Support thread for house sellers

[Spirael]

Just what it says on the tin, really! I'm sure there must be other stressed house sellers out there? Hopefully we can band together and get some small joy of (hopefully?) seeing our houses sell so we can get a move on!

This is a thread of hand holding and mutual support for the EA dealings, weeks of silence, frantic house tidying, no-show viewings, silly offers and tough decisions. This is not for house bashing and price slating. There are plenty of other threads for that!

I've been trying to sell for a year now. Had a surge of viewings earlier in the summer making the right noises, but all has gone quiet for the last few weeks.

However, we have a viewing booked for later this afternoon from someone who has sold their house and is able to proceed - wanting to move before Christmas. Currently swinging between pessimistic and optimistic, while trying not to look at the house we want to buy!

Anyone else out there? :)

Well they are looking at an offer close to 98% and it needs new bathrooms, kitchen, flooring, plastering. Mine is in perfect condition. I would bite someone's hand off at that offer but they still want more.

Offer them what you think is fair and leave it on the table.They may think again in a couple of weeks

They already (allegedly) have an offer on the table for 98% from apparently a cash buyer so there's no point. Either they are being greedy or the EA is bullshitting... He's not a local EA so I am wary.

If they had a 98% cash offer in this market they would have taken it. Agents are desperate atm. I have heard every story going over the years and this time round the lies are ridiculous. Everything we have viewed in the last year is still available most of them reduced. Where are the other buyers I was warned were my competition? Try and push your buyers up a bit too

I'd still make the offer, if they turn it down and can't sell they may be back. Vendors are achieving around 93% of asking price at the moment, so unless their property is very desirable they are unlikely to achieve it particularly as it sounds like it needs work.

cuddy have you looked the property up on Zoopla, I don't set much store by their valuations but you can find sold prices and also you can see whether its being marketed previously and at what level. I found the property I've just had an offer accepted on was on the market last year and that they had reduced a couple of times, I offered accordingly.

The only reason it is at all desirable is because it has a big garden which is very unusual for the area. It's ugly from the outside but I could make it lovely inside. They are divorcing (he has left already) - saw him in the pub with a newer model!! I am awaiting a call from my EA to see if they will up the offer.

Can I just add that you need to be careful with last sold prices. Try and establish when current owners bought their house if you are interested in buying it. The reason I mention this is for our current property the rightmove, Zoopla type sites say it last sold in July 2005 but we actually bought it in March 2009 for 35% less. There are various categories of sale that do not get included in many house price websites or in the statistics derived from them. What difference do you think it would make to potential buyers of our property if they thought we paid that earlier figure? Presumably at some point it would become apparent that we were not the '05 buyers (if we don't let on, that is), when would this be?

Does anyone know if you can actually get the data about repossesion/corporate sales prices?

Yes they bought at 335k four years ago - have done sweet FA to the property. They have an offer of 340k but want more.

CuddyMum. I'd find a more reasonable seller if you can. These guys sound like they are totally unrealistic, and (bad person that I am) they deserve to sweat it out on the market for a long time not to be saved by a 'greater fool' coming along and keeping their unrealistic dreams going. Use your head - don't fall in love with a house. Otherwise you risk ending up taking the hit on the house that they might avoid :(

I think most EAs seem to be boasting where they can get 90% of asking price so 96% might be a tad tricky but it depends on your area (check out the RICS link). Asking prices have fallen 4% nationwide since July. Selling prices vary by region but most are falling 1%+ per month.

Any reason you'd not consider renting and stepping out of the market whilst prices fall further? That's what we're going to do. Ok it's one more move but prices in our target area are falling 2k per month (Fife) so if we buy right back in now we would risk NE in just over a year (and our deposit was saved from earnings, it hasn't been built up by house price inflation so it's reflecting much more blood, sweat and tears than those who have just sat on their house and made £30k!!!!). Whereas if we rent it would only cost us about £500 a month and the hassle of an extra move (but hey we're of the generation that has moved dozens of times in our twenties thanks to the AST tenancy agreements and being priced out). My DH's work are paying for our first move so it's not such a biggy. Although of course we will have a small baby to move... so it's not all peachy. But we figure that if prices drop 2k a month - by the time we've paid mortgage interest over the lifetime of the loan that's a saving of 6k in real terms per month. After a year that's over £70k - more than enough incentive to stand out.

It is a bugger but the old saying is that you upsize in a falling market and downsize in a rising one (am amazed how few folks know this basic financial truism though). It sounds as though neither of us are doing it right!!! Oh for a crystal ball eh?

The date is correct as I know the person who did the conveyancing

We are prepared to rent :)

The land registry is the only place to get reliable figures (or Scottish registers up here). Zoopla is pants. It costs about £3 for each property you want to check on the LR but is worth it if you are seriously interested in a house no? I believe they do include repossessions in the registry figures but NOT in their quarterly house price sale trends, which I consider to be a significant distortion of the figures as it is omitting a large and low priced segment of the market. If they omit repos then they ought to omit fixer uppers / developments as it's not comparing like with like.

Good for you Cuddy - I'd leave them to their unrealistic expectations - or take the approach recommended by Noddy. Good luck!

Our agent reckons we will achieve above our asking price (but we priced low) as we've gone to closing and have several interested parties. I remain highly sceptical but will let you all know on Thursday. I won't believe anything until we get the money in our account and are going to be very wary of any offers subject to finance as so many mortgage products seem to be being pulled at the mo' - I guess the banks are scared of exposure to the Euro and having a panic?

That's good to know Yellow, I wasn't sure repo etc information was at all available, thanks for that. Yes I agree about manipulated figures, in our area (in London!) I think it would seriously affect the numbers as I do notice there are quite a lot of enforced sales (from the required public notices prior to sale).

I do wish people would ring with counter offers on the same day! I can't stand the waiting. I just want to crack on and make a decision.

Wonder if I ought to have buried St Joseph a little deeper...

Cuddy,
There should be plenty more houses to choose from soon at more realistic prices.

The Rightmove Index has dropped to £234k today from £246k in June. So people not buying have saved £12k in 3 months.

And they've saved £36k once you count in the lifetime costs of servicing a £12k mortgage debt. Oh god hurry up sale I want out now.

No other houses at the moment unfortunately ;(

We had another viewing last night, a young builder (we vaguely know) and his Mrs. He offered on the house last year when we bought it (it went to closing then too) but missed out and came to quote for some work we needed doing. He seems a really nice guy. They're just a classic young FTB couple. I know it sounds daft but I really hope it goes to them in closing as they seem to really love the house and with him being in the trades - he can get loads of free waste timber which would be perfect for the Rayburn! Some of the downsizers were just plain unrealistic (not on the market yet, but reckoning their third of a million pound house will sell 'in a heartbeat because it's lovely') and having had things their way throughout their entire housing career - I'd like to give the young couple a break. Mindst if the market is going to tank - maybe best to sell to the downsizers who have equity as a cushion.... Well only two and a bit days to go until closing.....

It's all sounding promising YellowWellies - the best of luck to you :)

Yellow you are beginning to persuade me of the benefits of the Scottish system. Or is your market skewed by a real shortage of property up there?

Well my place is supposed to complete at lunch time today. Not heard a bean, so will just let the solicitors do their stuff today.

iseen I have worked with English and Scottish cases, and the scottish ones are always much easier (I was a mortgage underwriter at a brokers until made redundant a few years ago). I definately think that England should adopt the Scottish system of house buying. It is much fairer.

Forgot to add: fingers firmly crossed for you YellowWellies