Jump to content
House Price Crash Forum
Sign in to follow this  
devslim

Money Saving Expert Muppet

Recommended Posts

No wonder the housing market is going crazy again with muppets like this about

http://forums.moneysavingexpert.com/showthread.html?t=192447

Offer accepted but have I been stupid here?

I have been looking for a house in S11 (Near Eccleshall Road, Sheffield). I have been looking for a couple of months and have been involved in two bidding wars for houses in the area recently, both of which have resulted in the houses selling for about 7.5K and 10-12K over their respective asking prices. I know from my previous offers that good houses in the area typically attract 4-5 parties with good (i.e. asking price or higher) offers before one is accepted.

This house is about 2 miles from the city centre, and very close to Eccleshall Road which has many designer shops and nice restaurants on it. It is also close to both of Sheffield's universities & various schools, and there are parks/ woodland about 2-3 minutes walk away in either direction- so obviously the kind of area where people would like to live. The area typically attracts young couples/ families educated to degree level with moderate incomes.

I saw the house at the weekend and put an offer in yesterday. I went straight in at 10K over. I have had the offer at accepted.

I am (and have been feeling) quite worried I was foolish in putting that offer down. I have spoken to a couple of people who have been looking at houses in the area with me and they think I did the right thing in doing this and avoiding an inevetable bidding war. This is why I think it was worth going in at such a price:

A previous house (pretty much identical) I bid full asking price on (I was the first to offer on it too) on an adjacent road went for a minimum £10K over the asking price. My offer was full asking price

There were 5 offers on the house mentioned in the previous bullet point. All were £10K or more over the asking price, so you can bet your bottom dollar at least 1 or 2 of the other 3 people who lost out with me will have expressed an interest in this house given the chance

I jumped in quickly with the offer and hence prevented any other interest/ viewings which would have resulted in it going for over the asking price IMO, and probably for around what I offered.

Another agent informed me that another identical house I veiwed nearby had a full asking price offer. (it was up for £20K more than the one I offered on)

Nicely done houses in the area typically get purchased within a week or 2 (at the most) of coming on the market. I have watched a fair few come and go.

Similar houses (which IMO are not as nice) in the area areon the market for £195-£200K which I guess means they will also go for at least £190K I reckon.

I live in Bristol and am buying in Sheffield so it's very hard/ expensive for me to get up there and spend my weekends looking at houses, and my job means I spend a lot of time abroard which means I might suddenly find myself in a situation where I cannot look at a house for quite a few months.

I can see why people on here think I was silly to go in with such a large offer, but based on the above, do you still think I got silly and carried away or do you think it was a reasonable thing to do? I would greatly appreciate all honest feedback.

Thanks.

Anyone fancy giving him/her some real feedback? The so called 'money saving experts' all seem to be applauding the decision. Perhaps they should rename the place 'money spunking experts'.

:blink:

Share this post


Link to post
Share on other sites

That is a very, VERY sad story. If the guy is overseas so much, then why doesn't he just rent, for God's sake? With not much more than the price of a weekend's rushed house-hunting, he could rent a wonderful place for a fortnight - maybe more! And buy in a year or so for significantly less.

This lunacy has to come to an end one day - economic cycles are just that: cycles. One day (soon?) even ill-informed buyers like this will be wiping the floor with EA talk of "full-price offers just down the road." And then, buyers will reply: "Well, my offer, little fellow, is 25% UNDER the asking price: one percent off for each year you have been alive!"

And people like me, who don't need much space or a garden, will be offering half the asking price for appartments, I reckon.

Like my name suggests: strap in. This crash will be a bad one.

Share this post


Link to post
Share on other sites
Guest Guy_Montag

You could always suggest he guzunders. :lol:

Edited by Guy_Montag

Share this post


Link to post
Share on other sites

There is a fundamental problem with the 'Money saving expert' site.

It gives advice on how to save money on things you don't really need anyway, so by not purchasing them in the first place you would save all of the money and make the dik head consumer 'champion' redundant!

Share this post


Link to post
Share on other sites

That is a very, VERY sad story. If the guy is overseas so much, then why doesn't he just rent, for God's sake? With not much more than the price of a weekend's rushed house-hunting, he could rent a wonderful place for a fortnight - maybe more! And buy in a year or so for significantly less.

This lunacy has to come to an end one day - economic cycles are just that: cycles. One day (soon?) even ill-informed buyers like this will be wiping the floor with EA talk of "full-price offers just down the road." And then, buyers will reply: "Well, my offer, little fellow, is 25% UNDER the asking price: one percent off for each year you have been alive!"

And people like me, who don't need much space or a garden, will be offering half the asking price for appartments, I reckon.

Like my name suggests: strap in. This crash will be a bad one.

Where does it say he's abroad a lot? If so, he may want to have considered that 10k is about 6 months staying at a B&B.

Hard to say if this is smart for him or not. Don't know his salary, his LTV, what his deposit is, is he going IO etc. What are his job prospects, his prospects for wage increases? Is it 10k on a 150k property, or on a 500k property?

I liked the last reply that the 10k will be minimal after a few years of high inflation, but that in our low inflation environment it'll still be substantial in a few years' time.

Share this post


Link to post
Share on other sites

Where does it say he's abroad a lot? If so, he may want to have considered that 10k is about 6 months staying at a B&B.

This is where I gathered he spends some time overseas:

"my job means I spend a lot of time abroard which means I might suddenly find myself in a situation where I cannot look at a house for quite a few months"

Share this post


Link to post
Share on other sites

I've never much 'got' moneysavingexpert.com. It has some good sources to compare different consumer products but it seems to be a completely consumerist site about consuming more at the best possible price and mucking about with credit cards.

oops, didn't notice dom had already said something similar..

Share this post


Link to post
Share on other sites

Countdown presenter mauled by debt counsellers

Similar to a shameless tv Evangelist proclaiming salvation, a self proclaimed "money saving expert" has pulled off a staggering marketing and public relations coup.

In managing to ensnare the help of two charities, in order to place the blame regarding the uptake of consolidated debt services at the feet of the channel 4 Countdown programme presenter Carol Vorderman, the victim has been carefully selected.

This is a departure from the normal advice available on the site which generally consists of help on how to; stooze low rate credit cards to pay exisiting debts and how to live within your means, patently obvious advice that takes two sentences to sum up and yet with moneysavingexpert.com appears to require endless self-promotion.

Check out the advice available at moneysavingexpert.com where you can also discover information on, "Martin Lewis -make me rich", an ambition you can help the founder succeed in if you continue to accept the blindingly obvious as actual credible advice...Failing that you can always buy his book, at £3.99 plus delivery it appears to be good value. However, surely if you are to take Martin`s advice seriously, you`d be better advised in asking your library to stock it, then you can use it for free..and keep it as long as you need, after all you could always pay your fine with your stoozed credit card...

Share this post


Link to post
Share on other sites

Anyone fancy giving him/her some real feedback? The so called 'money saving experts' all seem to be

:blink:

Is that on the money earning expert's site?

Didn't he buy for cash in Kensington recently?

Share this post


Link to post
Share on other sites

He's easy to knock - but if you spend some time at the site forum, you really will find a lot of ways to knock a lot of money of your monthly bills, not just discretional spending.

Edited by Flick

Share this post


Link to post
Share on other sites

I have to laugh. He finds it expensive to go "oop north" to look at houses because he is in Bristol.

So, his solution is to throw £10k at the problem. How many trips from Bristol to Sheffield is that???

NDL

Share this post


Link to post
Share on other sites

There is a fundamental problem with the 'Money saving expert' site.

It gives advice on how to save money on things you don't really need anyway, so by not purchasing them in the first place you would save all of the money and make the dik head consumer 'champion' redundant!

I hope you shopped around and got a good discount on that cynicism! ;)

Share this post


Link to post
Share on other sites

This lunacy has to come to an end one day -

Yes - in 5 to 10 years. The fact people perceive they can afford to behave like this, and act upon it, shows we are nowhere near the precipice. There's a long way climb yet. This story provides yet more hardcore evidence of uber strong bull -hard as diamond- sentiment.

Share this post


Link to post
Share on other sites

Yes - in 5 to 10 years. The fact people perceive they can afford to behave like this, and act upon it, shows we are nowhere near the precipice. There's a long way climb yet. This story provides yet more hardcore evidence of uber strong bull -hard as diamond- sentiment.

I've got to agree with this. I overheard a conversation at work the other day about the price of exec 1 bed flats in cardiffs bay area. Apparently a 1 bed flat on at 140k is now considered great value.

People seem to have become completely detached from reality and the true value of money.

:blink:

Share this post


Link to post
Share on other sites

It's not fair to diss Martin Lewis just because someone on his site is throwing money at a house. Martin gives excellent advice on a range of things, not just luxury purchases. He also makes the point that if you do want to buy luxury goods, don't pay over the odds for them. Personally I can't see anything wrong with that.

As far as this particular purchase is concerned, if the area is as good as he claims then he can't go too far wrong. It's the people buying pokey flats in dodgy areas who will be in troube when the party is over.

Share this post


Link to post
Share on other sites

I've never much 'got' moneysavingexpert.com. It has some good sources to compare different consumer products but it seems to be a completely consumerist site about consuming more at the best possible price and mucking about with credit cards.

oops, didn't notice dom had already said something similar..

Haven't we all : debt and consuming expert

Share this post


Link to post
Share on other sites

One thing to bear in mind is that Sheffiled is a bit of an odd case. EAs tend to put the house on the market at less than what they expect rather than more...

... if anyone is really interested, check out www.sheffieldforum.co.uk

There's a lot on this topic in there.

Edit

BTW it's Ecclesall Road... no H

Edited by aussieboy

Share this post


Link to post
Share on other sites

I've never much 'got' moneysavingexpert.com. It has some good sources to compare different consumer products but it seems to be a completely consumerist site about consuming more at the best possible price and mucking about with credit cards.

oops, didn't notice dom had already said something similar..

I have found the site useful for several things. I now have a 25K stoozing pot earning me over 1K a year for naff all effort. It keeps me upto date with the all interest rate cuts of various savings accounts once they get the numbers in. And the debt forum is useful to reassure myself how much this country is screwed and thanks to the people in it I may yet get to buy a house without selling 2 kidneys.

I mainly only view the savings and cc forums so can't really comment much on the other areas of the site. I do see the point it is somewhat consumerist but if you are gonna buy something anyway better to get the best deal.

Edited by Anti_Claus

Share this post


Link to post
Share on other sites

It's not fair to diss Martin Lewis just because someone on his site is throwing money at a house. Martin gives excellent advice on a range of things, not just luxury purchases. He also makes the point that if you do want to buy luxury goods, don't pay over the odds for them. Personally I can't see anything wrong with that.

Couldn't agree more. Personally I think he's done a grand job. I use the site when I've been looking for better broadband rates or just to change gas companies. I think most people can find something useful from the website even if it's just pet insurance.

Not everyone is running up debts.

Share this post


Link to post
Share on other sites
Guest pioneer31

I've feel in two minds about the site

On the one hand it can save you money on things that you were going to buy anyway

However, I have found that you can get sucked into, and obsessed with money saving, to the point where you think of nothing else.

It's a good site but it I would stress that the ONLY money saving things worth losing sleep over are

Mortgages - biggest purchase of your life

Car prices - 2nd biggest probably

Food - costs a lot over a year

Everything else is piffle. Who cares if you shave 50 quid off your gas bill a year. It's hardly worth the effort. You'd spend that on ONE night out

Share this post


Link to post
Share on other sites

I hope you shopped around and got a good discount on that cynicism! ;)

Cynicism is a matter of opinion, shopping is real. :blink:

Share this post


Link to post
Share on other sites

YES!!! - Hes pulling out!!!!

Houses on roads nearby are popping up for £195, and 200K.

Anyway I'm still not 100% happy with my offer. I've thought about it all week and decided I'm going to ring on Monday and reduce my offer to £185K. If they don't accept, I'm going to pull out and not buy a house at all. I've been looking for a while now and got to the point where I seriously don't care any more.

I've been involved in too many nerve- wracking moments with the houses I lost and can't be bothered to spend every weekend going up and down there to look at houses that are either no good, or really nice but going to need a bidding war to buy.

I'm not going to do a survey before I reduce my offer because they'll probably say no to my reduction and that'll be £600 wasted.

£10,000 over is stupid and it can't be worth paying. I reckon I'll rent for a couple more years or something.

MORAL VICTORY!!!

TB

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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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.