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The Masked Tulip

Classic Tale Of Swansea Seller Greed

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Here is a little anecdotal that I need to share here in the main forum so it gets the attention it deserves.

A house on the market not far from me, well outside of my price range, and IMPO, of course, it is hugely over-valued.

Came on the market last Summer for 420K - a good 200K more allegedly than the sellers purchased it for. Back in January the EA told me that the sellers had received 2 offers in January.

One potential offer was 410K dependent upon mortgage and survey. The second was 390K CASH, buyers not worried about survey.

The area is well-known ofr its former mine-workings and, something I did not know but which the EA told me, banks often want quite detailed reports of the mine-workings in the area before granting a mortgage. It takes time and usually more than one survey apparently.

So, seller had a 390K cash offer but despite the EA trying to get them to take the 390K cash guess what they did?

Yep, they decided to hold out for the 410K potential mortgage offer. Last I heard, about 2 months ago, was that the 390K cash offer buyers had give a 3 day ultimatium or they were walking.

I don't know whether the 410K mortgage offer came in or not, but I bumped into the EA this morning and he told me that the house is about to come back on the market and that the sellers are about to reduce their asking price to, wait for this, 380K.

http://www.youtube.com/watch?v=ONXpaBQnBvE

No, it's not!

Edited by The Masked Tulip

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in a different market I wouldnt be swayed by an ea either because I know that they just want their cut, a % of 20k isnt as important as turnover to them but to a vendor 20k is still 20k.

In this market though?

I think that they will be regretting that mistake for many years to come.

Edited by Number79

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I think i have not viewed a house for a few years which has not already "had an offer on it" which tbh is ******** most of the time.

I went to see a house that i offered 240k for in 2006 which is for sale again (that was against my better judgement but the wife drove me nuts). The guy who bought it paid 265k which I was not going to go over.

Short story its now on for sale again nothing done to it (was scruffy and outdated in 2006) I also noted minimal furniture which made it look like a poor attempt to make it look occupied for tax purposes.

£360,000!

Crazy I called about it and it has now been reduced Offers over £335,000 (I really hate offers over for some reason)

In my book 240k - 10% = 200/220k is a fair price more like.

Please just increase IRs a little Mr King to get people moving!

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I think i have not viewed a house for a few years which has not already "had an offer on it" which tbh is ******** most of the time.

I went to see a house that i offered 240k for in 2006 which is for sale again (that was against my better judgement but the wife drove me nuts). The guy who bought it paid 265k which I was not going to go over.

Short story its now on for sale again nothing done to it (was scruffy and outdated in 2006) I also noted minimal furniture which made it look like a poor attempt to make it look occupied for tax purposes.

£360,000!

Crazy I called about it and it has now been reduced Offers over £335,000 (I really hate offers over for some reason)

In my book 240k - 10% = 200/220k is a fair price more like.

Please just increase IRs a little Mr King to get people moving!

The same EA who told me the above story also told me about a house that was bought 2 years ag ofr 350K, had nothing done to it as it is a new house but has just sold for 550K. Seller cannot believe it, but there you go - one bought every minute.

The house is not even in a nice part of the world as it is basically on a new build estate next to a motorway junction. If you want anything you have to get in a car and drive along a dual carriageway - no pavement, can't even cycle safely.

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  • 317 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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