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CasualBear

Offer Rejected, Wife's Friend Gave Me Some Advice...

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Got a call from an ea: chain had fallen through and if we could act fast we could replace the buyer. Went to look, reasonably nice house but small. Semi, but owner had removed the side access to try and build on a plot next door.

No previous sale price, but (the other semi) next door went for 305000 jan 2013. Coincidentally, that was the lr average price in the postcode where the house is, in that month. Vendor asking 435,000. Offered 380,000, which is the current lr average. Rejected straight away, which is fine, I can wait.

Anyway, wife discusses this with her friend who thought my reasoning was very silly. Her response was: 'your supposed to offer 5k less, don't you watch location, location, location?'

I despair, this is the research that my generation does, then we're done. Wife considered her advice as from authority, 'she has bought two houses'. Little wonder.

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So up 42% in less than three years according to the seller ..... oh the sale didn't happen and in 2013 there was no MMR, but as they say don't miss out.

What have other properties sold for (never mind teh average) and how long was it on the market?.

When selling you are told you need to drop the price as the buyers have lots of choice, when buying you must offer more money as there are lots of buyers who want this property ... the two views are diametrically opposed.

If it is worth 435k plus the interest over 25 years then buy it. If not then offer what it is worth .... there will always be someone who will buy it at the asking, until they don't ... oh that's what has happened .... and the sale has fallen through.

yes, I'm reality you've insanely offered 30 % more

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Anyway, wife discusses this with her friend who thought my reasoning was very silly. Her response was: 'your supposed to offer 5k less, don't you watch location, location, location?'

I despair, this is the research that my generation does, then we're done. Wife considered her advice as from authority, 'she has bought two houses'. Little wonder.

She has a valid point. If you had offered 50k more than asking, I'm sure they would have said 'yes'! :P

Little wonder indeed. Has the woman in question ever SOLD a house!

Edited by renting til I die

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let us know what happens please - does it find a buyer at / close to £435k or is the whole chain knackered until a new buyer is found at another price?

Likely the whole chain was supported by the £435k price - i.e. if this seller doesn't achieve that, she can't afford to buy the next house at the price she has already agreed with that seller

Edited by pipllman

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yes, I'm reality you've insanely offered 30 % more

I know, im an hpc splitter. I think it is imsane. But you can't really argue where the market actually is. Mortgage would have been 2x salary, but I'm well paid, I think it is priced at 20x local wage.

In fact the market is way beyond that as the original buyer was willing to pay 420 ish, but fell through as there London money box had had illegal changes given its listed status.

Mostly the houses in the area go to bidding wars between boomers. The only reason this hadn't is its not period.

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let us know what happens please - does it find a buyer at / close to £435k or is the whole chain knackered until a new buyer is found at another price?

Likely the whole chain was supported by the £435k price - i.e. if this seller doesn't achieve that, she can't afford to buy the next house at the price she has already agreed with that seller

It's all a bit fishy. The owner is selling 44, owns a plot at 46 (no planning requests open), and has a company registered for 48-50. I therefore wonder if they don't have the finance to carry on the chain anyway.

All this made me a bit suspicious. It also had a converted garage that seemed barely legal to me.

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It's all a bit fishy. The owner is selling 44, owns a plot at 46 (no planning requests open), and has a company registered for 48-50. I therefore wonder if they don't have the finance to carry on the chain anyway.

All this made me a bit suspicious. It also had a converted garage that seemed barely legal to me.

Forgot to mention the ea claimed that the house had planning permission. They lied that it was permission to put a dormer on the front. I had to look it up, and of course it is only for the permitted dormer on the back.

This is just basic errors. Is it really hard to bring a copy of the planning to the viewing?

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set your budget. hold you nerve. things might change.i got 20k knocked of my house purchase and they where asking 172k.

i dont think its time to load your self up with to much mortgage debt. just in case it all goes badley to pot not just a little bit

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"It's all a bit fishy. The owner is selling 44, owns a plot at 46 (no planning requests open), and has a company registered for 48-50. I therefore wonder if they don't have the finance to carry on the chain anyway.

All this made me a bit suspicious. It also had a converted garage that seemed barely legal to me.

Forgot to mention the ea claimed that the house had planning permission. They lied that it was permission to put a dormer on the front. I had to look it up, and of course it is only for the permitted dormer on the back.

This is just basic errors. Is it really hard to bring a copy of the planning to the viewing? "

Did you know all that before you made your offer?

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"It's all a bit fishy. The owner is selling 44, owns a plot at 46 (no planning requests open), and has a company registered for 48-50. I therefore wonder if they don't have the finance to carry on the chain anyway.

All this made me a bit suspicious. It also had a converted garage that seemed barely legal to me.

Forgot to mention the ea claimed that the house had planning permission. They lied that it was permission to put a dormer on the front. I had to look it up, and of course it is only for the permitted dormer on the back.

This is just basic errors. Is it really hard to bring a copy of the planning to the viewing? "

Did you know all that before you made your offer?

I do think that this is a major failing - estate agents able to conceal the truth about such basics and have no real risk of comeback

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Hang on, sold for £300k less than 3 years ago and you're offering £380k - as the starting bid? If you're going to use the statistics based approach it needs to be sound. In other words you should have offered like £300k + inflation, if that house is identical. Which is what, £327k at most?

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Hang on, sold for £300k less than 3 years ago and you're offering £380k - as the starting bid? If you're going to use the statistics based approach it needs to be sound. In other words you should have offered like £300k + inflation, if that house is identical. Which is what, £327k at most?

http://www.mouseprice.com/area-guide/house-price-index/bn1

The stats are that bn1 went bonkers from 2013 onwards

http://www.mouseprice.com/area-guide/house-price-index/bn1

http://www.home.co.uk/guides/house_prices_report.htm?location=bn1&all=1

I wish it were otherwise.

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Mainly it was just a joke about lll.

Fwiw with the anecdotal, chain still broken. I think the point of the anecdotal was that even with slighly below ridiculous valuations I haven't paid anything.

Still I won't 'complain' anymore on here. Last post since it has disgusted you all. Apologies for not being true to the faith!

Edit spelling

Edited by CasualBear

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