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gruffydd

Decide To Downsize

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I've decided to downsize to 'reduce my exposure to the UK housing market' - can't STR as I run a business and need a fixed address. Almost got a house BUT - put in low offer last week (property on market for 6 months). No offers on damp dismal property up until then. EA received another higher offer (down on already reduced asking price) on Monday - didn't bother telling me until late yesterday afternoon (strangely enough, this is when the vendors came back from holiday - they were uncontactable apparently up until that point / this am :lol: ). Well Well Well, I smell something very fishy! If only they were members of some self-regulation body or something! Time for a civil action perhaps? - just for fun!

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I've decided to downsize to 'reduce my exposure to the UK housing market' - can't STR as I run a business and need a fixed address. Almost got a house BUT - put in low offer last week (property on market for 6 months). No offers on damp dismal property up until then. EA received another higher offer (down on already reduced asking price) on Monday - didn't bother telling me until late yesterday afternoon (strangely enough, this is when the vendors came back from holiday - they were uncontactable apparently up until that point / this am :lol: ). Well Well Well, I smell something very fishy! If only they were members of some self-regulation body or something! Time for a civil action perhaps? - just for fun!

Similar thing happened to me when I bought my flat in 2002. Flat was on market 6 months. We put in an offer in the middle of winter. Suddenly "another couple" is interested and has put in a higher offer. It's an old, old trick. Stupidly we fell for it and increased our offer. Never again. I believe this is thoroughly illegal. The only thing I can think of is to ask the EA to state the news in a written form, that might prod them into honesty. Alternatively, walk away -- it's not like you're going to have trouble finding another suitable property.

frugalista

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Why does owning a business stop you renting? I run/own my own business and have been renting for a couple of years without any problem. My bank is equallyhappy with me having STR loot as an asset as they would be with a security on a house.

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I've decided to downsize to 'reduce my exposure to the UK housing market' - can't STR as I run a business and need a fixed address. Almost got a house BUT - put in low offer last week (property on market for 6 months). No offers on damp dismal property up until then. EA received another higher offer (down on already reduced asking price) on Monday - didn't bother telling me until late yesterday afternoon (strangely enough, this is when the vendors came back from holiday - they were uncontactable apparently up until that point / this am :lol: ). Well Well Well, I smell something very fishy! If only they were members of some self-regulation body or something! Time for a civil action perhaps? - just for fun!

Don't worry about it. In the current market the plan is simple. Withdraw the offer and get a mate next week to make another offer (say at 5% less).

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I've decided to downsize to 'reduce my exposure to the UK housing market' - can't STR as I run a business and need a fixed address. Almost got a house BUT - put in low offer last week (property on market for 6 months). No offers on damp dismal property up until then. EA received another higher offer (down on already reduced asking price) on Monday - didn't bother telling me until late yesterday afternoon (strangely enough, this is when the vendors came back from holiday - they were uncontactable apparently up until that point / this am :lol: ). Well Well Well, I smell something very fishy! If only they were members of some self-regulation body or something! Time for a civil action perhaps? - just for fun!

Sit tight, you might suddenly see it come back on offer. It is an ea tactic to 'have another offer', whether there is one, or just someone interested who may not be able to stump up the cash.

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Call their bluff - withdraw the offer right now - then write to the agent and say that if they wish to come back to you your next offer will be another £xk less.

Watch what happens.

You can't lose. If there was another higher bidder and you didn't want to pay more than you bid, then so what. If there is no higher bidder then you save a few more thou.

I would also drop a short note through the door of the property to the owners saying you have been told there is another offer which you cannot match therefore you are withdrawing the offer and explain the same point that if they want to come back you next offer will be lower.

I would love to see their faces and the agent squirm at advising his seller to try this old trick. If they knew about it then serves them right - if they didn't watch the agent get sued.

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Mmmm, this EA really annoyed me. If they were a member of the ombudsman's scheme, or the National Association, they would already be in severe trouble. Interestingly, they seemed incredibly concerned when they found out I worked for another local EA for many years. I then proceeded to read out the industry guidelines on keeping potential buyers informed of all offers, etc. Also, they informed me of the exact sum offered by the other buyer (if indeed there is one) :o - a big no no.

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Spent a while checking to see who put in the higher offer for the property I was after. Well, the lady concerned couldn't sell her house (which has been on the market for a long while nearly a year) as it's over-priced by about 30k.

She's 'upsizing'. She works in a local supermarket and is single and middle-aged. She's taken out another mortgage to get the house I was after, which needs about 20-30k investment to make it habitable.

No doubt the banks were lining up to throw cash at her :ph34r:

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  • 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%



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