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Property/DIY

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Original poster

Oh, for the love of God...........

16 replies

Becaroooo · 18/10/2011 10:28

Its me.

AGAIN.

I am so fed up. Actually beyond fed up....I am sat here nearly in tears A grown woman reduced to this just by trying to buy a house!!!!

EA has spoken to me and feels our offer of £170k on a part ex house will not be accepted by the building company. We have a decision in principle, deposit and are no chain.

I honestly thought buyers would be chewing their arms off for buyers in our position, but obviously not.

We have offered on 4 properties in the past 8 months and been rejected by all of them...3 were only £5k under asking (due to works needed doing to the property, new boiler etc)

OK, so at least 1 of them was taken off the market afterwards, BUT the others werent and 2 of them are now back on the market as the chain collapsed!!!

Is it me? AIBU?? We are serious buyers, willing to exchange and complete in 8 weeks if neccessary.....where are the people who WANT to sell their houses??

OP posts:

BiscuitNibbler · 18/10/2011 10:33

Has the EA approached the building company with your offer? Because it sounds to me like the EA is chancing their arm trying to squeeze extra out of you. Remind them that they are obliged to pass on every offer. Good luck.

Original poster

Becaroooo · 18/10/2011 10:41

He is doing so today but has told me they may not give an answer today...sigh.

OP posts:

Akandra · 18/10/2011 10:57

Becarooo despite what TV would have you believe its not a buyers market out there. Its VERY dependent on your location and even the specific time of the year. For example in the two areas I was looking (had an offer accepted on Sunday) one market is dead as anything, with nothing moving (a buyers market for sure) and the other is moving quickly with properties fetching a good price (a sellers market for sure - I know because I was also selling and we got a good price above what people were paying at the height of the boom). Theres no more than 20 miles between these two spots. They are both great commuter towns with good schools. The slower one is in fact closer to London.

Many people want to get a deal, but many sellers also need to get their money out of the property in order to purchase the next one. When I put mine on the market there was a bottom limit under which we would not sell because we needed the deposit. As I said in your previous thread, I would not have taken 15k under the asking price on a property thats only been on the market for a few days no matter how good a position you are in.

The builder is out to make money. He will think he can make more at this stage. Later, if no one else buys it, he will take less. But first he will try and get as close to the asking price as possible. A developer will normally want a fast turnaround so it won't stay at that price unsold for a long time.

Tell the EA your offer will remain on the table. If no one offers more in a month or so the odds are he'll come back to you. We're about to enter the winter slowdown too (i.e. from when you can't complete until after Xmas until after Xmas) so you might find he comes back sooner if he doesn't want to sit on it until January.

Original poster

Becaroooo · 18/10/2011 11:09

Thanks akandra

I am in the east mids so not quite the same issue as where you are, but its certainly an odd market atm.

For example, a house we viewed in the summer has come back on the market again yesterday. I rang the EA and the reason is that they had an offer that they accepted, but the buyers wanted to complete in 6 weeks and they havent found anywhere yet - they have put the house back on the market rather than go into rented and have lost the sale Seems very odd to me and I am not sure they are serious about selling.

I think the fact that we were the first to view this house has really worked against us

OP posts:

Original poster

Becaroooo · 18/10/2011 13:27

Its a no go

So have told him offer is still on the table and to get back to me in a few weeks if its still on the market.

OP posts:

tyler80 · 18/10/2011 13:43

I think you just need to sit tight. You're in a great position but I do wonder if you're coming across as a bit too keen when making offers. You've made I think 3 on this one in only a few days. You really have to be a bit more arrogant about it, say take it or leave it to them.

I know you're not too far from me so it's unlikely you'll miss out on anything by waiting. The market is dead round here and proceedable buyers are few and far between.

Original poster

Becaroooo · 18/10/2011 13:48

Hi tyler thats what I have done today.

Just spoken to EA again (after we got a no on £170k) and said "Thats it take it or leave it, I am viewing other properties this week and next" Offer on the table. No more I can do.

OP posts:

timidviper · 18/10/2011 14:02

Don't give up hope. Back in the 1990s when the markets were very slow we sold and moved into rented as we wanted to find the perfect house and be in the best possible position.

We saw a lovely house up for 140k but dramatically overpriced at the time as it needed everything doing. We offered 120 which was refused then upped it to 125k which was also refused. Apparently the vendors had several offers between 115 and 130 but refused them all.

We tried another house which we pulled out of when it was found to have structural problems, at which point EA approached us and asked us to offer 120 again as vendor had rethought so we offered 115 and got it for 117k!!

Hold your nerve, it'll work out in the end!

Original poster

Becaroooo · 18/10/2011 15:35

ugh...I am rubbish at this!

I have viewed several houses recently (not going to offer on any of them) and the vendors all seem to think they will get asking price

OP posts:

alabamawurley · 18/10/2011 16:49

You're not rubbish Bec, you took a calculated risk by offering early on this one as it is being sold be a developer who as Akandra says will be after a quick turnaround. I do agree though that you may have come across as too keen, in how quick and by how much you upped your offer, although I would still not be at all surprised if they came back to you and accepted.

BTW, let vendors think what they want - you should be finding out as early as possible just how motivated they are to sell. How many times have you heard the line "yes but we need to sell it for X". IME either you need to sell, in which case you will take the best offer, or you will hang on (perhaps indefinately) for what you believe the house is 'worth'.

Finally, is there a particular reason you are stressing about buying asap? With a few exceptions (mainly pockets in and around London) prices are falling so I'd say the pressure should be on vendors to sell, rather than on potential buyers.

Original poster

Becaroooo · 18/10/2011 16:57

alabama Are you psychic???

Just got off the phone with the EA.

They have accepted our offer (on the cond we complete at end of Nov)

Its a lot of money and we only have a 10% deposit, but its our forever house and I am NEVER moving again!!!!!!

Thanks for all the great advice, as always!

OP posts:

BiscuitNibbler · 18/10/2011 19:58

Congratulations! I knew they were just trying their luck!

Original poster

Becaroooo · 18/10/2011 20:01

Thank you! Am pleased as we got £13k off asking price (no idea what % that is, sorry!)

OP posts:

alabamawurley · 18/10/2011 20:16

Uncanny! Really pleased for you Bec, enjoy your new home!!

MrsBaggins · 18/10/2011 20:24

Yippeee! fantastic

PropertyAddict · 18/10/2011 20:27

Well done. £13k might not sound a lot to get off - but it actually is a lot of money if you think of it as real money, not the imaginary mortgage stuff. Hope you'll be very happy there.

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