Diary of a house sale....post covid

[Sasquatch]

You're up and then you're down.

No go with the viewers yesterday. Not ideal for their small children (which makes sense bearing in mind the verticality of our house).

[Democorruptcy]

On 30/06/2020 at 13:24, Sasquatch said:

You're up and then you're down.

No go with the viewers yesterday. Not ideal for their small children (which makes sense bearing in mind the verticality of our house).

Why don't you suggest they sell their children, then they could pay you more for the house?

[Green Devil]

Some feedback from the EA I put an offer in to a few weeks back. He called to say the highest offer has pulled out after survey and it going to the next offer. I then asked where I was on the offer list. NO 7. 😂. At least I did something right. If it gets to me you know the markets toast lol. 

[stop_the_craziness]

1 hour ago, Green Devil said:

Some feedback from the EA I put an offer in to a few weeks back. He called to say the highest offer has pulled out after survey and it going to the next offer. I then asked where I was on the offer list. NO 7. 😂. At least I did something right. If it gets to me you know the markets toast lol. 

Beeeeeep…...You are number 7 in the queue.  Please hold, your offer is important to us and one of our agents will be with you shortly

[Green Devil]

1 hour ago, stop_the_craziness said:

Beeeeeep…...You are number 7 in the queue.  Please hold, your offer is important to us and one of our agents will be with you shortly

On another property im aware of a mate is offering on a BTL, apparently someone came in and offered asking price, which was only 10k more than his offer. The vendor went for the higher offer, with strings attached, chain, mortgage, subject to survey, and tenants....  Funny what vendors will give up for the sniff of a few quid extra.

[DownwardSpiral]

Parents are currently selling their house, survey returned a valuation a few thousand quid lower than the price agreed between them and the buyers. The bank’s valuation has led to an almost bang on 10% drop in house prices on the street. My parents are happily accepting that slight reduction as they know the writing is on the wall over the coming years.

[Democorruptcy]

20 hours ago, Green Devil said:

Some feedback from the EA I put an offer in to a few weeks back. He called to say the highest offer has pulled out after survey and it going to the next offer. I then asked where I was on the offer list. NO 7. 😂. At least I did something right. If it gets to me you know the markets toast lol. 

I wonder why the EA would bother calling number 7? Might imply there isn't much between the offers or maybe you are not really that low down the list. Maybe you are number 3 and they are using you to push number 2 to offer more.

[Green Devil]

8 minutes ago, Democorruptcy said:

I wonder why the EA would bother calling number 7? Might imply there isn't much between the offers or maybe you are not really that low down the list. Maybe you are number 3 and they are using you to push number 2 to offer more.

Perhaps the others are not proceedable. EAS always use ridulus offers from chain buyers to improve offers from proceedable buyers. If it gets down to me, my offer will suddenly drop 15k 😂😂

[MrXxxx]

On 03/07/2020 at 19:16, Green Devil said:

On another property im aware of a mate is offering on a BTL, apparently someone came in and offered asking price, which was only 10k more than his offer. The vendor went for the higher offer, with strings attached, chain, mortgage, subject to survey, and tenants....  Funny what vendors will give up for the sniff of a few quid extra.

...and in cases such as this I wonder how good the EAs advice is...1% of £10k means its only £100 to them...is a) the loss of a sure fire cash buyer really worth so little (what they should be emphasizing to the vendor, and b) in the long-term this is insignificant to their turnover, and in the current short-term the difference between bankruptcy.

[Green Devil]

1 hour ago, MrXxxx said:

...and in cases such as this I wonder how good the EAs advice is...1% of £10k means its only £100 to them...is a) the loss of a sure fire cash buyer really worth so little (what they should be emphasizing to the vendor, and b) in the long-term this is insignificant to their turnover, and in the current short-term the difference between bankruptcy.

I think it depends on the vendor. Some are just plain stupid and greedy. As this is a sale of a BTL, ie the vendor is a BTLer, then you know the vendor is certainly both. 

[Democorruptcy]

1 hour ago, MrXxxx said:

...and in cases such as this I wonder how good the EAs advice is...1% of £10k means its only £100 to them...is a) the loss of a sure fire cash buyer really worth so little (what they should be emphasizing to the vendor, and b) in the long-term this is insignificant to their turnover, and in the current short-term the difference between bankruptcy.

They don't think like that, their drive is to push a price up at every opportunity. Then if they price the next one higher the commissions rise going forward. Commission based they really need high turnover and more people being able to afford to buy but misplaced greed prevails.

[Sasquatch]

Another viewing tomorrow and another cash buyer from the south east. We are in the hands of discretionary buyers at the moment. Perhaps the only silver lining is the lack of houses on the market where we live. The last remaining hugely overpriced new build apartment near us has just sold.

[MrXxxx]

4 hours ago, Democorruptcy said:

They don't think like that, their drive is to push a price up at every opportunity. Then if they price the next one higher the commissions rise going forward. Commission based they really need high turnover and more people being able to afford to buy but misplaced greed prevails.

Agree, and I also think part of the issue is to do with vendor greed...to get the agency the agent has to better other agents with the initial asking price. To then advise the vendor to take a substantially (but realistic) reduced offer doesn't inspire confidence.

[Sasquatch]

Phew! Just finished painting the garage door. 

That should do it!

I was thinking of NHS blue but, after clapping myself for 5 minutes, went with architect grey instead.

[Wight Flight]

Anecdotal but spoke with my mother last night.

House further down her street (5 bed, nice part of Sheffield) went on the market last Monday.

Sold for full asking to cash buyer by Friday.

It is very, very odd out there.

[Shamone]

15 minutes ago, Wight Flight said:

Anecdotal but spoke with my mother last night.

House further down her street (5 bed, nice part of Sheffield) went on the market last Monday.

Sold for full asking to cash buyer by Friday.

It is very, very odd out there.

We’re seriously looking at putting ours up for sale in the next few weeks. Already had a valuation. Will prob rent for 6 months or so.

[Sasquatch]

53 minutes ago, Shamone said:

We’re seriously looking at putting ours up for sale in the next few weeks. Already had a valuation. Will prob rent for 6 months or so.

We don't have to sell for a couple of years or so but I am very worried about sentiment and confidence going forward. It feels like this summer is it to me (certainly for any house above the national average, which ours is). I'm not sure how long the government can keep the wheels of the economy moving beyond this winter.

I would like to sell now, even at a discounted level, rent for a couple of years and then buy in 2022/23.

We have specific circumstances. We can semi retire in a couple of years and want to buy a house with an annex if possible for aged relatives. We will be moving out of our current area and more than likely heading up into Yorkshire or possibly Cumbria.

[Popuplights]

2 hours ago, Sasquatch said:

went with architect grey instead.

Or Primer, as it used to be called

[leonardratso]

followed by a coat of red oxide, thence into the 4 inch thick blue hammerite.

[sleepwello'nights]

Speculation today that the Chancellor will temporarily suspend stamp duty.

[Don Coglione]

22 minutes ago, sleepwello'nights said:

Speculation today that the Chancellor will temporarily suspend stamp duty.

If the property market is flying, why would he need to do that?

[CVG]

2 hours ago, Wight Flight said:

Anecdotal but spoke with my mother last night.

House further down her street (5 bed, nice part of Sheffield) went on the market last Monday.

Sold for full asking to cash buyer by Friday.

It is very, very odd out there.

Spoke to one of your Ryde agents today (I'm looking for a cheap house to cash purchase for a temporary move). He told me (believe what you will) that he's been flooded with enquiries from mainlanders following Covid-19 AND BLM.

[sleepwello'nights]

43 minutes ago, Knickerless Turgid said:

If the property market is flying, why would he need to do that?

All the houses I've been looking at on Rightmove since February this year have all gone SSTC in the last few weeks.

[eek]

1 hour ago, sleepwello'nights said:

All the houses I've been looking at on Rightmove since February this year have all gone SSTC in the last few weeks.

I suspect selling a house outside London at the moment is rather easier than selling one inside London.

And you will be waiting for your buyer to sell his London property before completing on your sale.

[sleepwello'nights]

Well I'm looking to move,  there is the potential for suspension of stamp duty to save me thousands of pounds.