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The Masked Tulip

Proceedable Only

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I guess some of you have already seen this but I was just passing an EA office in Swansea West and there in the window was a house - reduced by 39K asking from 299K to offers over 260K in the past week - now there with a sign saying 'Proceedable Only'.

Hope is a good thing.

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I guess some of you have already seen this but I was just passing an EA office in Swansea West and there in the window was a house - reduced by 39K asking from 299K to offers over 260K in the past week - now there with a sign saying 'Proceedable Only'.

It's a stupid idea.

You can only buy it if your actually able to buy it.

no sh!t.

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It's a stupid idea.

You can only buy it if your actually able to buy it.

I dunno, seems quite reasonable.

Would you agree to take your house off the market if the buyer hadn't even put their own house up for sale yet or weren't at the end of a chain and ready to complete?

By saying "cash only" or "ready to complete fast" you'll save everyone alot of time.

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I dunno, seems quite reasonable.

Would you agree to take your house off the market if the buyer hadn't even put their own house up for sale yet or weren't at the end of a chain and ready to complete?

By saying "cash only" or "ready to complete fast" you'll save everyone alot of time.

I find it interesting that the askin price has gone from 299K to offers over 260K and then they add the proceedable bit.

Interesting though bearing in mind the land registry figures which state that on average hosues are getting 915 of their asking price which is basically the same percentage, more or less, that they have taken off the asking price... which means they want 1005 of about 90% of original asking price... if you see what I mean.

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I dunno, seems quite reasonable.

Would you agree to take your house off the market if the buyer hadn't even put their own house up for sale yet or weren't at the end of a chain and ready to complete?

By saying "cash only" or "ready to complete fast" you'll save everyone alot of time.

By saying it's stupid, I mean the fact that the buyer should be "proceedable" should be a given. Why would ANYONE accept and offer from a buyer who wasn't in a position to buy?

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I find it interesting that the askin price has gone from 299K to offers over 260K and then they add the proceedable bit.

Interesting though bearing in mind the land registry figures which state that on average hosues are getting 915 of their asking price which is basically the same percentage, more or less, that they have taken off the asking price... which means they want 1005 of about 90% of original asking price... if you see what I mean.

I've seen this quite a lot lately-houses 'reduced' to an "offers over" price which is higher than what a reasonable offer would be. Just shows how many deluded sellers and/or EAs there are. Surprise-they're still not selling..

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Would you agree to take your house off the market if the buyer hadn't even put their own house up for sale yet or weren't at the end of a chain and ready to complete?

^ this. If you are waiting for a buyer yourself then you aren't proceedable.

I would personally still accept offers from these people on the condition it stayed on the market till completion.

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I guess some of you have already seen this but I was just passing an EA office in Swansea West and there in the window was a house - reduced by 39K asking from 299K to offers over 260K in the past week - now there with a sign saying 'Proceedable Only'.

Hope is a good thing.

Like anyone's going to offer 260K+ and pay the extra stamp duty.

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I keep seeing 'premier listing' WTF is that all about?

IMO it means I'm desperate to sell, but don't actually want to do the sensible thing and lower the price.

They ought to have a "twigs in a vase", "baking fresh bread" and "we'll throw in a clapped out car" options as well.

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I think this is more common because of the problem people are having getting mortgages.

People think they can get x, make an offer and find out they can't. Given its so diffcult at the moment, the probability of this happing twice to a seller must be quite high.

If you were a seller it would probably p*** you off no end.

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I did wonder, with this seller, whether he/she/they have suddenly twigged that no one can get a mortgage for their asking price or, perhaps, more than one bank surveyor has laughed at their asking price.

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I did wonder, with this seller, whether he/she/they have suddenly twigged that no one can get a mortgage for their asking price or, perhaps, more than one bank surveyor has laughed at their asking price.

Or the property has already had offers, but the sales have fallen through because the wannabe buyers couldn't get finance, and the vendor believes this is the buyers' fault for not earning enough so that they couldn't get a big enough mortgage.

They may not yet have understood that the lenders' valuations weren't coming in at anything like their asking price.

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I think this is more common because of the problem people are having getting mortgages.

Some mortgage providers will give you a mortgage in principle of £X but when you actually apply, reduce it to £Y. In my case (HSBC), it turned out that Y = 75%*X and I have no debt and a perfect credit history. They will only do the full application paperwork when you have a particular house to buy.

So, you cant get a full income check done until you have an offer accepted.

So, you don't know if you are proceedable until the offer has been accepted.

I wouldn't have minded paying the £99 fee to get an "income/affordability-verified mortgage offer, subject to LTV being met". Otherwise, proceedable actually means no mortgage as far as I can see.

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I keep seeing 'premier listing' WTF is that all about?

The EA is paying more to have it stand out in the listings. Or maybe the vendor pays the extra.

Just like a bigger, more prominent ad in the paper.

I suppose they think it makes it more likely to sell for whatever daft price they're asking, and who knows, they may be right.

You can bet someone's done a 'psychology of marketing' study to see how the word 'premier' affects people's perceptions.

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I keep seeing 'premier listing' WTF is that all about?

As far as i can tell its the final step before a price reduction.

Whilst we spend our time laughing at deluded sellers and their unrealistic price expectations, someone had the bright idea of exploiting the greedy with another option they can take before the inevitable.

Edited by Caveat Mortgagor

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I did wonder, with this seller, whether he/she/they have suddenly twigged that no one can get a mortgage LIAR LOAN for their asking price or, perhaps, more than one bank surveyor has laughed at their asking price.

:rolleyes::rolleyes:

Edited by eric pebble

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I find it interesting that the askin price has gone from 299K to offers over 260K and then they add the proceedable bit.

Interesting though bearing in mind the land registry figures which state that on average hosues are getting 915 of their asking price which is basically the same percentage, more or less, that they have taken off the asking price... which means they want 1005 of about 90% of original asking price... if you see what I mean.

Agreed - sounds like panic selling. Hooray! Hopefully today's news will also frighten the horses and start a stampede for the exit.

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On 03/10/2010 at 6:23 PM, RufflesTheGuineaPig said:

By saying it's stupid, I mean the fact that the buyer should be "proceedable" should be a given. Why would ANYONE accept and offer from a buyer who wasn't in a position to buy?

Well I just offered £375k (which was under spousal duress) on a £400k house and was rejected.

They have just chosen to sell it to someone else "just under asking" who is SSTC on their house which is in a chain + needs a significant mortgage.

So Money as always is the answer.  in this case 98% of asking with 30% chance of dropout, trumps 93% of asking with a 100% chance of completion.

Nice house but I am relieved as it is certain the bubble will explode the week after I am forced to buy a place maybe I should do the world a favour and buy so armageddon can commence.

 

Edited by Fromage Frais

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6 hours ago, Fromage Frais said:

 

So Money as always is the answer. 

Nice house but I am relieved as it is certain the bubble will explode the week after I am forced to buy a place maybe I should do the world a favour and buy so armageddon can commence.

 

Always is. 

Now we play the waiting game!

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On 04/10/2010 at 10:06 AM, Mrs Bear said:

The EA is paying more to have it stand out in the listings. Or maybe the vendor pays the extra.

Just like a bigger, more prominent ad in the paper.

I suppose they think it makes it more likely to sell for whatever daft price they're asking, and who knows, they may be right.

You can bet someone's done a 'psychology of marketing' study to see how the word 'premier' affects people's perceptions.

In my humble opinion, Premier is now a fancy word for crap. Look at the following examples:

1. Premier Inn - Crap

2. Premier League - crap

3. Premier listing - crap

4. Premier package - crap

 

If you see the word, premier/premium or exclusive....give it a wide berth!

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  • 153 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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