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

Stuck In Chains Anecdotal

Recommended Posts

I spoke to an uncle this evening - downsizing - he's thinking about putting an offer in on a detached house near Swansea (under 200k) and when he enquired about the level of offer that might be accepted, he found out that the property already had 5 - YES 5 - close to asking price offers but none had been accepted as the potential buyers were all STUCK IN CHAINS that weren't moving anywhere fast in the EAs opinion. The property is being sold by a BTL landlord.

Edited by gruffydd

Share this post


Link to post
Share on other sites
I spoke to an uncle this evening - downsizing - he's thinking about putting an offer in on a detached house near Swansea (under 200k) and when he enquired about the level of offer that might be accepted, he found out that the property already had 5 - YES 5 - close to asking price offers but none had been accepted as the potential buyers were all STUCK IN CHAINS that weren't moving anywhere fast in the EAs opinion. The property is being sold by a BTL landlord.

I take this to mean that 5 people have made offers but they, or people below them in the chains, have not got a FTB at the bottom.

They're all day dreaming about selling theirs and buying. Unless the chain starts at the bottom it's just fantasy.

Good news eh?

Now all it would take is for one enterprising FTB to offer 30% below for one of the properties at the bottom and let it rattle up the chain.

If EAs had brains, which they don't, they would be encouraging FTBs to make offers and chasing them up the chain themselves.

Share this post


Link to post
Share on other sites

Who told him there were 5 offers on the house? I

f it was the EA I would take it with a pinch of salt. They are prone to telling people that there are offers 'just below the asking price' to try and get you to pay the full asking price.

If it was an EA who told him and he really wants the house then he should put in an offer he is happy with and see what happens. They are obliged to pass on all offers and it is the seller that decides at what price they will sell not the EA.

Share this post


Link to post
Share on other sites

Sounds like, IMPO, Swansea EA FUD to me - only a week or so ago the local paper had a two page spread on several people who have had their homes on the market for 18 months or so and who had not even had one viewer.

Suggest him going round the house of an evening and putting the offer DIRECTLY to the owner!

I am hearing on the Swansea grapevine that many potential sellers are now desperate even to just have someone show interest in their property. Went for a walk around my block today - not been out much due to illness - and I saw FOUR BTLs lovely Edwardian terrace houses up for sale... I am told that the BTL landlords have failed to get any students from the local Uni half a mile away to rent them out so they are losing money on empty houses...

Share this post


Link to post
Share on other sites

I don't know - the price was a good 20k lower than I would have expected for the property. My uncle actually had to press the EA for information on whether the property had received any interest - it wasn't forthcoming, and the junior EA he dealt with read out the information, on the offers received, from a file - it wasn't smoothly delivered sales talk. But I'll tell my uncle to get in touch with the owner anyhow (if the EA will release his/her details) - good idea.

Do you think the Swansea property market is, at long last, in meltdown?

Edited by gruffydd

Share this post


Link to post
Share on other sites
My uncle actually had to press the EA for information on whether the property had received any interest - it wasn't forthcoming, and the junior EA he dealt with read out the information on the offers recieved from a file

Seen this done before. We asked an EA about offers on a house sometime ago. He got the file and told us that there had been an offer just below the asking price but couldn't tell us what that offer was. The house is still up for sale.

If he had to press for information then there probably wasn't any. If offers had been received the EA would have been offering that information freely.

Share this post


Link to post
Share on other sites
Good point - best to talk direct to the owner (but I suppose they could be 'in on it' as well).

All sellers will try for the best price possible but if they really want to sell they will not turn down a reasonable offer for an imiaginary higher one.

Share this post


Link to post
Share on other sites
I spoke to an uncle this evening - downsizing - he's thinking about putting an offer in on a detached house near Swansea (under 200k) and when he enquired about the level of offer that might be accepted, he found out that the property already had 5 - YES 5 - close to asking price offers but none had been accepted as the potential buyers were all STUCK IN CHAINS that weren't moving anywhere fast in the EAs opinion. The property is being sold by a BTL landlord.

'Crisp firm Walkers is to close its factory in Swansea which will result in the loss of 250 jobs.'

Couldn't this news have an effect on property in Swansea?

And before anyone says that factory workers may not own their own house what about the fact that they probably do live locally and invest money in the local economy.

Furthermore Walkers is hoping to offer jobs at their Durham and Coventry factories to many workers which means that perhaps some at least will be selling up to move to Durham and Coventry.

All I am saying is that before a good deal should not be decided solely on whether the seller accepts an offer below the asking price (remember that many asking prices are plucked out of thin air anyway). You need to look at what is happening in the local economy in Swansea, is Walkers the only business closing or is this part of a trend?

Share this post


Link to post
Share on other sites

Saw a house today in Sketty, Swansea West, that had been up for sale for about 18 to 24 months. It now has a sold sign on it.

I asked a friend who lives near this house about this and he said the owner is livid with the Swansea EA as he hasn't had a single viewer in all the time the house has been up for sale. Apparently he came home from work last week and the for sale sign now had a 'sold' pinned across it. I am told he can't get the 'sold' off himself as it is tacked on so well.

Share this post


Link to post
Share on other sites
I am going to look at a detached near Swansea, next week.

On the market since last year, I think since autumn.

Price has dropped twice.

Now it is vacant.

a mate saw a property that looked empty with a for sale sign and a to let sign in the front garden. he asked the EA about and the chain had bust after they moved out. he put in an offer 15% below the asking and the EA said "they are seriously thinking about it"

if you like the place and there's a chance of getting them by the ba*** then squeeze - big time!

Share this post


Link to post
Share on other sites

Don't worry about the crisp factory jobs - apparently the factory is in a prime location right next to a retail park ;) . Another superstore perhaps? Wonder if that sped up the closure? More shopping opportunities for already debt-laden consumers. Oh what joy.

Edited by gruffydd

Share this post


Link to post
Share on other sites
Don't worry about the crisp factory jobs - apparently the factory is in a prime location right next to a retail parkĀ  ;) . Another superstore perhaps? Wonder if that sped up the closure? More shopping opportunities for already debt-laden consumers. Oh what joy.

Thin end of the wedge. Think of the the big multimationals with plants everywhere - this stupid bubble has made the UK the no.1 target for company closures - simple innit - get a shed load for the brownfield site and send the work abroad somehwere cheaper.

As a country we will pay very heavily for the idiots that encouraged this situation to occur.

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.