I thought this was a buyers market. We need to move due to relocation. We are in a strong position.
So have offered on one house and having had a minging survey had to revise offer and vendors don't believe the survey so don't think our offer is reasonable. The agent think our offer is quite generous all things considered.
Seen another property. Wont even consider offeres not within 5% of price.
Sorry just needed to moan. It is all really pants and we need a house by the start of school. We can rent but really wanted to buy and yet nobody seems to want to sell and we are being reasonable - not silly.
Neither house has any other offers or serious interest.
We are in the middle of negotiations atm too and the house is derelict although he is considering 20% off and will let me know today Buyers are still deluded there is no market virtually but many just won't listen to the agents advice.The agent selling the one we like thinks he should bite our hand off as we have cash but he is still stalling
I think it must be really hard being a seller at the moment. For so long you have felt so smug and perhaps had the occasional daydream about what you would do with all your money if you ever sold up... it's going to take a long while for some sellers to come round to the fact that their homes aren't worth anything like the amount they thought they were (by which time they will be worth even less). You've just got to keep going until you find a committed seller. House-buying always frustrating no matter what state the market is in - always conspires to be stressful.
I think the state of denial is true lala. And perhaps if we walk away now and rent for 6 months and come back again then both vendors may have had a rethink and hopefully a revaluation by the bonkers estate agents. One agent said that deals where we are buying are down by about 60% in volume so there must be lots of agents crapping themselves so perhaps that will motivate them to put some reasonable valuations on.
I am not asking for a steal - in fact the first house that we had the survey on we have offered considerably more than a similiar one sold for last week. We don't want the vendors to feel ripped off - we are just trying to do a deal.
When we were trying to sell our house we dropped our price by 20K after 4 weeks so that the people who really wanted to buy our house could drop their price by 20K and attract more interest but they would not do it - another vendor thinking they are immune to the credit crunch.
we accepted an offer 5 months ago about 6% under our asking price and had an offer accepted of 5% under the asking price of the property (it was 9% under what they were originally asking this time last year) I think we both paid and got a fair price and we accepted the offer without a second thought. Good job too as we would now be looking at offers of at least 10% under. The theory goes that you pass that on to the house you're buying but of course they need to be recognising reality as much as you are and so many people just aren't. They feel cheated and insulted by low offers and that's no frame of mind to buy a house in. We moved in nearly three months ago and absolutely love this house, no plans to move for years, possibly decades so I really don't care what happens to prices round about us . Best of luck with moving - it was a very difficult experience for us - and that was with what was ultimately a hitch free process - once we had a buyer.
Our offer has been accepted too!! although I am nervous that the vendors are going to try to put one over on us at some point.
We have to proceed asap in order to complete by end of August and apparently the vendor has been sitting on all the paperwork from her solicitor as she did not realise they needed it in order to proceed with the sale!
we are a bit worried too as the agent said our vendor is deluded about the house and is a bit in love with it!!!!He bought it as a project ripped everything out back to bare brick and no kitchen or anything andn then couldn't finance the rebuild.Hope he doesn't change his mind