Diary Of House Buyer - Cheltenham

[johnno]

OK, so I'm going to catalog our house buying attempt in Cheltenham.

I hope you find interestnig and useful if you are in same situation.

We've found 3 houses we like : all in £200-£250K bracket. We have nr 100K deposit and nothign to sell - so FTB and can afford mortgage of £250K (but definitely not going there).

Market : lots on offer in £200K-250K range (2-3 bed) - wide variation in size, condition, location but £225K+ gets you somethign old and nice. Still too much.

Cheltenham is well located - hasn't had mega HPI but some areas have crept up 10-15% over last over year, rest of seems to be 7-8% - always been quite expensive. Good links to Birmingham and Bristol.

Market drastically different to early summer when we tried to buy : couldnt even get appointments to view as the EA were so busy. Now you can get appointments for Saturday by phoning Friday. Lots coming onto the market every day

Put in first offer on Thursday 20th : asking price £230K, we offered £200K.

Response from EA same day :

(1) have already had higher but 'non proceedable offers' - what does this mean ? (I presume people have but in offers but not sold their own house ? any ideas please)

Response next day chasing us : seller said no

EA: "have had several more offers , so will have to improve ours"

- classic EA tactics, indicate lots of people chasing.

Waiting until Monday to go back.

More later next week ...................

[Mr Tickle]

Response from EA same day :

(1) have already had higher but 'non proceedable offers' - what does this mean ? (I presume people have but in offers but not sold their own house ? any ideas please)

Response next day chasing us : seller said no

EA: "have had several more offers , so will have to improve ours"

- classic EA tactics, indicate lots of people chasing.

Waiting until Monday to go back.

More later next week ...................

<{POST_SNAPBACK}>

Correct on both counts, however if you go back to them (I wouldn't myself), just say, this is my full and final offer blah blah blah, you've got 24 hours to decide, hang up and fu&k em

They'll get the message.

Keep updating us as I may be able to destroy a complete chain myself in a few weeks

[Van]

Say to the EA: "200k is my offer. In a year's time prices will be 10% lower anyway, and I will only be prepared to offer £180k."

Make it clear to them the way you think the housing market is going and why a £200k is a good deal for them now. At the end of the day, you are a chain-free buyer - like golddust in the current market, and as such should get preferential treatment from the EA.

[zzg113]

have already had higher but 'non proceedable offers' - what does this mean ? (I presume people have but in offers but not sold their own house

Yes, non-proceedable means the other offers have bot sold their own house (the higher offers may well be fictional).

Response next day chasing us : seller said no

EA: "have had several more offers , so will have to improve ours"

Tell them to go **** themselves.

[SarahBell]

Don't up your offer. If you are ready to buy then that makes more valuable than a higher offer.

And who knows if its a higher offer or an overpptimistic EA?

[Marina]

Tell them you have plenty of places to choose from and that they should be advising their client to take the offer - the chances are at least tangible that the market will correct, possibly sharply, and that this would be the correct advice to give.

The problem is, before taking the offer, the vendor will get another couple of agents round to value and when they tell them they have an offer 30k below the asking price they'll say 'Give it to us to sell, we'll do better than that - well, we'll try anyway, no-one can offer any guarantees'

The vendors will listen, give to a new agent in a while and sell it for £180k next year.

[Mr Tickle]

If you are serious about buying the place, try not to upset the vendors though.

Something along the lines of whats been said as far as "I beleive the property market is in for a dip" dont go overboard, the EA's wont beleive you anyway, certainly don't up your offer and also tell them you've got offers in on 3 other propertys in the area, one of which has been accepted, however you prefer the property in question and therefore if the offer is acceptable you would rather procede with this one.

A little role reversal, should be fun

[thunderbird900]

Van, you must be a mind reader! I put in an offer of £250,000 on a £300,000 property last week. Estate agent put it the offer to the sellers which they turned down Surprise, surprise!

I phoned estate agent and politely requested him to inform the sellers that when prices reduce in the Spring my offer will also reduce by a further 10% or more. The agent is very unusual! He agreed with me and did pass this info to the sellers. So far silence.

I have been interested in this property for 18 months now. It was originally priced at £325,000 then £320,000, now £300,000. Sold boards have come and gone at regular intervals.

I will keep you all posted.

[zzg113]

Nice one TB.

[how much...?? you must be joking]

I have been interested in this property for 18 months now. It was originally priced at £325,000 then £320,000, now £300,000. Sold boards have come and gone at regular intervals.

I will keep you all posted.

<{POST_SNAPBACK}>

..TB

..have you 'nethousepriced' the street to see if £325k was ever realistic in the first place..??

...if it was and you get a response to £250k that's a cracking drop...

..best of luck..

[Jake]

Johnno. I know of a nice place for sale in Albemarle Gate, Pittville. It's in a beautiful location beside the lake across from the Pump Rooms. The morning brings ducks out on to the green, sheltering under a beautiful cedar tree. 3 beds, garage, lovely location. Check it out with Bensons.

Seller is not desperate to move, however. I don't know how you'd get on with too low an offer. These properties are usually sold on quickly because of it being such a small and cushy development.

That's all I can tell you other than it's much nicer than Hatherley/Charlton Kings/Fairview. It's not Montpellier but nor's the price.

Keep us posted.

[johnno]

Johnno. I know of a nice place for sale in Albemarle Gate, Pittville. It's in a beautiful location beside the lake across from the Pump Rooms. The morning brings ducks out on to the green, sheltering under a beautiful cedar tree. 3 beds, garage, lovely location. Check it out with Bensons.

Seller is not desperate to move, however. I don't know how you'd get on with too low an offer. These properties are usually sold on quickly because of it being such a small and cushy development.

That's all I can tell you other than it's much nicer than Hatherley/Charlton Kings/Fairview. It's not Montpellier but nor's the price.

Keep us posted.

<{POST_SNAPBACK}>

is that the one on East approach drive ?

[johnno]

Johnno. I know of a nice place for sale in Albemarle Gate, Pittville. It's in a beautiful location beside the lake across from the Pump Rooms. The morning brings ducks out on to the green, sheltering under a beautiful cedar tree. 3 beds, garage, lovely location. Check it out with Bensons.

Seller is not desperate to move, however. I don't know how you'd get on with too low an offer. These properties are usually sold on quickly because of it being such a small and cushy development.

That's all I can tell you other than it's much nicer than Hatherley/Charlton Kings/Fairview. It's not Montpellier but nor's the price.

Keep us posted.

<{POST_SNAPBACK}>

Jake,

I couldnt find it on Bensons : must be out of our price range.

The vendor bounced our offer back on Friday. We had a chat over the weekend and offered 205K today - but this will be our final offer I think. this will allow us to eaily absorbe a 9-10% loss before it eats into our equity.

At the end of the day, you still have to live somewhere.

Thanks everyone for the comemnts : mixed bag - but generally positive.

[FDbuytoletinvestor]

Jonno

The Estate Agent seems to be inventing offers as you know. You have every right to ask for proof of their offer to check it's existence. Offers are usually put in writing or at least confirmed in writing.

Alternatively the Estate Agent may be too embarrassed to put your offer forwards. he'll tell you he has put it up of course. Don’t forget the same Estate Agent probably valued the property and assured the vendor he could achieve this price. Indeed if the market is slow he can not afford to lose properties, if he puts forward a low offer the vendor may well take offence and his business elsewhere.

There is nothing to stop you putting a note through the door of the house explaining that you like the house and would like to have a look. You may be able to do a deal privately. For all you know when the Estate Agent did the valuation the vendor thought, “How much! Okay if you think you can get it go for it.†He may be happy with £250,000 ish.

You just never know and EA’s well you know about them.

[Ade]

The problem is we are currently in the denial stage. Homeowners feel that anything offered under their expectations is like taking money out of their pockets. Unfortunately they have to understand the money was never there in the first place.

I’m numb with this country and the situation we now find ourselves in.

The way this government and the powers that be have allowed this situation to arise is beyond belief. Also the way in which the neither of the main parties have reacted to any of this. I truly believe that neither of them wish to take over. After all the conservatives made sure of that yesterday. They know what is coming after the election that’s for sure and they don’t want any part of it.

[Guest muttley]

Alternatively the Estate Agent may be too embarrassed to put your offer forwards.

<{POST_SNAPBACK}>

I understood he was legally obliged to.

[FDbuytoletinvestor]

Correct. Of course no Estate Agent would ever break the law. They are pariahs of virtue.

[how much...?? you must be joking]

Correct. Of course no Estate Agent would ever break the law. They are pariahs of virtue.

<{POST_SNAPBACK}>

..i presume you mean 'paragon'... but that's an excellent freudian slip...

[Guest muttley]

Correct. Of course no Estate Agent would ever break the law. They are pariahs of virtue.

<{POST_SNAPBACK}>

Yes,but a sales a sale "Sod the vendor,I need my commission"

[FDbuytoletinvestor]

No I meant it! It's a goodie yes!

[Jake]

johnno.

No, not the one on East Approach Drive. That one is almost the same price but not half as nice.

The address is actually Albemarle Gate. It hasn't been on the mkt long.

If you know where the lake is and mini golf range is, you're there.

Good Luck!