CasualBear Posted October 21, 2015 Share Posted October 21, 2015 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. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 21, 2015 Share Posted October 21, 2015 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 Quote Link to comment Share on other sites More sharing options...
renting til I die Posted October 21, 2015 Share Posted October 21, 2015 (edited) 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'! Little wonder indeed. Has the woman in question ever SOLD a house! Edited October 21, 2015 by renting til I die Quote Link to comment Share on other sites More sharing options...
pipllman Posted October 22, 2015 Share Posted October 22, 2015 (edited) 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 October 22, 2015 by pipllman Quote Link to comment Share on other sites More sharing options...
CasualBear Posted October 22, 2015 Author Share Posted October 22, 2015 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. Quote Link to comment Share on other sites More sharing options...
CasualBear Posted October 22, 2015 Author Share Posted October 22, 2015 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. Quote Link to comment Share on other sites More sharing options...
CasualBear Posted October 22, 2015 Author Share Posted October 22, 2015 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? Quote Link to comment Share on other sites More sharing options...
Le Grande Fromage Posted October 22, 2015 Share Posted October 22, 2015 "if your not embarrassed by your offer its too high"......... Quote Link to comment Share on other sites More sharing options...
nnails Posted October 22, 2015 Share Posted October 22, 2015 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 Quote Link to comment Share on other sites More sharing options...
pipllman Posted October 22, 2015 Share Posted October 22, 2015 "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? Quote Link to comment Share on other sites More sharing options...
wherebee Posted October 25, 2015 Share Posted October 25, 2015 "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 Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted October 26, 2015 Share Posted October 26, 2015 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? Quote Link to comment Share on other sites More sharing options...
CasualBear Posted October 30, 2015 Author Share Posted October 30, 2015 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. Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted November 2, 2015 Share Posted November 2, 2015 Then why are you moaning on here? No disrespect, but you're part of the problem if you're paying such 'mad' prices. Quote Link to comment Share on other sites More sharing options...
CasualBear Posted November 2, 2015 Author Share Posted November 2, 2015 (edited) 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 November 2, 2015 by CasualBear Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted November 8, 2015 Share Posted November 8, 2015 Didn't mean to scare you off, just found it odd. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.