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Anyone seeing relisted houses? We viewed a place in August that went SSTC. Now back for sale again. Not a bad house, asking price is par for the course (not light flying). Wonder if people are being turned down for finance or losing jobs?

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Im seeing from very weather aged 'Sold' boards.

Same. Some houses that were 'cash buyers only' were STC in June and still STC. What's going on? If it's a cash sale then surely it shouldn't take that long? 

As an aside, i've noticed some buyers refer to their position as 'true' cash buyers - i assume to distinguish themselves from buyers who have no actual cash but have a sale agreed. I wouldn't have called the latter a 'cash buyer' though but i can think of no other explanation.  

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Same. Some houses that were 'cash buyers only' were STC in June and still STC. What's going on? If it's a cash sale then surely it shouldn't take that long? 

As an aside, i've noticed some buyers refer to their position as 'true' cash buyers - i assume to distinguish themselves from buyers who have no actual cash but have a sale agreed. I wouldn't have called the latter a 'cash buyer' though but i can think of no other explanation.  

Cash buyers as in have the cash ready to move tomorrow.

Some people describe themselves as "cash buyers" as they dont have a house to sell, but casually fail to mention they need to obtain a mortgage to purchase. - either FTB or already sold their smaller house etc.

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Anyone seeing relisted houses? We viewed a place in August that went SSTC. Now back for sale again. Not a bad house, asking price is par for the course (not light flying). Wonder if people are being turned down for finance or losing jobs?

I saw a few at the start of this latest stamp duty madness but my search of target areas is split between one where houses are largely not selling in Beds (and more each day) or another area in Bucks where houses are going SSTC. A couple have even exchanged and new people moved in very quickly. 

One that went back on the market and changed agent has gone SSTC quickly again.

In the area I am looking at in Bucks it is the large 4bd detached houses that appear to be going SSTC quickly and one of these already has new people in it.

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Some people describe themselves as "cash buyers" as they dont have a house to sell, but casually fail to mention they need to obtain a mortgage to purchase. - either FTB or already sold their smaller house etc.

Really? Wow. That is ballsy / reckless. If EAs then consider these buyers as proceedable I can imagine pretty much every cash sale will collapse, after perhaps a protracted trying period, when reality dawns. 

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Really? Wow. That is ballsy / reckless. If EAs then consider these buyers as proceedable I can imagine pretty much every cash sale will collapse, after perhaps a protracted trying period, when reality dawns. 

Depends why its cash only to be fair.

If its unmortgagable then yes 100% collapse rate clearly and the EA really should do their job better.

If its seller wants a quick sale as they are leaving the country / its a probate and they all hate each other etc.. it can work if the other side needs a mortgage. Realistically half /most of the time its the solicitors holding the sale up and often the limiting factor - so if there is no other house to sell to create a chain it can be just as quick with/without a mortgage. 

For leasehold 999/1000 its the solicitors holding it up not a mortgage.  

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Depends why its cash only to be fair.

If its unmortgagable then yes 100% collapse rate clearly and the EA really should do their job better.

If its seller wants a quick sale as they are leaving the country / its a probate and they all hate each other etc.. it can work if the other side needs a mortgage. Realistically half /most of the time its the solicitors holding the sale up and often the limiting factor - so if there is no other house to sell to create a chain it can be just as quick with/without a mortgage. 

For leasehold 999/1000 its the solicitors holding it up not a mortgage.  

I see. That is interesting. All the ones i'm seeing are derelict countryside houses so i assume the need for a cash buyer is owing to the property condition and lack of a kitchen/bathroom. 

When i spoke to the EA about some of these properties they did say they were checking the proceedability of buyers / proof of funds but i just can't see how they did their checks correctly if the house is still sitting on the market 5/6 months after SSTC. I did wonder if they just keep the house SSTC live on RM to make it look like they are super amazing agents and sell every property they have available.  

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I see. That is interesting. All the ones i'm seeing are derelict countryside houses so i assume the need for a cash buyer is owing to the property condition and lack of a kitchen/bathroom. 

When i spoke to the EA about some of these properties they did say they were checking the proceedability of buyers / proof of funds but i just can't see how they did their checks correctly if the house is still sitting on the market 5/6 months after SSTC. I did wonder if they just keep the house SSTC live on RM to make it look like they are super amazing agents and sell every property they have available.  

Probably nothing more than the process of actually shuffling paper about taking its sweet time right now with first the disruption of work (conveyancing is archaic and you're beholden to the slowest in the chain) and now the frenzy of house sales generating a huge body of work. 

SSTC are left on RightMove to maintain an interest list. You'd be amazed how many people make enquiries about a sold property and ask to be called if anything falls through, so really they're doing a solid job on behalf of the vendors. 

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Cash buyers as in have the cash ready to move tomorrow.

Some people describe themselves as "cash buyers" as they dont have a house to sell, but casually fail to mention they need to obtain a mortgage to purchase. - either FTB or already sold their smaller house etc.

An agreed mortgage in principle subject to survey is as good as cash.......got something to sell to realise a cash top-up.....that is not cash, that is a hope will sell for enough.;)

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Sorry but i couldnt resist. RIP Eddie...

 

As some may or may not have observed I have been posting in the multiple falls thread for about 3 months now.

I only post falls of 20% or more to limit my output. My daily trawls have taken over from playing solitaire.

Anyhow...I now have them all in favorite places as well as my own pet places and here are a few observations.

1) the 20%+ drops are getting easier to find; see my activity last night page 50,

2) the "no changes" still exceed the number of drops (by 3:1 I would estimate) but the drops FAR EXCEED the rises (easy 10:1),

3) There are a lots of meaty falls that are just below the 20% cut off and these are increasing, 10% is very common now,

4) Lots of my pet places that I have been watching over a year went to SSTC but are now back or have been SSTC for over 3 months,

5) when a property is removed it generall come back again after a month or so.

I know that the indices show a mini boom but I dont buy it.

 

 

 

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SSTC are left on RightMove to maintain an interest list. You'd be amazed how many people make enquiries about a sold property and ask to be called if anything falls through, so really they're doing a solid job on behalf of the vendors. 

Yes, i can understand that but what i was wondering is if the house is actually sale completed and new owners move in - would the agents then keep the house on RM just to show off for prospective clients / other EAs to say "hey look we sell all the houses!" or would they just quietly remove the sold house and move on?

Another thing i wonder: if the original sale falls through and the EA goes to 'buyer 2' on their interest list, does the house go available on RM again (to try and stoke more interest), or just remain SSTC, therefore the delay in sale complete might just be 2/3 attempted sales

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Anyone seeing relisted houses? We viewed a place in August that went SSTC. Now back for sale again. Not a bad house, asking price is par for the course (not light flying). Wonder if people are being turned down for finance or losing jobs?

Yup, the house across the road from us went on the market the day after lockdown finished, SSTC the next day, back on the market last week at the same price but showing as a new listing on Rightmove.

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Yes, i can understand that but what i was wondering is if the house is actually sale completed and new owners move in - would the agents then keep the house on RM just to show off for prospective clients / other EAs to say "hey look we sell all the houses!" or would they just quietly remove the sold house and move on?

Another thing i wonder: if the original sale falls through and the EA goes to 'buyer 2' on their interest list, does the house go available on RM again (to try and stoke more interest), or just remain SSTC, therefore the delay in sale complete might just be 2/3 attempted sales

Ah ok, well I think technically they can only do the SSTC thing until it completes. At that point it isn't SSTC but 'S'.. I think.

It would be updated to for sale again I should think. The vendors would want to have the place advertised ASAP. The interest list is more to ensure there's people ready to call and get in the door to keep the vendor happy and speed up the process of finding a successful buyer. 

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Yup, the house across the road from us went on the market the day after lockdown finished, SSTC the next day, back on the market last week at the same price but showing as a new listing on Rightmove.

Between one in three and one in four SSTC will fall through most of those will come back to market. 

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Sorry but i couldnt resist. RIP Eddie...

 

As some may or may not have observed I have been posting in the multiple falls thread for about 3 months now.

I only post falls of 20% or more to limit my output. My daily trawls have taken over from playing solitaire.

Anyhow...I now have them all in favorite places as well as my own pet places and here are a few observations.

1) the 20%+ drops are getting easier to find; see my activity last night page 50,

2) the "no changes" still exceed the number of drops (by 3:1 I would estimate) but the drops FAR EXCEED the rises (easy 10:1),

3) There are a lots of meaty falls that are just below the 20% cut off and these are increasing, 10% is very common now,

4) Lots of my pet places that I have been watching over a year went to SSTC but are now back or have been SSTC for over 3 months,

5) when a property is removed it generall come back again after a month or so.

I know that the indices show a mini boom but I dont buy it.

 

 

 

Three months isn't anything strange. Is standard now not to start viewing new properties until you've sold so chains are taking ages to complete. Then surveyors are really busy so it can take over a month to get the survey report. Some councils are being painfully slow with the searches so they can take a couple of months. 

We had an offer accepted in mid September, the chain only formed a couple of weeks ago, survey will probably be next week. I'll be amazed if we actually own the house this year.

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Anyone seeing relisted houses? We viewed a place in August that went SSTC. Now back for sale again. Not a bad house, asking price is par for the course (not light flying). Wonder if people are being turned down for finance or losing jobs?

Free Diana Ross

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  • 439 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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