Jump to content
House Price Crash Forum
geneer

Why Are Vi's So Scared Of Home Sellers Packs?

Recommended Posts

Could it be that they will hate to loose a chunk of the

£1,000,000 per day (gov estimates) spend on surveys etc for sales that fall through.

Screw them all. :lol:

Share this post


Link to post
Share on other sites

Could it be that they will hate to loose a chunk of the

£1,000,000 per day (gov estimates) spend on surveys etc for sales that fall through.

Screw them all. :lol:

Yep.

And also vast increases in litigation for misdescription, I would think.

Share this post


Link to post
Share on other sites

I think many VI's realise how precarious the situation is.

A homeowner who hears prices have gone up by less than 1% might think - well I don't want to have to spend an extra £600-1,000 myself if prices don't seem to be rising - I better sell now if i'm thinking of doing so...

It only takes a few% of people considering selling to think like this and suddenly the market has many more properties for sale.

That could be the push needed to really put the knife into the bubble.

HIP's could be the end of the HPI if people start to think this way and the VI's know it!

- Pye (property speculation ninja :ph34r: )

Edited by pyewackitt

Share this post


Link to post
Share on other sites

Don't they also have to redo surveys, etc, every six months or so if the house doesn't sell? That alone will help to encourage people not to keep their house on the market for two years in the hope of a high bid.

Share this post


Link to post
Share on other sites

Don't they also have to redo surveys, etc, every six months or so if the house doesn't sell? That alone will help to encourage people not to keep their house on the market for two years in the hope of a high bid.

Oh I really hope that's true.......... :D

Share this post


Link to post
Share on other sites

Don't they also have to redo surveys, etc, every six months or so if the house doesn't sell? That alone will help to encourage people not to keep their house on the market for two years in the hope of a high bid.

Mark, d`ya know, the more I look at the Hips programme the more I reckon it could be the trigger that pushes prices over the edge of the cliff. Never mind RichM`s excellent piece and Bubbs on market herd mentality..you want to sell your house? Then cough up a grand! Brilliant..game over :lol: The impact of this is massive IMHO. How many will not put their house on the market knowing they have to cough up at least 600-800 and if faults are evident will have to repair them before the home buyer report will be OKd? A grand on average to start the process..joy of joys for FTBs B)

Share this post


Link to post
Share on other sites

I'm sure I read that somewhere, but a google search just says they'd need to create a new pack when the old one gets out of date, and doesn't say how long it's valid. I presume it wouldn't be more than a year?

Share this post


Link to post
Share on other sites

I'm sure I read that somewhere, but a google search just says they'd need to create a new pack when the old one gets out of date, and doesn't say how long it's valid. I presume it wouldn't be more than a year?

Still bits of detail to be finalised, talk was 24 months, I`ll dig deeper ;)

Share this post


Link to post
Share on other sites

I'm sure I read that somewhere, but a google search just says they'd need to create a new pack when the old one gets out of date, and doesn't say how long it's valid. I presume it wouldn't be more than a year?

AFAIK HIPS are valid for 6 months..... so, yep a grand every 6 months.

It should be quite good.... a bit like trying to sell a car without an MOT, you could sell it through auction but it won't fetch too much :lol:

Share this post


Link to post
Share on other sites

I don't think it works quite like as described above. The estate agent pays for the pack and adds it to his commission on sale. If you had to pay £1,000 up front it would put people off selling but if you only pay on the sale it may not deter people.

Share this post


Link to post
Share on other sites
If you had to pay £1,000 up front it would put people off selling but if you only pay on the sale it may not deter people.

That's even worse: if the EA is paying, they'll certainly be deterred from taking on time-wasting 'sellers'... why blow a thousand of your money creating a pack for a house that will never sell at the asking price?

Share this post


Link to post
Share on other sites

AS it stands now an EA goes into a drug den and says 'I value this at £100,000'.

With HIP a surveyor goes in and gets a flat fee and says 'I value this at £40,000'

The EA's are the ones who dictate the prices dont believe anything else! With them not adding SILLY SILLY overpricing their number is up. Also if I had the HIP I could just advertise in a local paper or on t'internet and not pay the buggers any commission at all.

Estate Agencies on the High Street will be DEAD in 5 Years i.m.h.o. and GOOD RIDDANCE!!

:lol::lol::lol::lol::lol::lol:

TB

Share this post


Link to post
Share on other sites

AS it stands now an EA goes into a drug den and says 'I value this at £100,000'.

With HIP a surveyor goes in and gets a flat fee and says 'I value this at £40,000'

The EA's are the ones who dictate the prices dont believe anything else! With them not adding SILLY SILLY overpricing their number is up. Also if I had the HIP I could just advertise in a local paper or on t'internet and not pay the buggers any commission at all.

Estate Agencies on the High Street will be DEAD in 5 Years i.m.h.o. and GOOD RIDDANCE!!

:lol::lol::lol::lol::lol::lol:

TB

There's no valuation in the HIP. At the moment it's supposed to last for 6 months before being revisited.

Share this post


Link to post
Share on other sites

....A homeowner who hears prices have gone up by less than 1% might think - well I don't want to have to spend an extra £600-1,000 myself if prices don't seem to be rising - I better sell now if i'm thinking of doing so...

This was a consideration about the timing of our sale process which commenced yesterday....however I must say it was a VERY minor consideration against numerous other "bigger picture" issues

For all those that think HIPS will kill the market then dont forget they could also potentially make purchasing your next property easier, less risky and less stressful ....so on balance I dont think HIPS are going to be the silver bullet you all seem to hope for.

The magic bullet isnt required however. Courtesy of our "prudent and brilliant chancellor" we have an economy that is bloated beyond all belief with consumer debt, no viable manufacturing base, and ever increasing public sector and taxes that are already high and certain to increase.

Were all doomed I tell ya !

Share this post


Link to post
Share on other sites

I think many VI's realise how precarious the situation is.

A homeowner who hears prices have gone up by less than 1% might think - well I don't want to have to spend an extra £600-1,000 myself if prices don't seem to be rising - I better sell now if i'm thinking of doing so...

It only takes a few% of people considering selling to think like this and suddenly the market has many more properties for sale.

That could be the push needed to really put the knife into the bubble.

HIP's could be the end of the HPI if people start to think this way and the VI's know it!

- Pye (property speculation ninja :ph34r: )

I think you've hit the nail on the head pye.

HIPs obviously do shift costs to the seller a bit but one would not expect them to really affect the market much if the fundamentals moving the market were strong. But, the current highly priced sellers are skating on such a thin patina of sentiment ice, as it were, the VIs know that a few extra pounds of weight in the form of HIPs just might send them crashing through to the ice cold waters of house price bearishness below.

Incidentally, I read in the CMLs report on HIPs that for 8 months in 1991-1992 the government of the day instituted a "stamp duty holiday", basically charging no stamp duty on all but the top end properties. It was an attempt to boost the market. The savings for buyers were actually rather moderate, but the effect over that 8 months was very significant in terms of volume. It just goes to show that a small amount of government intervention can have a large effect. Perhaps the policy is magnified by "creative marketing" from mortgage providers and estate agents?

I can imagine the EA adverts in late 2006, early 2007: market your property now, before H-day of June 1st! Result: huge flood of properties come on to the market, prices come tumbling down.

frugalista

Share this post


Link to post
Share on other sites

Mark, d`ya know, the more I look at the Hips programme the more I reckon it could be the trigger that pushes prices over the edge of the cliff. Never mind RichM`s excellent piece and Bubbs on market herd mentality..you want to sell your house? Then cough up a grand! Brilliant..game over :lol: The impact of this is massive IMHO. How many will not put their house on the market knowing they have to cough up at least 600-800 and if faults are evident will have to repair them before the home buyer report will be OKd? A grand on average to start the process..joy of joys for FTBs B)

Lurker, do you know much about this sheme. I heard that a lot of retirees are training up to do these surveys . I 'd like to do the course . just got made redundant !!

Leefam83

Share this post


Link to post
Share on other sites

Lurker, do you know much about this sheme. I heard that a lot of retirees are training up to do these surveys . I 'd like to do the course . just got made redundant !!

Leefam83

Seriously I reckon it cd. be a smart career move. General advice do your own digging, lots of competition already up and running offering white label solutions.

http://www.mypack.co.uk/

http://www.hipshomes.com/

Also training opportunities

http://www.habitus.co.uk/surv_int.aspx

Just dont click on this by mistake :o

http://www.hips.org/

A search on Google under home information packs will get you swamped with info. Good Luck ;)

http://www.odpm.gov.uk/index.asp?id=1161272

I don't think it works quite like as described above. The estate agent pays for the pack and adds it to his commission on sale. If you had to pay £1,000 up front it would put people off selling but if you only pay on the sale it may not deter people.

Do you imagine agents in the current climate simply absorbing the costs pre sale? I don`t

AFAIK HIPS are valid for 6 months..... so, yep a grand every 6 months.

It should be quite good.... a bit like trying to sell a car without an MOT, you could sell it through auction but it won't fetch too much :lol:

http://www.odpm.gov.uk/index.asp?id=1161272

http://www.odpm.gov.uk/pub/273/TheHomeInfo...b_id1161273.pdf :P

Share this post


Link to post
Share on other sites

Seriously I reckon it cd. be a smart career move. General advice do your own digging, lots of competition already up and running offering white label solutions.

http://www.mypack.co.uk/

http://www.hipshomes.com/

Also training opportunities

http://www.habitus.co.uk/surv_int.aspx

Just dont click on this by mistake :o

http://www.hips.org/

A search on Google under home information packs will get you swamped with info. Good Luck ;)

http://www.odpm.gov.uk/index.asp?id=1161272

Do you imagine agents in the current climate simply absorbing the costs pre sale? I don`t

http://www.odpm.gov.uk/index.asp?id=1161272

http://www.odpm.gov.uk/pub/273/TheHomeInfo...b_id1161273.pdf :P

Thanks for that Lurker, I've already found another training establishment that are offering the course for £7607.50 http://www.homeinspectors.co.uk/forum/. As you can see they also have a forum. I'll certainly look at your suggestions though as part of my research.

Apparently it's a level 4 NVQ/CVQ diploma which you need before you are allowed a license. Once qualified you even get letters after your name (wow !) You become a DIPHI. It looks like this will be well regulated .

I'm considering doing it as a full time course, if you are are of anyone running one ( might be in your suggested links) I would appreciate the nod

Share this post


Link to post
Share on other sites

Then at the next GE, perhaps a Conservative Government which, on a deregulation spree, abolishes HIPs.

I've nothing against HIPs if they will really present a property in it's "glory".

As someone who knows about building and services therein, I doubt that will be the case.

Share this post


Link to post
Share on other sites

I don't think it works quite like as described above. The estate agent pays for the pack and adds it to his commission on sale. If you had to pay £1,000 up front it would put people off selling but if you only pay on the sale it may not deter people.

Hmm, okay, but why would an EA commit to paying for the pack up front unless they have convinced themselves that the seller will follow through with the sale and they will get their money back?

Whichever way you cut it, it increases the cost to sell, and it deters "test the market" sellers.

frugalista

Share this post


Link to post
Share on other sites

I don't know what the impact is going to be on the market, but do agree that the amount of speculative sellers will decrease which is no bad thing for everyone.

For those thinking it will be the ticket to wealth, hold on to your horses, there are more than enough potential home inspectors in the system as it is, the 7000 figure was a bit of a fag packet calculation, it's more like 5,000, there are over 4,000 I believe in the system so no worries there, and over 3,000 of them are Chartered surveyors, there has been a lot of crap talked about the opportunities that will arise from this for Home Inspectors it mainly comes from the training organisations who will more than willingly take your £8,000 (inexperienced) off you and tell you what you want to hear. :ph34r:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 333 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.