Jump to content
House Price Crash Forum
Sign in to follow this  
Elliottc78

David Wilson Homes Can "jog On!"

Recommended Posts

Evening all

From reading several posts on this site, I am hopeful that there are on here some real industry experts who can advise me, as well guide me to making a decision/offer on a house I am thinking about purchasing.

My situation is made a little worse because I am expecting our second child, therefore this house move is a little more emotive, and I need to learn to listen to common sense and not be governed by hormones!

Our current house is a small 2 bedroom house, less than 10 years old, in show house condition. (I AM being realistic!) And although all the comparable houses in our area are up for £240-£245, we are being realistic, and trying to differentiate ourselves by marketing the house at £230 for a quick sale. We are very good friends with the agents, and see on a daily basis how they are marketing our property, but yet we are to have a viewing! The market where I live is well and truly dead.

We have fallen in love with a DWH home on the market for £429,995, which will not be ready until November, in fact the build is on hold.

They explained they couldn't accept an offer until ours was sold, so offered us the PX deal.

The price they came back with was £205 for ours. £419,995 for theirs, plus a £20k "developers incentive" to put towards the deposit.

I laughed so hard I thought I'd go into premature labour.

I told them that I was totally disgusted with deal, but am not sure what to go back to them with.........

I've already told them that the figure I'm thinking off doesn't start with a "4", their retort was that they will "close my file now then"

Co incidentally, they have NEVER called me once, throughout the entire viewings, offer, making appointments process, I've had to chase everything.

Their customer service is absolutely appalling.

What kind of figure would you expect/go back to them with to ensure they "re open my file!".......(cheeky s*ds)

C.E

Share this post


Link to post
Share on other sites

if you have to chase your onto an instant looser, they agent has clearly noticed your too/keen/pregnant and has started milking you for what your worth. IMHO go into rented (nice and large), or stick if you can.

How much is the equity worth if its earning money in a bank? How much does the bigger place cost to rent? Do the maths ;p

Edited by moosetea

Share this post


Link to post
Share on other sites

You've got to admire their optimism.

So they offer you 83% of your house's current unsaleable 'market value' but will only drop their price to 98% of their house's 'market value'!

I would sell your house at 230k (if you can find any fool to buy it), rent for 12 months and then laugh when your closed file quickly turns into 3 phone calls a day as they try and get you to buy at 419k.... 409k.... 389k.... 369k..... you get the idea.

New-builds like these will be exchanging hands for 300k come the end of 2010.

Share this post


Link to post
Share on other sites

I know nothing about new build developments... However! If the buildings work is "on hold" at the moment, is there actually any guarantee that it will be ready by November? Could they be showing disinterest in your offer because they don't really know when the building work will be back underway?

If this was the case, then presumably they would be out to make as much money as possible at the beginning of the build to keep the development funded, or as big an offer as possible to disuade you from buying a property they may want to kick their heels on?

They must know the score, and so I'd say there's a reason behind their ridiculous offer!

Share this post


Link to post
Share on other sites

Don't chase them for god's sake. New builds are a waste of money especially if you buy off plan. The contract ties you up good and proper. Normally with DWH contracts they can change the specification of the house, even change the plot you are buying.

As waiting and saving says above, something doesnt smell right. I have had purchases with developers who are chasing sales constantly. I would say they are not sure when the houses will be finished, if not at all.

Wait and see what happens and in the meantime keep your house on the market. If you can go back to them with a buyer (at a better price) they will be more willing to drop their price more.

Share this post


Link to post
Share on other sites

Youre a mug.

Firstly there isnt a 2-bed newbuild in the whole country worth £250k.

Secondly, buying another newbuild you deserve everything you get.

Thirdly, no one on here gives a flying fk about your predicament.

Youre exaclty the type of mindless idiot who 'falls in love' with houses and causes problems in the first place.

Do one.

Share this post


Link to post
Share on other sites
Guest KingCharles1st
if you have to chase your onto an instant looser, they agent has clearly noticed your too/keen/pregnant and has started milking you for what your worth. IMHO go into rented (nice and large), or stick if you can.

How much is the equity worth if its earning money in a bank? How much does the bigger place cost to rent? Do the maths ;p

I would wait until THEY call YOU- and then tell them that you have already had an offer accepted on another property, you had to pay a slightly larger deposit, but got offered a serious reduction, be polite and say thank you for your call and put the phone down without any further words or hanging questions

Share this post


Link to post
Share on other sites

Firstly, if you get somebody to offer £205k on your home, don't be disgusted, be impationate. That is £205k of their future earnings they are offering you for your home. In the current climate any offer is better than no offer. If somebody came around and looked at your home and offered £205k, how would you feel? The worst thing you can do is to close them off and just not reply. All they have done is open negotations and stated they want to buy your house, the negotations themselves have not yet happened.

What is your house really worth to you? Is it really worth £230k, or is that just what an estate agent has said it is worth. In reality it is probably not worth £230k to YOU. To you it is your home, the place you have brought up your first child and the nest you and your other half have created. These cannot be quantified in a monetary way, but by offering 11% off the value the agent said your house was worth, you read that as the developer saying it was 11% less of a home, 11% worse place to bring up a child and as a nest, it was 11% worse.

This is not rational, but it is how people think. A lower offer does not change how great your home is.

If you really want to sell now, get on rightmove and find every other house similar to yours in the area. Then find out what makes yours special or different from them. If it is on estate built in the last 20 years, then there is unlikely to be any real differentiator, and the only thing you can do is to make your house cheaper than every other similar house just to get viewings.

The option, add an extension and build the house around you to fit your needs.

Share this post


Link to post
Share on other sites

If you want the DWH house, the px isn't such a bad choice.

We had a similar situation, pre-crash, and did some number crunching. Basically, if you were going to private sale you'd have to pay EA and solicitor's fees. So, we're looking at about 6K. Plus, it would probably take about six months to sell in this climate. That's about another 7K in mortgage. So, you can add an extra 13K onto the price that they're offering, which takes you to £218K. For a second hand new build, that seems pretty reasonable, PLUS you don't have to worry about having the house buyer ready, organising viewings, having to find someone ready to exchange, only being able to move your furniture out on the day, and a heap of other stuff. Plus, with very little persuasion, they'll throw carpets, curtains, lawn and white goods at you.

Share this post


Link to post
Share on other sites
Evening all

From reading several posts on this site, I am hopeful that there are on here some real industry experts who can advise me, as well guide me to making a decision/offer on a house I am thinking about purchasing.

My situation is made a little worse because I am expecting our second child, therefore this house move is a little more emotive, and I need to learn to listen to common sense and not be governed by hormones!

Our current house is a small 2 bedroom house, less than 10 years old, in show house condition. (I AM being realistic!) And although all the comparable houses in our area are up for £240-£245, we are being realistic, and trying to differentiate ourselves by marketing the house at £230 for a quick sale. We are very good friends with the agents, and see on a daily basis how they are marketing our property, but yet we are to have a viewing! The market where I live is well and truly dead.

We have fallen in love with a DWH home on the market for £429,995, which will not be ready until November, in fact the build is on hold.

They explained they couldn't accept an offer until ours was sold, so offered us the PX deal.

The price they came back with was £205 for ours. £419,995 for theirs, plus a £20k "developers incentive" to put towards the deposit.

I laughed so hard I thought I'd go into premature labour.

I told them that I was totally disgusted with deal, but am not sure what to go back to them with.........

I've already told them that the figure I'm thinking off doesn't start with a "4", their retort was that they will "close my file now then"

Co incidentally, they have NEVER called me once, throughout the entire viewings, offer, making appointments process, I've had to chase everything.

Their customer service is absolutely appalling.

What kind of figure would you expect/go back to them with to ensure they "re open my file!".......(cheeky s*ds)

C.E

If possible get a friend to show lots of interest in the new house. Say he's a cash buyer, currently renting. See what reduction he can get.

Keep negotiations open. Even if your price drops, the new one will drop more in £ terms. Wait till the winter. Things may be clearer then especially the build state of the new house

Share this post


Link to post
Share on other sites

I noticed a bill board advert for David Wilson Homes as I was going down the Woodstock Road in Oxford yesterday. I noticed the incentive offers they had on too and my instant thought was - wait a while and those incentives wil surely be sweetened quite a lot more.

I have never seen builders hiring bill board advertising before. Surely a sign of severe stress.

Share this post


Link to post
Share on other sites
We have fallen in love with a DWH home on the market for £429,995, which will not be ready until November, in fact the build is on hold.

C.E

CE

All homebuilders are focussing on cashflow. Given that a) your purchase involves a part exchange and B) the build is on hold c) it is a family house, rather than a flat

you have less bargaining power, compared to a negotiating on a completed new build .

I would recommend is putting your house on the market for say 210k, see if that get's you any buyers. Once you have a buyer, you will be in a much stronger position.

Share this post


Link to post
Share on other sites

Cash is king in any negotiation. Until you have sold your house they have the upper hand in the negotiation because you are working on emotion "I have fallen in love with this house" and they know this. Do not speak to them sell your house or get an offer and then walk in and say "I have sold my house I am a cash buyer and I am offering you 299K for this house, you have 15 mins to decide yes or no." If they say yes happy days, if they say no refuse to negotiate say that is my offer here is my telephone number call when you will accept it", walk away. Then monitor the house and if it does not sell phone them every two weeks and make the same offer."

But what you really need to decide for yourself is what you will pay. If you think houses are going to drop 30% than 300K is the figure if you think house are going to drop 40% than 269K is the figure.

Share this post


Link to post
Share on other sites
I noticed a bill board advert for David Wilson Homes as I was going down the Woodstock Road in Oxford yesterday. I noticed the incentive offers they had on too and my instant thought was - wait a while and those incentives wil surely be sweetened quite a lot more.

I have never seen builders hiring bill board advertising before. Surely a sign of severe stress.

Our local rag property supplement has numerous bylines and "news" articles written by local EAs. One of them recently was writing how the FSA(? or the appropriate authority on this situation poss even HMRC) has warned that newbuilds will have to be more careful in their incentive packages. So it could be that waiting a while might not sweeten the incentives, hopefully they'll just have to sweeten the price up a bit instead!

From September, new regulation will mean that incentives will have to be declared as part of the sale price - something lots of us on here have been discussing - as all the incentives hide the "real" price of newbuilds. This means that in the article writer's piece, you're better to buy a newbuild before September, so they can still fudge the figures for you/themselves...

Are you sure you want to double the cost of your home right now? Seems like a big jump in todays climate.

How long have you had your house on the market for? I'm always interested in the Ads that say "first to buy will view" when the property has been on the market for weeks - doesn't bode well for the vendors...

Share this post


Link to post
Share on other sites

I'm made a mistake once, buying a new build - NEVER EVER AGAIN.

Buy a lived in home (if you have to buy), you will buy it for substantially less!

Share this post


Link to post
Share on other sites

OP - It's only my opinion but you really need to stop and think before you do anything. I would say:

1) The house you intend to buy is grossly overpriced

2) The house may never actually been finished

3) Developers are desperate for turnover they have only cut a fraction of the asking price

4) You may have problems selling your own house

If I was in your shoes I would walk away now.

Share this post


Link to post
Share on other sites
I would wait until THEY call YOU- and then tell them that you have already had an offer accepted on another property, you had to pay a slightly larger deposit, but got offered a serious reduction, be polite and say thank you for your call and put the phone down without any further words or hanging questions

Heh heh - we went to have a look at a local David Wilson development and expressed a mild interest (you must reserve now because they are going very fast!). I have had phone calls and messages virtually everyday since!

While we were being taken around the show home they said that we could have 10% off - no prompting from us. I was able to return their calls over the weekend and they had tailored a deal for us. Bearing in mind we would be chain free cash buyers they were offering the following on a +£400k house:

A £25k cash discount

They would pay stamp duty.

I subsequently ran through the figures and the combined value of discount/stamp duty equates to nearly 9%. What happened to the 10%? I'm in no rush to call back for such a 'deal' and I would rather get the best offer upfront rather than enter a protracted negotiation process.

Being proceedable cash buyers I would have thought a 25% rather than £25k discount would have been getting closer to the money!

Regards,

Q

Edited by Quoth

Share this post


Link to post
Share on other sites
Heh heh - we went to have a look at a local David Wilson development and expressed a mild interest (you must reserve now because they are going very fast!). I have had phone calls and messages virtually everyday since!

While we were being taken around the show home they said that we could have 10% off - no prompting from us. I was able to return their calls over the weekend and they had tailored a deal for us. Bearing in mind we would be chain free cash buyers they were offering the following on a +£400k house:

A £25k cash discount

They would pay stamp duty.

I subsequently ran through the figures and the combined value of discount/stamp duty equates to nearly 9%. What happened to the 10%? I'm in no rush to call back for such a 'deal' and I would rather get the best offer upfront rather than enter a protracted negotiation process.

Being proceedable cash buyers I would have thought a 25% rather than £25k discount would have been getting closer to the money!

Regards,

Q

You should be looking at 50k upwards off. They will give those sort of discounts at the moment.

Share this post


Link to post
Share on other sites
We have fallen in love with a DWH home on the market for £429,995, which will not be ready until November, in fact the build is on hold.

Wimpey build near me has been on hold since Feb. Which is a shame for those who were expecting to move in March.

We upgraded last year ( needed an area for family reasons and renting wasn't an option there due to no decent stock but we plan on being there for the next 20 years anyway) and the couple we bought from changed the move in date during the conclusion of the missives to Jan as their move in date had been delayed 6 months due to last years poor weather slowing the build. ( the build is luxury 4-5 bed homes in an area where the average price is half what they are looking for and 50k more per house than the previous "luxury" Bryant development that is still trying to shift the final couple of houses...)

We know of another family who sold a house on our street that's in the same boat. The developers seem to have left them in limbo with no move in date. Not sure if the developer is paying for them to rent or has refunded their deposits.

Its a real shame for one couple who bought a bryant house facing this wimpey estate. They've been trying to sell for 6 months but with a half finished ghost town as the view from their living room its not going to be an easy sale...

Share this post


Link to post
Share on other sites
You should be looking at 50k upwards off. They will give those sort of discounts at the moment.

I agree - I'm sure, considering our position, we could afford to be very cheeky and probably secure quite a vast discount.

I still have reservations about new builds though. With a young son and a second baby on the way I want a place we can settle down in for a good few years. One of my prerequisites would be a nice big garden for the children and how many new builds have these? Furthermore, not trying to sound snobbish, as the development was of a certain size it had a chunk of social housing.

On the same day we checked out the new build we also had a look at some other properties in the area (the estate agent had called us!). There was one house which was fantasic - very grand with five large double bedrooms, massive kitchen, study, library, etc etc. However, it was a 2003 build, had a postage stamp garden and was jammed into a fairly high density development with cars parked everywhere - great house but totally out of character with the development. It would appear that anything built after 2000 or so just doesn't have the necessary plot size.

I think we would get much better value for money steering well clear of new build or any recent development for that matter.

Regards,

Q

Share this post


Link to post
Share on other sites
Youre a mug.

Firstly there isnt a 2-bed newbuild in the whole country worth £250k.

Secondly, buying another newbuild you deserve everything you get.

Thirdly, no one on here gives a flying fk about your predicament.

Youre exaclty the type of mindless idiot who 'falls in love' with houses and causes problems in the first place.

Do one.

And there was me thinking it was all down to BTL'ers.

The kind and caring attitude shown on House Price Crash would warm the coldest of hearts... At least the OP is trying to get advice and they at least are aware they need to drop their price.

Share this post


Link to post
Share on other sites

I bought a new-build just after the start of the last crash.

After a while the developers buried most of the foundations for the duration.

Share this post


Link to post
Share on other sites

I agree totally, I wouldn't buy a new build. They are too small and have no garden, I would much prefer a decent size house with a bit of character. Each to their own though.

Edited for spelling

Edited by The Conveyancer

Share this post


Link to post
Share on other sites
Thirdly, no one on here gives a flying fk about your predicament.

Youre exaclty the type of mindless idiot who 'falls in love' with houses and causes problems in the first place.

Do one.

OMG! You're a mouthy little ***** aren't you? You have not got the right to speak for every member on HPC, so lose the arrogance!

I can't believe you posted that, she came here for advice, not to get both barrels from you!

If you can't help her constructively, then STFU TBH. If I ever see you speak to someone that way again I'll report you to the Mods and you can kiss your account goodbye.

Share this post


Link to post
Share on other sites
Youre a mug.

Firstly there isnt a 2-bed newbuild in the whole country worth £250k.

Secondly, buying another newbuild you deserve everything you get.

Thirdly, no one on here gives a flying fk about your predicament.

Youre exaclty the type of mindless idiot who 'falls in love' with houses and causes problems in the first place.

Do one.

Hey Needle

I need a new customer service rep to answer complaint emails from people disatisfied with their holidays - I like your style, you exhibit the perfect balance of polite yet robust resistance required :lol: I shall email you an application form, the position is based in Haiti and includes danger money and an M16 for under the bed [cue the next funny "do one" retort]

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.

  • 396 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.