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House Price Crash Forum

'sold' Or Not?


btd1981
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There's a house for sale in Popley, Basingstoke, that's been 'For Sale' > 'Sold' > 'For Sale' > 'Sold' with a local agent (according to the physical sign outside).

Now though, despite the board still saying 'Sold' in the garden, it's been listed with Purple Bricks for an open day in a couple of weeks.

Does this kind of thing happen often? What's going on?? :s

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yes it does, buyers falling through for multitude of reasons, classic one being investor makes offer then tries to lower it days before exchange, survey uncovers ugly things, mortgage not approved, chain collapses the list is endless.

it's not actually that easy to sell a house and get the completion through, it's not like they show it on the tv, took me 10 months and that's was in a sought after street in a booming area.

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A large number of 'Sold' properties come with the caveat 'Subject to contract'. Agents love to put a SOLD sign up because it shows how effective they are. Many, many 'sales' fall through for the reasons listed above. Someone I know has just had a 'sale' fall through because of a relatively short chain collapsing. Its not very nice of me but I am looking forward to much more of that sort of thing. People will bleat and moan and expect everyone to feel sorry for them if prices fall but no one seems to worry about renters who are paying out shed loads of money each month. I am looking forward to an increasing number of properties being relisted in the near future.

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I've just had this happen ie buyer wanted a largeish price reduction days before exchange of contracts. My response was "on your bike" mate so the chain has collapsed and I'm nearly £500 out of pocket despite "no sale no fee" from solicitors. Luckily the EA doesn't get anything either :mellow:

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  • 4 weeks later...

yes - they couldn't sell them and are going to wait it out innit. they aren't letting it go for nothing!

I suppose you could be right, but a lot of them look to be probate sales or older folk moving to a nursing home. They're the wrong type of property for letting (3/4 bed in a pricey area) but the sort of property you could renovate and make money on in a bouyant market. My mum and dad do it for a living (with much cheaper properties) but they're struggling a bit now. I'm still in 2 minds whether to buy.

We've seen the perfect house but they're flag-flying, asking 370K for a semi detached house. One on the same close a few doors down just sold at what I will assume was a silly price (they marketed at 325K) so I think they've got the idea that given the extra 200sqft theirs is worth 370. Last time we were looking at property (2012) you could get a large detached house with an acre of land for that sort of price! Prices in this area have risen 30% in 4 years!

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