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So, You Have Had Your Offer Accepted On A House

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What would you do?

Post on MSE asking how to get my surveyor to up the value so I can afford to pay what I offered...

Oh no, hang on I'm not a brainless f&cktard.

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0.1%, 0.3% etc you don't bother worrying but 3.6% in one month is massive. Particularly if you think of what effect that might have on the market.

Are we going to see lots of under offers available again?

I hadn't seen any sales near me until this week when 3 within spitting distance have all gone under offer.

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at least it might make the vendors in denial reassess their justification for demanding near to 'asking price' pantomime. Having had a 10% off asking rejected even though a cash buyer I await the sense of schadenfreude when I see what the vendors do. ;)

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I'm sure most people would regard it as a meaningless statistic - a blip. If Nationwide concurs and then there is 'another' 3%+ fall in October, I'm sure many buyers will be withdrawing from sales or renogiating the price.

It is at this point that estate agents should jump in and manage the situation - at least where someone is buying a property where the vendor is relying on his sale to buy another property. At this point Estate Agents should jump in and manage the chain so the person at the top takes a hit and it is spread out below.

But they won't. Because most of them are useless.

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My brother is in exactly this position.

Had a offer yesterday and accepted it.

Been on the market a year.

The buyer is a builder so might not pull out.

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at least it might make the vendors in denial reassess their justification for demanding near to 'asking price' pantomime. Having had a 10% off asking rejected even though a cash buyer I await the sense of schadenfreude when I see what the vendors do. ;)

Yeah same here, offered 15%* less which was rejected. Told the agent that was the final offer they were going to talk to the vendor and get back to me.... looking forward to the call from them today.

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I'm sure most people would regard it as a meaningless statistic - a blip. If Nationwide concurs and then there is 'another' 3%+ fall in October, I'm sure many buyers will be withdrawing from sales or renogiating the price.

It is at this point that estate agents should jump in and manage the situation - at least where someone is buying a property where the vendor is relying on his sale to buy another property. At this point Estate Agents should jump in and manage the chain so the person at the top takes a hit and it is spread out below.

But they won't. Because most of them are useless.

Don't forget - EAs built September up as the boom month to both sellers and buyers. Now it is the month of the biggest price drop since records began.

Only a complete idiot would not... Oh, hang on...

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What would you do?

Will tell you at the end of next week which is when we are due to exchange on the house we are buying.

2 1/2 years ago, when we were selling and buying, we pulled out of the purchase on the day of exchange, and sold the house. Not as lot of fun finding somewhere to rent in a week with a pregnant wife.

At least we are in rented this time, although now with a 2 year old and a pregnant wife...

Hmmm.

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Don't forget - EAs built September up as the boom month to both sellers and buyers. Now it is the month of the biggest price drop since records began.

Only a complete idiot would not... Oh, hang on...

let me put this scenario to you TMT.....

we had two properties, sold one at the peak in 2007, no mortgage on either.

now upsizing our current home, 35% more cash is getting a house twice as big in a better part of a great area + south garden + garage + views.

to my way of thinking I'm protecting another 35% of my assetts into a dream home, whilst hedging that we may have deflation.

thoughts ?

ps due to exchange in the next 2-3weeks.

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at least it might make the vendors in denial reassess their justification for demanding near to 'asking price' pantomime. Having had a 10% off asking rejected even though a cash buyer I await the sense of schadenfreude when I see what the vendors do. ;)

friend of mine is selling hers and the problem she has is she cannot drop the price because people on the next rung of the ladder refuse to drop their price either and she cannot pay their price unless she makes a certain amount of profit on what she owns already. So seems a stalemate until the people at the tops of the chains in the big houses agree to drop prices.....

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What will I do? Absolutely nothing, I'll exchange on the agreed price. Property I'm about to exchange on (2 bed semi with decent garden); agreed price is 60% of the sale price the next door house sold for in 2007, mortgage will be £200pcm less than I pay in rent for a 1 bed flat, and mortgage is just over 1.4x household income. Negotiated post survey an additional £10k reduction to original accepted offer. I think it's a fair deal - it's not an investment so I just want to complete asap and get in to my new home.

I could renegotiate close to exchange but don't see the point - some will call me a mug, but that's life. Once I get the property at least I'll be able to decorate - beats the hell out of renting.

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I think by tommorrow, we might be seeing quite a lot of "SSTC" to "Available" changes, appearing on our property bees. :lol:

Someone's had a quick change of heart!

http://www.rightmove.co.uk/property-for-sale/property-26611193.html

07 October 2010

* Status changed: from 'Sold STC' to 'Available'

30 September 2010

* Status changed: from 'Available' to 'Sold STC'

28 July 2009

* Initial entry found. [Found by n/a]

Edited by Caveat Mortgagor

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Once I get the property at least I'll be able to decorate - beats the hell out of renting.

Not for all the owners who just heard the news, or all the renters who just gained 3.6% :lol:

I will seriously miss renting, havent touched any tools or paintbrushes since we got here, has been great.

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Not for all the owners who just heard the news, or all the renters who just gained 3.6% :lol:

Yup, I'm going to be gutted paying £200 a month less for a place that's twice the size. :D

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My offer was accepted last week, I believed that prices would come down but I believe it's the best deal I'm going to get in the long run. Basically

We got the house for approximately 10% less than similar houses were going for so the short term loss doesn't bother me.

In the long run if house prices come down because banks stop lending completely or interest rates rise then we'll be unlikely to either get a mortgage or be able to afford a mortgage at 8-10% interest. Whereas currently we can get an affordable mortgage for 5.4% on a house we'd be delighted to stay in for the rest of our lives. After 5 years when our fixed rate ends things will certainly have changed. Personally I think that houses will nominally cost the same but in real terms will have crashed.

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Yup, I'm going to be gutted paying £200 a month less for a place that's twice the size. :D

Yeah, fair enough, you got a great price but I bet you will miss not having to do anything.

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Yeah, fair enough, you got a great price but I bet you will miss not having to do anything.

You know, actually the opposite. I've lived in rented long enought to put a 6 figure deposit together....I've got really fed up with not being able to change anything, or fix anything without the landlord getting involved. I'm quite looking forward to the raft of power tools I'll be buying in the next couple of weeks, and the fact that I won't be living in beige / magnolai paradise after letting rip with some paint.

Now, whether I'll say that in 3 years time I have no idea! :lol:

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  • 144 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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