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hurlerontheditch

Dodgy Middle Men for House sales

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I saw this in Mumsnet. Sounds well dodgy to me. Sounds like a mortgage broker who has some 100% LTV scam going and makes it out of the buyer

 

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meanwhile I mentioned the company who get mortgages for those without a desposit. I met with him on Thursday, he explained how it works and he said he has someone really interested, who would put the fence up himself. This guy has not viewed our house, he has sorted him a mortgage based on £98,000 and he said the company pay our legal fees. it almost seems too good to be true.

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he's not buying my house to sell it on to someone else. He is literally just putting buyer and seller together to make his commission and whatever else he gets from the buyer.

he's not buying the house, he has no financial interest in me at all.

I am not entirely sure how you think he will make any money by lowering the offer at all? All he is doing is arranging someone else's mortgage and making money out of them. I assume a bigger mortgage would award bigger commission also so I don't think it would benefit him to knock us down.

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we pay him nothing, he makes his money out of the buyer

https://www.mumsnet.com/Talk/property/3330256-Sellers-roll-call-part-2-Who-is-still-on-this-treadmill?pg=9

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17 hours ago, hurlerontheditch said:

I saw this in Mumsnet. Sounds well dodgy to me. Sounds like a mortgage broker who has some 100% LTV scam going and makes it out of the buyer

 

https://www.mumsnet.com/Talk/property/3330256-Sellers-roll-call-part-2-Who-is-still-on-this-treadmill?pg=9

Sign of the time - well last 10 years.

Chat around hometown and uts Oh, xxx cannot sell their house.

Transaction levels have been on the floor 12 years.

Of course hell make his money from the buyer. He just needs 1k to cover up front costs. Youll get it back when the sale completes.

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14 hours ago, dougless said:

On a brighter note there is a real whiff of panic on mumsnet; its well worth a read.  There are so many signs that something is rotten in the State of Britain.

I cant read mumsnet.

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44 minutes ago, Freezer? Best place for it said:

I get the impression it is finger painting by retards.

 

Oh i can *read* it.

Butwhat i read drives me up the wall.

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46 minutes ago, Freezer? Best place for it said:

I get the impression it is finger painting by retards.

 

Right. Visited.

Start of post.

'Still here, two years on! 
Going to drop the last 5K next week and re launch as a project for someone with a bit of vision and imagination. Got a top heavy property to sell. Price is clearly the issue, as at the upper end of a less affluent part of Cheshire. However, wanting to re locate to SE and need as much as possible. Daughter going into Yr 9 soon. All in all, a bloody headache! People want something for nothing!'

The ability to contradict yourself, be brazenly greed and stupid. All in the same sentence.

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YANBU , have you tried hiding a loaf of freshly baked bread in the corner of every room? a glutton on the tellie told me some buyers are spooked if they can't smell bread, and a bankrupt on the same programme told me if I price it too low it'll spook potential buyers as they assume something is wrong with their dream home

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21 hours ago, hurlerontheditch said:

I saw this in Mumsnet. Sounds well dodgy to me. Sounds like a mortgage broker who has some 100% LTV scam going and makes it out of the buyer

 

https://www.mumsnet.com/Talk/property/3330256-Sellers-roll-call-part-2-Who-is-still-on-this-treadmill?pg=9

Stupid people are easy to fleece. So are desperate people, unfortunately.

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Perhaps there may be a place in the market for some kind of "buyer agent"?  Anyone who's not on the internet is pretty much locked out of house buying these days, so if someone with a computer can do the searching for them and print stuff out then they could actually be providing a reasonable service to them.

If he's doing it by getting a fee from the mortgage provider then it would appear to be "free" to the buyer too - but of course it isn't, they'll be paying too much for their mortgage but if they don't have the internet then they won't know this.

There's probably a reasonable business here, just advertise in the local paper or wherever the oldies hang out.  I wouldn't be surprised if this is already going on, perhaps it's nothing to be too worried about?

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5 hours ago, Tes Tickle said:

Perhaps there may be a place in the market for some kind of "buyer agent"?  Anyone who's not on the internet is pretty much locked out of house buying these days, so if someone with a computer can do the searching for them and print stuff out then they could actually be providing a reasonable service to them.

If he's doing it by getting a fee from the mortgage provider then it would appear to be "free" to the buyer too - but of course it isn't, they'll be paying too much for their mortgage but if they don't have the internet then they won't know this.

There's probably a reasonable business here, just advertise in the local paper or wherever the oldies hang out.  I wouldn't be surprised if this is already going on, perhaps it's nothing to be too worried about?

There are buying agents. But they operate in the higher prices.

What Mrs Mumsnet needs is someone to shout at her to lower the price.

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19 minutes ago, spyguy said:

There are buying agents. But they operate in the higher prices.

What Mrs Mumsnet needs is someone to shout at her to lower the price.

Shotgun!

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6 hours ago, Tes Tickle said:

There's probably a reasonable business here, just advertise in the local paper or wherever the oldies hang out.  I wouldn't be surprised if this is already going on, perhaps it's nothing to be too worried about?

Many EAs still advertise in local newspapers and most still have a presence on the high street (not only do they have offices, but they tend to display properties for sale in the window). Unless someone is buying in a very rural area it's quite easy to see the majority of listings just by strolling around the high street.

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2 hours ago, GeneCernan said:

The mentality of Mumsnet never ceases to amaze.

Can't sell house? It's too expensive. End of discussion.

Ah but EAs are part of yhe overvaluing.

Been liwteing to my suster satpying her place has bern valued at 320k. In a town where there have only been 2 sales ever over 300k. And thry were big houses, not thr hovel ny suster lives in.

Overvaluing 10-20k, fsir enough.

Overvaluing 3x price. Fuxtards.

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On 21/08/2018 at 20:22, Kosmin said:

Many EAs still advertise in local newspapers and most still have a presence on the high street (not only do they have offices, but they tend to display properties for sale in the window). Unless someone is buying in a very rural area it's quite easy to see the majority of listings just by strolling around the high street.

I remember reading that one EA for an extra fee would not put your property on the internet, and have it as an in branch only sale to give an air of exclusively, and give the buyer a feeling of looking at something special

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On 20/08/2018 at 17:11, dougless said:

On a brighter note there is a real whiff of panic on mumsnet; its well worth a read.  There are so many signs that something is rotten in the State of Britain.

Would love a link to any of these!

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Many houses are not now advertised in anyone's window - i.e. the many growing online-only EAs.

I reckon there's a market for someone who could browse and select on behalf of old codgers.  It would be a diminishing market, perhaps it might be a lifeline for the hordes of redundant estate agents there already are, with more to join them shortly.

The same concept exists with cars - you can go to a broker who'll find the best deal for whatever make and model you need.  They'll negiotiate hard on price too, to the point that many people are often better off even after paying their fees.

Perhaps it could even be beneficial for people who are online too.  Negotiating discounts isn't a natural skill for many buyers, so they might be glad to have someone else bartering for them, researching whether it's reasonable etc.

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3 hours ago, Monkey said:

I remember reading that one EA for an extra fee would not put your property on the internet, and have it as an in branch only sale to give an air of exclusively, and give the buyer a feeling of looking at something special

Reminds me of the Frasier episode where Frasier and Niles buy a restaurant:

 

Frasier: We'll make the place very, very exclusive! No sign on the outside, no advertisements and oh, an unlisted number!

Martin Crane: Hey, well don't stop there! Maybe you could post some guards on the roof who can shoot people as they try to get in.

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2 hours ago, 12345 said:

Thanks!

Reading that Mumsnet post, as expected none of the analysis in this thread plus the classic "we've reduced our house from £lots to £slightlyless and still no buyer".  They never consider whether it was anything close to good value in the first place.

If you try selling £10 notes for £20 each then you won't sell them, even after reducing your price to £15.

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  • 140 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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