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Selling a house...

Shengis Avatar
8y, 5m agoPosted 8 years, 5 months ago
Question. If you had a house up for sale at £125k and somebody offered £115k what would you do? Tell them where to go or take the money and run:lol:

Just wondering as it seems to me the estate agents are ringing vendors and getting them to lower their prices just so they can keep an income rolling in. The problem with that is, if they get a couple to lower their sale price it devalues the rest by making them look overpriced so to get a sale they will have to drop their price.... Then round 2, round 3...

Discuss.....
Shengis Avatar
8y, 5m agoPosted 8 years, 5 months ago
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#1
not many buyers expect to get house for what they first offered but if you are keen to sell tell them cant go lower than 120k and they still will get pleasure of knocking the price down
#2
Got my house up for sale at the moment and am dreading this happening. I think the estate agents originally overvalue the property to get you to put your house up with them. Then they convince you to drop the price because the market is slow.

They drove the prices up and probably will drive the prices back down again. As you say to keep the money rolling in. :x
#3
Don't forget that a house is only worth what someone is prepared to pay for it.
I was reading a bbc interview with the chief economist of the boE the other day - he predicted house prices could fall by 25 even 40% (some price bands) by the end of 2009.
- you could be kicking yourself for not accepting that 115k ;)
#4
A lot of factors affect this decision, is the house a fair price to start with?
or has the house been advertised at a slightly inflated price to level the field when offers and counter offers come in?
Do you need to sell quickly or can you wait?
Whats the lowest price you are willing to accept?

If it was me id decide what the bottom line price I would accept is and counter offer just above that so the buyers counter offer comes back towards your figure.

Remember the property market is stagnating at the minute and things are slow, so the agents would rather have a commision come in on a lower value than no sales, so they have a vested interested in getting you to go lower.
#5
ciaozammer
Don't forget that a house is only worth what someone is prepared to pay for it.
I was reading a bbc interview with the chief economist of the boE the other day - he predicted house prices could fall by 25 even 40% (some price bands) by the end of 2009.
- you could be kicking yourself for not accepting that 115k ;)


Well as I have a reasonable grasp of economics, this is what I was considering. At the moment we're losing over 1K a month in bills, so we could stick it out for 6 months and actually be in a worse position by having to accept £115 but losing 6K in the meantime OR we could move and save that 6K and kid ourselves in 6 months the house actually sold for £121 PMSL. I still blame the price of petrol for all the countries ills :lol:
banned#6
When i sold a few years back, I had two valuations. One from the big boys around here and they said £120K and another independent noob who quoted £167K. Sold a week later for £170K.

Basically, only accept what you are happy to get or need to move on. The agent is bound by law to act in YOUR interests so they shouldnt be trying to knock you down to get a quick sale. I expect they got the offer which is reasonable IMHO as I'd always go in with a 10% reduction.

Stick with what you are happy with.
banned#7
WTF is up with this site today? Triple posts! no wonder its slow lol
#8
Shengis
Well as I have a reasonable grasp of economics, this is what I was considering. At the moment we're losing over 1K a month in bills, so we could stick it out for 6 months and actually be in a worse position by having to accept £115 but losing 6K in the meantime OR we could move and save that 6K and kid ourselves in 6 months the house actually sold for £121 PMSL. I still blame the price of petrol for all the countries ills :lol:


It is, supposedly, a falling market but this depends where you are. Usually, London and the South-East starts the trend and this spreads. Danger is that you may get even less in six months' time though, long term, prices will undoubtedly rise again.

As to blame, I always reckon it was Mrs Thatcher's fault. :x
#9
I think we'll accept it tbh, on the proviso he can complete quickly. It is an irritation dropping that much, but at the end of the day i'll be moving from a skanky town environment to the countryside once the house is sold, so it's probably worth it :lol: At least once i've moved I can get to work on restoring my cabriolet to showroom standard for next years shows :-D
#10
At the moment, if I was putting my house up for sale, I'd be willing to drop the price by 10k. In January it was valued at £200,000+, but houses around here have fallen to around £185,000.
banned#11
Shengis;2303838
I think we'll accept it tbh, on the proviso he can complete quickly. It is an irritation dropping that much, but at the end of the day i'll be moving from a skanky town environment to the countryside once the house is sold, so it's probably worth it :lol: At least once i've moved I can get to work on restoring my cabriolet to showroom standard for next years shows :-D

You haven't stated the full circumstances you are in. Have you found a place to move to that you have your heart set on?

If not, then if you are moving up, then if your price drops 10% in 6 months then there is a good chance the house you are upsizing to has as well so you actually save more in the long run.

I always think of my house as my home with the investment part in the background. If mine fell 20% then fair enough I have lost £100K but I will only have lost that if I downsize (a proportionate percentage) or go to rental or leave the country (my top choice at the moment under this government but lets not go there lol).

Bear that in mind.
#12
csiman
You haven't stated the full circumstances you are in. Have you found a place to move to that you have your heart set on?


I own a static caravan and we're moving into that for a bit. Bills are minimal, it's in a nice location etc so if house prices do continue to fall we'll be all set up to snap up a bargain :lol: It has to be said that while I do have a bit of the **** with the potential buyer, i'm honest enough to admit I would do exactly the same thing as he is doing:whistling: So all in I think it's better to take the money and run as I REALLY don't see this country entering a financial recovery in the foreseeable....
banned 1 Like #13
Shengis;2303965
I own a static caravan and we're moving into that for a bit. Bills are minimal, it's in a nice location etc so if house prices do continue to fall we'll be all set up to snap up a bargain :lol: It has to be said that while I do have a bit of the **** with the potential buyer, i'm honest enough to admit I would do exactly the same thing as he is doing:whistling: So all in I think it's better to take the money and run as I REALLY don't see this country entering a financial recovery in the foreseeable....

But what the buyer is doing is commonplace. Its only a first offer which if I was you would refuse and say we are looking for a minimum of £120K. Then they may come back with £118 etc etc.

Whats to lose? if they say £115K is their absolute limit, then turn them down. leave it a day or two then accept it on condition of a 10% deposit or something to be held by your solicitor.

It seems the days of buyers trying to drop you just before exchange are back so if i was selling, I would insist on a decent deposit up front.
#14
^^^

Good advice mate :thumbsup:
#15
Personally I wouldn't. £125k is a great price these days for First Time Buyers. How long has the house been on the market? If it's been ages (i.e. well over 6 months) I consider meeting them in the middle, but if it hasn't been up for long, I'd hold out - the right person will come along sooner or later.

All the talk of negative equity and falling house prices isn't helping, but at the end of the day, First Time Buyers want to get a foot on the ladder, so houses priced at those levels will still move much quicker than larger ones.
#16
Shengis
I think we'll accept it tbh, on the proviso he can complete quickly. It is an irritation dropping that much, but at the end of the day i'll be moving from a skanky town environment to the countryside once the house is sold, so it's probably worth it :lol: At least once i've moved I can get to work on restoring my cabriolet to showroom standard for next years shows :-D


ur leaving kent?!?!
#17
magicbeans
ur leaving kent?!?!


I was considering Cumbria.... :lol:

Moving to the Wye area. Can't ever leave Kent, too long a drive to Dover for the ferry If I moved up north ;-)
#18
Shengis
I was considering Cumbria.... :lol:

Moving to the Wye area. Can't ever leave Kent, too long a drive to Dover for the ferry If I moved up north ;-)


good stuff!! so u like going for the cheap booze huh!? haha..... its mad how easy it is to access europe from kent..and now there are fab links to london as well.....

good luck in selling..... :thumbsup:
[mod]#19
In my opinion, dont accept the offer. If they are a first time buyer they are obviously trying their luck. Say no, leave it a couple days and then see what happens. I have personally seen this happen so many times before and the seller then gets what they wants or at least a better offer. They are asking you to take 8% off of your value...its alot of money.
#20
I suppose that the housing market is very different from place to place but here in N Cornwall there are still lots of buyers but the estate agents seem to be behaving in a most strange manner - basically taking the first offer that comes in and refusing to pass on the others to the seller- this seems to fit in with your suggestion of 'maintaining turnover'. A flat for £185,00 was promised to the buyer ( put in a bid 1 week ago and ready to sign very soon) if he could move quicky before the sign even went up. He put in a bid and two other offers came in the day the sign was erected. He offered for £165,000 and the agent closed the deal, refusing to listen to other bids.
So, I would say, before you make a final decision put your estate agent on the rack and extract the honest truth from him.
#21
Shengis me ol' mate..........how many houses like yours are up for sale and at what price?
If there are plenty for potential buyers to choose from it may be worth taking a hit,a sale is a sale after all in this current climate.If,however there is not much to choose from then it may be worth hanging on a bit(not too long,mind) to squeeze an extra couple of grand outta the buyer if they are really interested.

Good luck with the sale whatever the outcome:)

Back to the old traveller routes is it?:thumbsup:
#22
Go on the land registry site
http://www1.landregistry.gov.uk/houseprices/
you need to register and pay a small fee £3 but will give you ACTUAL prices paid for houses and not just the advertised price. Lots of other v. useful info to be found there as well.
#23
iglimpse
Go on the land registry site
http://www1.landregistry.gov.uk/houseprices/
you need to register and pay a small fee £3 but will give you ACTUAL prices paid for houses and not just the advertised price. Lots of other v. useful info to be found there as well.


Same info here for free : http://www.ourproperty.co.uk/

;-)
#24
muckypup
Shengis me ol' mate..........how many houses like yours are up for sale and at what price?

Back to the old traveller routes is it?:thumbsup:


That's the problem, it was a level field a few weeks back but the sellers seem to have been 'got at' and dropped their prices. So it's a case of comply or die......

Oh and, fee diddly dee, the gypsy life for me :lol:

(For what is a gypsy if not a pirate of the land ;-) )
#25
I would try to get the price up (if you haven't already) & don't forget that you can also negotiate separately for fixtures & fittings ... might get a bit more on top with that eg. carpets, cooker, curtains etc if you don't want to take them with you.
#26
Your making me wanna buy a house now.
#27
[quote=Shengis;2304577]Same info here for free : http://www.ourproperty.co.uk//quote]


Sorry to say the info on that site is definitley not accurate. Says nothing sold in my road for past 5 yrs and gave wrong prices paid for my old addresses, looks to be the advertised prices.
#28
wtach out they don't do this:----- agree the price and then just before the deal is done say they can't get the full amount and will you accept less or else they will have to pull out - this happened to one of the women at work and decided to accept rather than have the hassle of going through trying to get another buyer
banned#29
sn0ttyang3l;2306724
wtach out they don't do this:----- agree the price and then just before the deal is done say they can't get the full amount and will you accept less or else they will have to pull out - this happened to one of the women at work and decided to accept rather than have the hassle of going through trying to get another buyer

Insist on a 10% deposit immediately the offer is accepted.
#30
iglimpse;2304856
[quote=Shengis]Same info here for free : http://www.ourproperty.co.uk//quote]


Sorry to say the info on that site is definitley not accurate. Says nothing sold in my road for past 5 yrs and gave wrong prices paid for my old addresses, looks to be the advertised prices.


do you have multiple post codes in your street? When I was valuing, I used rightmove to check local marketing prices, [url]www.ourproperty.co.uk[/url], [url]www.nethouseprices.com[/url], and [url]www.nationwide.co.uk/hpi[/url] which you cna put in the price paid and get a rough calculation for the current valuation, when selling the decision on price is up to you....if you make a proviso of a quick exchange, specify a date, ring your solicitor each tuesday to check progress, also check your agent is ringing their solicitor for progress...be thorough, and don't be afraid to remarket if they don't appear to making their commitments...ie paid for survey first week, then searches etc.
#31
csiman
Insist on a 10% deposit immediately the offer is accepted.
solicitors wont do this, and it isn't legally binding...sorry
#32
Agent Silver. I've told the buyer i'd accept the offer BUT my EA has told me there is going to be a delay in the survey because of 'rule changes' BS or truth? Seems a bit suspect to me, like maybe the buyers got their finger in another pie with the EA which would earn them a higher commission if it comes off.... I'm just a very suspicious person as so far they've been caught out on a fair bit of BS :x
banned#33
Agent_Silver;2313834
solicitors wont do this, and it isn't legally binding...sorry

Sorry but you can insist as a contract can be drawn up quickly and easily by your solicitor. Mine charged me £45 for the contract which was signed by both parties and a 7% deposit was paid by my buyer within a week of accepting their offer.

It IS legally binding.
[mod]#34
csiman
Sorry but you can insist as a contract can be drawn up quickly and easily by your solicitor. Mine charged me £45 for the contract which was signed by both parties and a 7% deposit was paid by my buyer within a week of accepting their offer.

It IS legally binding.


You didnt state that you entered into a seperate sale contract.
Everything is subject to exchange of contracts so yes, you could get a seperate contract drawn up just for the release of the deposit but the buyer would have to be either very rich, or just very stupid to enter into this.
banned#35
magicjay1986;2316722
You didnt state that you entered into a seperate sale contract.
Everything is subject to exchange of contracts so yes, you could get a seperate contract drawn up just for the release of the deposit but the buyer would have to be either very rich, or just very stupid to enter into this.

Err why?

if someone cannot front a decent deposit, then I wouldnt want them involved in a house purchase with me.

Stupid? no.

You would be stupid in this day and age to not insist on a 'good faith' payment up front.

it could potentially save the seller thousands. :thumbsup:
#36
House prices are dropping, mine was worth 139k last yr but its dropped dramatically now. Take what you think is acceptable, dont be greedy OR out of pocket.
#37
Clicked on the valuator and my house has dropped 12k in one year! According to that site! lol
banned#38
pcnutta;2318941
House prices are dropping, mine was worth 139k last yr but its dropped dramatically now. Take what you think is acceptable, dont be greedy OR out of pocket.

dont generalise. According to that website, mine has gone from £565,000 to £645,000 in a year so I aint complaining. Only valid of course if you can find a buyer...........
#39
ahhhhhhhhh now im confused!!! My neighbour and friend moved in same time. On that site it says hers is a leasehold, where as mines a free hold. She paid 1/4 of what i bought mine for! yet it was a day apart!!!
same type of house etc!
i dont understand, anyone shed some light?
#40
pcnutta
ahhhhhhhhh now im confused!!! My neighbour and friend moved in same time. On that site it says hers is a leasehold, where as mines a free hold. She paid 1/4 of what i bought mine for! yet it was a day apart!!!
same type of house etc!
i dont understand, anyone shed some light?


Freehold

Freehold gives the purchaser complete ownership of the land and all the buildings on it. A freehold gives the buyer the right to do as they like with their home, subject to the law and planning controls.

Any property that is freehold - or in the case of a flat has a share of the freehold - is likely to be more valuable.

Leasehold

A leasehold property is leased from the freeholder for a specified period of time. The lease usually includes a range of terms and conditions, specifying the leaseholder's responsibilities to the property and the freeholder.

Leases can be long or short term - a long-term lease, for example 999 years, is likely to be in demand from someone looking to buy a home. A short-term lease, say, for a few years, means the property is effectively being rented.

It is sometimes possible to extend the length of a lease or buy a share of the freehold - a process known as enfranchisement

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