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RDW

Conversation With An Ea

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We have seen a house that we are interested in, big, out in the country, land, but not been decorated since the 70's soplenty of scope for improvement. Ours is not on the market yet, we are just 'fishing' for the right property.

Anyhow, I can not arrange a viewing untill June, it's my son's birthday this weekend, I'm working in London next week, and then we are going to sunny west wales for the bank holiday break. The EA took my viewing reservation for early june, but did say that he had another couple on a second viewing, and that they were 'going to buy the place'.

'Oh' said I, 'Have they offered the asking price' (I enquired this as I had no intention of offering the asking, it's on at £280, I was going to offer £250 top, citing the stamp duty as my ceiling)

Anyhow,

'No' he replied, 'This couple want** to sell theirs first before they make an offer'

** I did not get whether the couple wanted to sell theirs first before they made an offer, or whether the ea would not accept an offer untill the couple had sold theirs.

Anyhow it could be a nice house if it had £30k chucked at it, but I'm not going to trip over myself to get to it, do I'll view in early june, if it's still on, and then have a think about it.

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We viewed a house yesterday that has already been "sold" twice but finance or chain fell through both times. I asked it this was happening a lot and the EA said it was and that not a lot was happening. She was visibly excited that we were renters.

Viewing another one today and will be interested to see what the agent is like.

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I was in an EA office last Saturday in Swansea and overheard an EA refusing to accept an offer from a lady who currently had no offers on her own home which is for sale.

I am told that such 'buyers' are a huge problem because they often offer full asking price on a property believing they will get full asking on their own.

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I was in an EA office last Saturday in Swansea and overheard an EA refusing to accept an offer from a lady who currently had no offers on her own home which is for sale.

I am told that such 'buyers' are a huge problem because they often offer full asking price on a property believing they will get full asking on their own.

I'm not sure what I would do in the situation that we decided we liked it.

We own our onw home outright at the moment, which an ea would probably value at about £140, so lets say I could sell it reasonably quickly for £120, I have circa £80k in the bank in cash.

So on that basis, I would want to put down £200k and then borrow, £50k, my top price is £250, and then another circa £30k to bring it up to spec.

However to secure a deal I may need to put my £80k down and then get a circa 70% mortgage / bridgeing loan, untill mine was sold, however this sounds a bit of a dangerous game to me.

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I'm not sure what I would do in the situation that we decided we liked it.

We own our onw home outright at the moment, which an ea would probably value at about £140, so lets say I could sell it reasonably quickly for £120, I have circa £80k in the bank in cash.

So on that basis, I would want to put down £200k and then borrow, £50k, my top price is £250, and then another circa £30k to bring it up to spec.

However to secure a deal I may need to put my £80k down and then get a circa 70% mortgage / bridgeing loan, untill mine was sold, however this sounds a bit of a dangerous game to me.

You have lost me now. No doubt others will be able to give you some ideas. Best of luck.

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I've spoken to about 5 agents in the past week or two, and the first question they ask is "are you in a position to proceed".

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You have lost me now. No doubt others will be able to give you some ideas. Best of luck.

Don't understand how I lost you mate, let me try again

I've got £80k in cash, which is more than sufficient for a deposit, so I could 'buy' the place with out bringing the equity of our current home into play, but doing that would make me a bit nervous, as then I would be borrowing more than I am comfortable with, even though I would still own our current home.

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Don't understand how I lost you mate, let me try again

I've got £80k in cash, which is more than sufficient for a deposit, so I could 'buy' the place with out bringing the equity of our current home into play, but doing that would make me a bit nervous, as then I would be borrowing more than I am comfortable with, even though I would still own our current home.

What I meant is, I ain't interested in talking about how you fund the house you wish to buy. Try a financial forum or wait until others on here offer you their thoughts.

Again, best of luck.

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I'm not sure what I would do in the situation that we decided we liked it.

We own our onw home outright at the moment, which an ea would probably value at about £140, so lets say I could sell it reasonably quickly for £120, I have circa £80k in the bank in cash.

So on that basis, I would want to put down £200k and then borrow, £50k, my top price is £250, and then another circa £30k to bring it up to spec.

However to secure a deal I may need to put my £80k down and then get a circa 70% mortgage / bridgeing loan, untill mine was sold, however this sounds a bit of a dangerous game to me.

If you are (in your own words) fishing, have you had an evaluation on your own property not just your own best guess? Bridging loan - I suggest you have a look at mouseprice.com to see how long the average time on market is where your house is. Where I am looking, it's about 210 days. Could you handle a bridging loan for that sort of time?

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I've spoken to about 5 agents in the past week or two, and the first question they ask is "are you in a position to proceed".

I think they are slowly beginning to twig that people sauntering in, offering full or near full asking price is pointless.

It just takes the house off the market for 2 or 3 months whilst the buyer tries to raise a mortage and/or sell their own home.

It also puts off other potential buyers. I do not look twice at a house that they tell me someone else is interested in or who has put an offer in on.

But sadly this means that we are still in the denial stage. Asking prices are shooting up by tens of thousands - 50K to 150K on last year's asking prices in some instances in my area - so it looks like a long Summer before they twig it is the stupid valuations/asking prices that are the issue.

But it is galling, having financially illiterate numpties offering full asking price on stuff and convincing both the seller and the EA that their ludicrously priced house is fair value.

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I was in an EA office last Saturday in Swansea and overheard an EA refusing to accept an offer from a lady who currently had no offers on her own home which is for sale.

I am told that such 'buyers' are a huge problem because they often offer full asking price on a property believing they will get full asking on their own.

And yet if you are a cash buyer you are a huge problem because you expect the fact that you can proceed quicky will get you a discount off FAP!

tim

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And yet if you are a cash buyer you are a huge problem because you expect the fact that you can proceed quicky will get you a discount off FAP!

tim

Yes, you would think so wouldn't you - cash, able to move quickly but EAs appear to loath such people.

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I was in an EA office last Saturday in Swansea and overheard an EA refusing to accept an offer from a lady who currently had no offers on her own home which is for sale.

I am told that such 'buyers' are a huge problem because they often offer full asking price on a property believing they will get full asking on their own.

A friend of a friend did this early last year. Offered full asking price on a 3 bed house and had only just put their one bed flat on the Market. Well the flat is still on the Market and the house change from SSTC to available about three weeks later.

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I've never had a conversation with an Estate Agent.

From my limited experience to date you have not missed out on much.

Actually, most of the ones I've met so far I've actually felt sorry for.. they seem resigned to the fact that you are not likely to make an offer before you've even seen the house.

I get the feeling if I said "yes, I want to buy this one here's the cash" they wouldn't be so much happy, as they'd fall of off their chair in shock..

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  • 312 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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