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BobTheBear

Clueless Buyers?

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The financially illiterate?? We recently STR and sold for £254950 - top valuation by the EA. The buyer initially offered just under £250K, but as in truth I was a little unsure about moving, I held out for the full price, kind of half expecting not to get it, and therefore maybe not have to move! The idea to STR came to us one evening in April over a glass or three of wine, and things kind of snowballed from there, but that's another story!

Anyway, I was expecting the buyer to want to do some kind of deal to mitigate the stamp duty, as his decision to pay that extra £5k was also going to cost him an extra £5k in stamp duty; due to the obscene way the thresholds operate. But not a peep from him or his solicitor. Now these people were just a normal couple with kids in their late thirties, moving up from a smaller house, I don't even think the wife worked much due to the kids, and his job would pay £25-30k tops - so not well off by any means, but yet happy to lose £5k without blinking. Either they didn't know, or didn't care. Easy come, easy go....

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The financially illiterate?? We recently STR and sold for £254950 - top valuation by the EA. The buyer initially offered just under £250K, but as in truth I was a little unsure about moving, I held out for the full price, kind of half expecting not to get it, and therefore maybe not have to move! The idea to STR came to us one evening in April over a glass or three of wine, and things kind of snowballed from there, but that's another story!

Anyway, I was expecting the buyer to want to do some kind of deal to mitigate the stamp duty, as his decision to pay that extra £5k was also going to cost him an extra £5k in stamp duty; due to the obscene way the thresholds operate. But not a peep from him or his solicitor. Now these people were just a normal couple with kids in their late thirties, moving up from a smaller house, I don't even think the wife worked much due to the kids, and his job would pay £25-30k tops - so not well off by any means, but yet happy to lose £5k without blinking. Either they didn't know, or didn't care. Easy come, easy go....

They probably added the stamp duty to the loan. A very expensive lesson in not negotiating with your seller. :(:(

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The problem these days is that the telephone numbers that houses are changing hands for are seen by buyers as just numbers. They dont think to themselves that they will need to set about repaying that amount. They dont think to themselves about how many hours they will have to work to pay it all back. Some believe that they wont have to pay it back (ie. they live in the house till the kids grow up and leave, then they downsize, in the process releasing a vast amount of equity, even if sold before the mortgage is paid off).

When it comes to property, money just doesnt have any value.

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