it needs a good bit of work and it's an executor so I expect more than 245k in all honesty, given what we've discussed above I'd expect 250k or 255k.Definitely want it sold though, think the falls in price mentality is going to become more enshrined, had a look at the area around Ormonde Avenue / Netherlee Primary this morning on Right Move and don't think i've ever seen as many properties up for sale, might eventually get one up there at a decent price.

Not far from Burnside, but I ain't divulging any more exact in case my honesty costs me a buyer

Edited October 2, 2010 by bingobob777

[bingobob777]

Survey back at 260k, going up at offers over 229k. My choice. wife wanted o/o 239k.

House in adjacent street valued at 245k up at 229k, so decided to compete with them. That house needs lots of work and has damp mentioned plenty of times in the home report. No comparison IMO.

House across the road went up tonight at offers over 243k, wife is going schizo!! She hates the woman in the house across the road and is giving me some right grief, WHY HAVE WE WENT UP 14K BELOW THAT COW :angry: If their home report comes back at 260k (can't see it being higher) then hopefully being on 14k lower will give us a better chance of selling.

Any views on competing with the house across the road?

Edited October 4, 2010 by bingobob777

[pyracantha]

Survey back at 260k, going up at offers over 229k. My choice. wife wanted o/o 239k.

House in adjacent street valued at 245k up at 229k, so decided to compete with them. That house needs lots of work and has damp mentioned plenty of times in the home report. No comparison IMO.

House across the road went up tonight at offers over 243k, wife is going schizo!! She hates the woman in the house across the road and is giving me some right grief, WHY HAVE WE WENT UP 14K BELOW THAT COW :angry: If their home report comes back at 260k (can't see it being higher) then hopefully being on 14k lower will give us a better chance of selling.

Any views on competing with the house across the road?

Show your wife property bee so she can see how long overpriced properties are sitting around. In my search area (around Clarkston) I see houses slowly following the market down that have been up for sale for over a year now, that would "normally" have sold in a couple of weeks.

Re' your neighbour's house. IMPO The best thing you can do is not try and compete on highest prices - you want to sell right? Get your place clean and tidy - I may be stating the bleeding obvious but I am astonished at the number of houses we have viewed that have been cluttered/dirty/shabby/untidy.

Remember you are trying to make your property feel like the sort of place your viewer would like to live in.

Regarding viewers, there is a very good chance they will want to see both yours and the property across the road. If yours is the better deal (better condition, better price etc) then yours will sell 1st. If for some reason the other place is the better deal and someone buys it, at least you will benefit from their viewers who will have decided they want to live in your area.

Good luck.

[bingobob777]

2 weeks, 1 viewer. The biggest monthly drop since records began being announced 2 days after going up for sale didn't help

Do I even want to sell?

[TTD]

Survey back at 260k, going up at offers over 229k. My choice. wife wanted o/o 239k.

House in adjacent street valued at 245k up at 229k, so decided to compete with them. That house needs lots of work and has damp mentioned plenty of times in the home report. No comparison IMO.

House across the road went up tonight at offers over 243k, wife is going schizo!! She hates the woman in the house across the road and is giving me some right grief, WHY HAVE WE WENT UP 14K BELOW THAT COW :angry: If their home report comes back at 260k (can't see it being higher) then hopefully being on 14k lower will give us a better chance of selling.

Any views on competing with the house across the road?

Why are you on an Offers Over price, when the Home Report value will determine what the buyers will be able to borrow (the HR value, unless they have cash in hand for a higher deposit than the lender requires), so only the rarest buyer will be able to offer £260k or more, and

With a Home Report value of £260, no-one will offer over £250k anyway due to the stamp duty threshold change at this point.

Regarding competing with the one across the road; you need to present yours better than that one, give your viewers a better reception when they view, and follow-up with them better than the folks across the road. Are you doing the viewings, or your agent? Your wife needs to suspend her feelings with regard to the neighbour, and not show ill-feeling to viewers or buyers. She also needs to rehearse her answer to the question "What are the neighbours like?".....(if you're doing the viewings)

Since the folks across the road have already gone Offers Over, I'd be inclined to put yours at Fixed Price or Offers in Region of £250k unless you offer to share the stamp duty liability with the buyers.....

[bingobob777]

I'll give it a few weeks and then go for the offers around 250k.

Anyone know the implications of trying to rent within the 12 weeks exclusivity period given to the EA? Me and family are going to Brisbane for 4 years for my job and in all honesty we love the house, I just couldn't face the thought of hanging onto a depreciating asset and worrying about it from the other side of the world, hence putting it up for sale. But faced with giving it away or worrying about it then the second option seems preferable.

I think of it as a home not an investment now, but that may not be so easy from 10,000 miles away

[TTD]

I'll give it a few weeks and then go for the offers around 250k.

Anyone know the implications of trying to rent within the 12 weeks exclusivity period given to the EA?

Cut to the chase now and set your target price.

The implications of renting (setting aside that your EA has It for sale);

Is there a rental market for £250k homes in your area?

Do you know what your legal obligations will be as a landlord? Using a letting agent does not abdicate you from these obligations.

Can you bear to return in four years to what may not be the same house?

Factor in all maintenance costs, void periods etc and do your budget carefullly

[bingobob777]

Cut to the chase now and set your target price.

The implications of renting (setting aside that your EA has It for sale);

Is there a rental market for £250k homes in your area?

Do you know what your legal obligations will be as a landlord? Using a letting agent does not abdicate you from these obligations.

Can you bear to return in four years to what may not be the same house?

Factor in all maintenance costs, void periods etc and do your budget carefullly

Well 9 viewers in 2 1/2 months, 3 interested but all need to sell their flats first , why bother coming?

Went up for rent just before Xmas, first two rental viewers want to move in by end of month, so renting it is. 6 month contract and tell 3 interested parties if they can conclude missives by end of month 4 of contract they can have it.

[bingobob777]

Need advice folks.

Got a renter lined up, they've passed credit checks and are lined up to move in 29th January. Phoned letting agent to see about contract being signed, according to them it won't be signed until the day and this is normal.

In the meantime had a viewer last night, they've came back today with an offer of 230k which was negotiated up to 240k but we still rejected.

This afternoon EA asked if another viewer could come tomorrow, they've advised them that we've rejected 240k already and looking for 245k+, they're still interested so coming tomorrow.

Then at 4pm the viewer from last night came back and offered 245k on the condition that tomorrows viewer isn't allowed to come

So thoughts?

Signing rental contract on day - normal? Do I really want to reject offers when the renters could walk away any time?

Do I really want to stitch up a couple with 2 young kids and pull a house from them at short notice?

In what world does the first buyer think I'm not going to allow another viewer?

How long do missives take to conclude and how binding are they. Do I want to lose renters when buyers could walk away before missives are concluded?

Current plan is to take viewer tomorrow, tell them I have an offer of 245k already and see if they go higher. Whatever offer stands the missives must be concluded before 28th so if it falls through I can still move in renters, although I'd feel like a real ******* doing that to the rental couple.

any thoughts appreciated.

edit: plus finances

Regardless of the choice I have the same income, so the gamble is

SELL - cash in the bank and ability to save lots over there

RENT - Continue paying off equity in the house

So I'm betting on whether my cash sitting in ISA's etc will increase in value by more than house prices in the 4 years till we come back or vice versa.

Edited January 14, 2011 by bingobob777

[fflump]

Need advice folks.

Got a renter lined up, they've passed credit checks and are lined up to move in 29th January. Phoned letting agent to see about contract being signed, according to them it won't be signed until the day and this is normal.

In the meantime had a viewer last night, they've came back today with an offer of 230k which was negotiated up to 240k but we still rejected.

This afternoon EA asked if another viewer could come tomorrow, they've advised them that we've rejected 240k already and looking for 245k+, they're still interested so coming tomorrow.

Don't read too much into this-they've cleared some time to see your flat and still want to see it. It doesn't mean anything-certainly not that they are about to enter a bidding war!

Then at 4pm the viewer from last night came back and offered 245k on the condition that tomorrows viewer isn't allowed to come

Making an offer on condition that you stop marketing the property is quite common-why is this so funny? You should consider the offer on its merits and if it seems to be in good faith show some respect for the conditions they attach.

So thoughts?

Signing rental contract on day - normal? Do I really want to reject offers when the renters could walk away any time?

If you want to sell your property then accept £145k. If not then rent it out.

Do I really want to stitch up a couple with 2 young kids and pull a house from them at short notice?

If you're going to do this then do it asap while they have time to find somewhere else. Presumably they know that the property is also for sale and if they have any sense they will also know that their position is not secure until they sign a rental agreement

In what world does the first buyer think I'm not going to allow another viewer?

It is really quite common, honestly

How long do missives take to conclude and how binding are they. Do I want to lose renters when buyers could walk away before missives are concluded?

When missives are concluded this is legally binding. How long they take depends on the terms. Is the offer subject to survey or not? Is their financing in place or not? Forget about how 'binding' terms are after conclusion of missives, since in the real world this means nothing unless you are prepared to sue them. Most people act in good faith and if you can satisfy yourself that they are in the right financial shape to buy this is the main thing.

Current plan is to take viewer tomorrow, tell them I have an offer of 245k already and see if they go higher.

Well, you don't have an offer of £245k since it was offered on condition that you did not take tomorrow's viewer. A bird in the hand is worth 2 in the bush and all that. It is NOT a sellers' market so you risk losing a concrete offer for the sake of a viewing which has as much or as little chance of turning into an offer as any single viewing (ie not much).

Whatever offer stands the missives must be concluded before 28th so if it falls through I can still move in renters, although I'd feel like a real ******* doing that to the rental couple.

This would make you a complete an utter c**t in my book. I have 3 young kids myself and if you did that to me I would be absolutely livid. Most men would feel the same and some would undoubtedly not let the matter lie, if you see what I mean??

[bingobob777]

Don't read too much into this-they've cleared some time to see your flat and still want to see it. It doesn't mean anything-certainly not that they are about to enter a bidding war!

Making an offer on condition that you stop marketing the property is quite common-why is this so funny? You should consider the offer on its merits and if it seems to be in good faith show some respect for the conditions they attach.

If you want to sell your property then accept £145k. If not then rent it out.

If you're going to do this then do it asap while they have time to find somewhere else. Presumably they know that the property is also for sale and if they have any sense they will also know that their position is not secure until they sign a rental agreement

It is really quite common, honestly

When missives are concluded this is legally binding. How long they take depends on the terms. Is the offer subject to survey or not? Is their financing in place or not? Forget about how 'binding' terms are after conclusion of missives, since in the real world this means nothing unless you are prepared to sue them. Most people act in good faith and if you can satisfy yourself that they are in the right financial shape to buy this is the main thing.

Well, you don't have an offer of £245k since it was offered on condition that you did not take tomorrow's viewer. A bird in the hand is worth 2 in the bush and all that. It is NOT a sellers' market so you risk losing a concrete offer for the sake of a viewing which has as much or as little chance of turning into an offer as any single viewing (ie not much).

This would make you a complete an utter c**t in my book. I have 3 young kids myself and if you did that to me I would be absolutely livid. Most men would feel the same and some would undoubtedly not let the matter lie, if you see what I mean??

decided to accept the offer. Just to make it clear none of the options I listed were ideal and I made it clear that I did not want to stitch anyone up, but in doing that the one person who could lose out is me if the buyers decide to walk away a few weeks before I'm heading to Australia.

[fflump]

decided to accept the offer. Just to make it clear none of the options I listed were ideal and I made it clear that I did not want to stitch anyone up, but in doing that the one person who could lose out is me if the buyers decide to walk away a few weeks before I'm heading to Australia.

Congratulations-definite result IMO. I hope the buyers position is solid? Was it subject to survey or not?

You stood to lose out in making any of the different decisions-being a LL has multiple risks and hassle associated with it-especially when you're so far away.

[bingobob777]

Congratulations-definite result IMO. I hope the buyers position is solid? Was it subject to survey or not?

You stood to lose out in making any of the different decisions-being a LL has multiple risks and hassle associated with it-especially when you're so far away.

not subject to survey, home report is only 3 months old but they did ask the EA to phone the surveyor back to ask if he would still value it the same and he said yes.

So fingers crossed it all goes OK.

Next time I sell a house though I really need to remember the significant pick up in activity after the New Year.

Edited January 15, 2011 by bingobob777

[Jie Bie]

Signing rental contract on day - normal? Do I really want to reject offers when the renters could walk away any time?

Do I really want to stitch up a couple with 2 young kids and pull a house from them at short notice?

In what world does the first buyer think I'm not going to allow another viewer?

How long do missives take to conclude and how binding are they. Do I want to lose renters when buyers could walk away before missives are concluded?

Last flat I lived in we signed our tenancy agreement the day we got the keys. Prior to that we had signed a "business agreement" though, and paid £100 in credit check and other letting agent fees.

I wouldn't have been happy if I'd got a phone call telling me not to bother coming into the office on moving in day as the owner had sold the flat in the meantime. Hope you gave the family who were going to move in a bit of notice about it. I also hope they got any money they had paid back.