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Time to raise the rents.

I Was Gazumped

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Hi all,

For those of you following my posts of my attempts to buy a place.

A place I saw a while ago, 2 years ago but that didn't sell at the time, came back on the market last week. I moved quick & offered close to the asking price. My offer was accepted & I gave solicitors details & even had my mortgage application faxed off.

1 hour later the agent phoned me & said that they had a cash offer for the full asking price for the place & I would lose it unless I at least matched it.

So I let it go to the higher bidder.

Like I said before, HPC my ar*e

:angry:

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Hi all,

For those of you following my posts of my attempts to buy a place.

A place I saw a while ago, 2 years ago but that didn't sell at the time, came back on the market last week. I moved quick & offered close to the asking price. My offer was accepted & I gave solicitors details & even had my mortgage application faxed off.

1 hour later the agent phoned me & said that they had a cash offer for the full asking price for the place & I would lose it unless I at least matched it.

So I let it go to the higher bidder.

Like I said before, HPC my ar*e

:angry:

No matter how much I disagree with you (and the effects of BTL) I must say I (genuinely)admire your optimism and bottle.

That said, is this not a case of the greater GREATER fool?

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Hi TTRTR,

Try to look on the bright side, that 'better offer', actually did you a favour...... it delayed your appearance in the bankruptcy court :)

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Hi all,

For those of you following my posts of my attempts to buy a place.

A place I saw a while ago, 2 years ago but that didn't sell at the time, came back on the market last week. I moved quick & offered close to the asking price. My offer was accepted & I gave solicitors details & even had my mortgage application faxed off.

1 hour later the agent phoned me & said that they had a cash offer for the full asking price for the place & I would lose it unless I at least matched it.

So I let it go to the higher bidder.

Like I said before, HPC my ar*e

:angry:

Two people bidding against each other in the current market makes me chuckle. There really is one born every minute (in this case two). If I was the agent I would be looking to sell you guys rust proofing and extended warranty.

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Hi all,

For those of you following my posts of my attempts to buy a place.

A place I saw a while ago, 2 years ago but that didn't sell at the time, came back on the market last week. I moved quick & offered close to the asking price. My offer was accepted & I gave solicitors details & even had my mortgage application faxed off.

1 hour later the agent phoned me & said that they had a cash offer for the full asking price for the place & I would lose it unless I at least matched it.

So I let it go to the higher bidder.

Like I said before, HPC my ar*e

:angry:

Keep us posted when the agent phones you back and says; "well alright then, the vendor might reconsider your offer if you can complete contracts quickly!”

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Hi all,

For those of you following my posts of my attempts to buy a place.

Like I said before, HPC my ar*e

If something is priced to low out (even in this current market) you will get more that 1 buyer. I am presuming that they wanted a quick sale and it was a bargain?

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Guest muttley
Hi all,

For those of you following my posts of my attempts to buy a place.

From what I remember you were putting in a silly offer.

Can we have the figures please?

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Guest Charlie The Tramp
Like I said before, HPC my ar*e

Some info from our man on the ground. Surveyor.

surveyor Yesterday, 03:08 PM IP: 82.144.231.52 | Post #8|

Hello there! I still pop in to check the news and find some of the links to be very interesting. Unfortunately the standard of threads (Met Office predicts coldest winter etc) seem to be straw clutching in the extreme. However I think the question Charlie asked re. prices is probably of interest. Of course prices aren't still rising across the board. In the SE where I work, I get to speak to dozens of estate agents each week (well somebody's got to do it). It's been clear for this year that the market has stalled, record numbers of agreed sales are not completing, marketing times have grown (a year is now not uncommon), and asking prices have been coming down. As a general comment, I'd say about 10%. Volumes have gone through the floor, but the market is not entirely dead. I find that where I'm doing proper surveys and speak to the sellers and buyers, there's a good reason for moving, often older people downsizing, families moving through necessity of growing family, work reasons etc. Most seem to have significant equity, so a crash wouldn't affect them much.

Some lenders are in denial. I was recently asked why I ticked the 'prices falling' box. This was not the first such enquiry, and I was so bored with the question that I sent them 15 pages of reports from BBC, Bloomberg, Reuters, FT etc quoting everyone from Rightmove to the RICS. And guess what? They all said the 'F' word; Prices falling. So to any bull who's still in denial, either all these sources must be mistaken, or possibly you are.

A colleague came back from valuing a semi with annexe flat in Orpington today. On market a year ago at £425,000. Several agents and 12 months later now under offer at £300,000 for a quick sale. Hardly evidence of a rising market.

I'm getting more instructions for valuing repos than at any time in the past 5 years. Also drive by valuations for bankruptcy cases, often of larger £500,000 plus houses. I've just turned down an instruction to act as an expert witness for some mug trying to sue a valuer for over valuing his flat. He's in deep do-do now and looking for someone else to blame (watch out for lots more of this). I read between the lines and realised this was a mortgage fraud (on the plaintiff's part) and thought 'Tough'. I think the market has been propped up by fraud at all levels, not just self cert.

For anyone relying on ODPM's stats, these are unreliable. As George Buckley of Deutsche Bank says: 'The ODPM measure is playing catch up.'

Two questions from myself;

1) Why do bulls insist that house prices are still steady or even going up?

2) Can anyone explain to a simple soul why high house prices are a good thing?

3) Why DO people write 'alot' ?

I've always been with Charlie on this; it's all about debt.

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I deffo think this is the best thing that could have happened to you!

Although I am not sure what it proves about the market, because although I don't agree with arguments I have no doubt that you would only go after complete bargains. Therefore someone offering more is not unreasonable!

You have possibly been the victim of your own savvy!

It will still crash though. 2 years on the market with no takers? I bet the price was lower this time.

The local EA must love you! :wub:

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It was on the market 2 years ago, but they got a tenant in & took it off. So now it was put back on when the tenant gave notice.

I didn't think it was a bargain, I thought it was fair & better than the locally available alternatives.

But these 'cash buyers' often turn out to be 'cash liars', so hopefully I'll get a chance to tell them to PO if they come back to me. I'm glad there were no surveyors fees paid or that I hadn't officially instructed the solicitor yet. So it didn't cost me anything.

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So I let it go to the higher bidder.

My current tactic is to put in a low offer (but reasonable, given the work that normally needs doing) of between 5 and 10k below asking price. If someone steps up to the bat and offers a higher price (and they generally do) I tell the agent that if the sale does proceed at the higher offer and it falls through (normally in 3 or 4 months time) I will be able to complete quickly as a fall back option. When it comes to that (as it often does) my follow up offer will be a quick sale at 1 or 2k lower than my original offer. I *never* increase my offer above the max figure I am prepared to go to. If an idiot is prepared to jump 5k or 10k just to outbid me I know they are unlikely to complete the sale so in 3 or 4 months time I can snap the property up for less than I was prepared to pay originally.

Also done similar at auction - offered £105k prior to auction. Offer rejected. Picked it up at the reserve - £100k. (Ive also seen this done on Homes Under the Hammer to the tune of 50k (IIRC) - made me chuckle).

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  • 302 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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