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Harry Monk

A Horror Story From The Garden Of England.

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My employer Richard put his house up for sale in August. It is a Victorian terraced cottage in a nice village near Canterbury, and the agent suggested a price of £180,000.

After a month there had been no interest at all, so he dropped the price to £170,000.

There were a couple of viewings, then nothing but after two months, a viewer made an offer- £150,000.

Richard rejected the offer so the prospective buyer just walked away- no improved offer at all.

Another two months went by before anyone else viewed. The new viewers put in an offer- £140,000.

Richard rejected this, and explained that he wasn't looking for a quick sale, but a reasonable price.

He then received a shitty letter from the EA, telling him that as he had received and rejected two offers on the property which the EA felt were reasonable, they were no longer prepared to market the property and had taken it off of their books.

So there you have it. A property worth £180,000 last August is now worth £140,000.

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Guest KingCharles1st

I don't know how many times that on HPC that I have said- "beware of chasing the market down"

Oh look- I just did AGAIN

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He then received a shitty letter from the EA, telling him that as he had received and rejected two offers on the property which the EA felt were reasonable, they were no longer prepared to market the property and had taken it off of their books.

Well done! that Estate Agent. They probably have enough stuff on their books that they might just sell. Seems to make sense to me.

I wonder if he'll find it difficult to find another agent.

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Well done! that Estate Agent. They probably have enough stuff on their books that they might just sell. Seems to make sense to me.

I read recently that EAs have on average 48% more properties on their books now compared to just last November. It seems that properties are still coming onto their books but just not selling.

I certainly agree with you that EAs are likely to favour clients who are prepared to view the current market situation realistically and that if they need to thin down their portfolios, the first vendors to fall by the wayside will be those who expect to sell a house for the same money as you could this time last year.

I wonder if he'll find it difficult to find another agent.

Given the current situation, he is no longer trying to sell it and has rented it out.

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Well done! that Estate Agent. They probably have enough stuff on their books that they might just sell. Seems to make sense to me.

I wonder if he'll find it difficult to find another agent.

I've just decided to walk away from the house I was buying here in Nottingham.

I got them down on price, and the mortgage is in place but the survey came back with an issue with the roof.

We'd tried asking the agent why the previous buyer pulled out but was told they didn't know!

So we got a specialist out to look at the roof and he found a problem that will cost at least £5k (plus VAT) to fix - the tiles on the roof are the originals from when it was built (100 years ago) and there are signs of long-standing storm damage which hasn't been repaired. And an attempt has been made to cover crumbling bricks in the chimney stack with render. The bricks are crumbling due to a damp problem caused by the owners completely sealing up all the fireplaces in the house.

There is also an issue with rising damp.

We took a copy of the roof survey to the EA to pass to the vendor and they didn't even look surprised!

We got in touch with our solicitor to tell him we're pulling out, and he told us he hasn't even heard from the vendor's solicitor yet himself.

What a shower of shi*e these people are! The EA knew they had a lemon on their books and just claimed not to know anything. The vendor must have known about the problems and went ahead and put the place back on the market again without even trying to fix it!

At least there's a good chance both of them will be having problems in the coming years. And I'm tempted to post a copy of the survey through the neighbour's letterbox just for good measure!

As for me, I've just decided to sit back and wait a little longer.

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I've just decided to walk away from the house I was buying here in Nottingham.

I got them down on price, and the mortgage is in place but the survey came back with an issue with the roof.

We'd tried asking the agent why the previous buyer pulled out but was told they didn't know!

So we got a specialist out to look at the roof and he found a problem that will cost at least £5k (plus VAT) to fix - the tiles on the roof are the originals from when it was built (100 years ago) and there are signs of long-standing storm damage which hasn't been repaired. And an attempt has been made to cover crumbling bricks in the chimney stack with render. The bricks are crumbling due to a damp problem caused by the owners completely sealing up all the fireplaces in the house.

There is also an issue with rising damp.

We took a copy of the roof survey to the EA to pass to the vendor and they didn't even look surprised!

We got in touch with our solicitor to tell him we're pulling out, and he told us he hasn't even heard from the vendor's solicitor yet himself.

What a shower of shi*e these people are! The EA knew they had a lemon on their books and just claimed not to know anything. The vendor must have known about the problems and went ahead and put the place back on the market again without even trying to fix it!

At least there's a good chance both of them will be having problems in the coming years. And I'm tempted to post a copy of the survey through the neighbour's letterbox just for good measure!

As for me, I've just decided to sit back and wait a little longer.

What a waste of your time and money. Out of interest, did the house have a HIP? Is this the sort of problem that a HIP would cover?

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What a waste of your time and money. Out of interest, did the house have a HIP? Is this the sort of problem that a HIP would cover?

No.

We found out the place has been on the market for over a year so the seller doesn't need one.

May they rot in hell! LOL!

I do believe things happen for a reason so waiting a little longer will probably be to our advantage in the long run.

And it wont take long to repair the dent in the savings made by the cost of the lemon.

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I've just decided to walk away from the house I was buying here in Nottingham.

OMG you were buying a house in Nottingham!!!!

You are either having a laugh or you are seriously retarded. Don't you realise prices are halving there at this very minute. A friend of mine has a house in West Bridgeford and a few year ago he had it valued at £230k. He has just accepted some contract work in London and is looking to sell and rent back in London. The EA came around in January and valued it at £195k. He was gutted and asked for it to go on at £210k (he paid £150k for it in 2001). Anyway the other day he emailed me to say he'd received two offers for £165k and £169k and the EA was urging him to accept. He still hasnt got back to them but the fella three doors down sold for £160k last month so he is now talking of £169k as if it is an OK offer!!!!

What this demonstrated to me was that house prices are purely finger in the air predictions.

PS just got email from him now and it seems he is going with the £169k offer. I think this has more to do with the fact I told him a few months ago that he would be lucky to get away without negative equity. The recent Daily Mail article probably reinforced this and so he'd rather walk away with a few thousand than owing the bank money. The EA also said that the person offering was "in demand". In other words he had a mortgage and so was walking around like a king :lol:

Unfortunately I think even at £169k this joker will lose out in the long run. If he had held out for another month he might have had £150k accepted (Thats taking into account that the £165k offerer disappeared). I've just thought,I do hope the buyer isnt a HPC'er :ph34r:

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My employer Richard put his house up for sale in August. It is a Victorian terraced cottage in a nice village near Canterbury, and the agent suggested a price of £180,000.

After a month there had been no interest at all, so he dropped the price to £170,000.

There were a couple of viewings, then nothing but after two months, a viewer made an offer- £150,000.

Richard rejected the offer so the prospective buyer just walked away- no improved offer at all.

Another two months went by before anyone else viewed. The new viewers put in an offer- £140,000.

Richard rejected this, and explained that he wasn't looking for a quick sale, but a reasonable price.

He then received a shitty letter from the EA, telling him that as he had received and rejected two offers on the property which the EA felt were reasonable, they were no longer prepared to market the property and had taken it off of their books.

So there you have it. A property worth £180,000 last August is now worth £140,000.

The thing is, this does not mean that the house was "worth" £180,000, ever.

A lot of the initial big falls being reported are not REAL falls yet - although they will be - in the sense of a place SELLING for less than it was bought for a year or two previously.

They are "falls" inasmuch as at the peak of the price boom, overenthusiastic agents suggested a very high price, and are now having to back down from that.

The test of REAL price drops is when places actually sell for significantly less than they were last bought for within the last 3 or 4 years especially.

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  • 297 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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