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Property/DIY

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Original poster

The house i wanted has been sstc...devastated

19 replies

Buttonmoonb4tea · 13/09/2016 10:07

So mine was put on the market in August, had a number of viewings but no offers. Visited this particular house twice, near to school but needs quite a bit of updating, rewriting, possibly plumbing. Anyway it's been sold subject to contract. Could cry. There's nothing else on the market in the area that I want. And I need to sell my house before u can think about offering. I'm just fed up and need to vent

OP posts:

BumpAndGrind · 13/09/2016 10:10

How frustrating.

By the time you sell something even better might have come on the market.

I would stop looking at what is available until you are in a position to offer, saves heartache that way.

YelloDraw · 13/09/2016 10:14

Oh so sorry :-( I have my fingers crossed for you that something even better comes on once you're ready to buy

faffalotty · 13/09/2016 10:22

Horrible when that happens.

Hopefully something else will come up or maybe the sale won't progress and that house will come back on the market (I've seen that happen with a lot of houses whilst I've been looking)

wowfudge · 13/09/2016 11:30

If you get interest in your house, let the other agent know that should the house come back on the market, you would be interested.

lalaloopyhead · 13/09/2016 11:44

I know it is a hideous cliché but I always think these things work out in the end.

Similar thing happened to me, I was waiting for money to come through from split with ex and I didn't feel comfortable making an offer until I actually had the cash. In the meantime the house sold so I looked at others, I had an offer accepted and we went through the motions for the seller to pull out further down the line (which I was really cross about at the time). Started to get fed up as I couldn't find anything else and original house came back on the market as their buyer had pulled out last minute. I had all money and mortgage ready to go so had a lower offer accepted as they were desperate to sell at that point - moved in not long after.

Original poster

Buttonmoonb4tea · 13/09/2016 11:53

Thanks everyone. I've been on to the agent and have let them know I'd like to be kept updated if the house sale falls through. Sadly I don't think that will be the case. I also spoke to my agent who have advised it may be helpful to reduce my asking price. Really not sure what to do about that. They say as it's coming up to winter and always harder to sell in winter, reducing may increase interest again and produce an offer. Any advice would be appreciated. I've never done this before so all very new to me

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Original poster

Buttonmoonb4tea · 13/09/2016 11:55

Ah thanks lala so there is some hope then. I am a believer in fate, but still feeling pissed off that fate hasn't quite worked how I thought it would. I'll get over it. Just going through the motions I think

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faffalotty · 13/09/2016 12:37

hmm, I've been told the opposite by estate agents - that August is a difficult month to sell in, but things pick up in September when people want to move by Christmas

YelloDraw · 13/09/2016 12:50

hmm, I've been told the opposite by estate agents - that August is a difficult month to sell in, but things pick up in September when people want to move by Christmas

And I was told last year that Christmas is a good time to be on the market became people are RMing over the Christmas break!

dynevoran · 13/09/2016 13:32

Honestly it's such a cliché but everyone is right - a better house always comes along!!

This happened to us twice and I was so upset and once we have completed the works to our current house it will be infinitely better than either we missed out on.

OOAOML · 13/09/2016 13:44

If it helps, I just moved into a flat that I was interested in months ago but it was sold before we got ours on the market. That sale fell through, and it came back onto the market just as we went on. We went to a closing date after 3 weeks on the market, accepted an offer on ours and offered on the one we're in now.

Original poster

Buttonmoonb4tea · 13/09/2016 14:13

Ok so the consensus is that there is still time to sell this year without reducing? I know you don't know what the future holds, it's just that I would love a firm offer on mine so I can get things rolling. Is 5 weeks on the market too soon to reduce? What impression does a reduction send to potential buyers? Sorry for the questions, but it really is a minefield

OP posts:

GETTINGLIKEMYMOTHER · 13/09/2016 15:43

You never know - quite a number of SSTCs never go through to completion.

I have seen a number that were supposedly 'sold' coming back on the market. There can be all sorts of reasons - difficulties getting a mortgage, buyers finding something else better/cheaper, etc.
Nothing is actually 'sold' until contracts are exchanged.

OOAOML · 13/09/2016 16:21

To me, a reduction signals that they probably over-reached themselves on the valuation/marketing. Have you compared yours to other similar properties locally? As a potential buyer, there was one flat we'd looked at online quite a bit but only went to view when it was reduced in price (that one stayed on for ages, but I think it was because the rooms were really small and the slope of the 'eaves storage' rendered quite a few walls unusable for putting furniture against.

Dropping the price would probably get more viewers, but I wouldn't rush to do it if you're sure yours is reasonably valued. Have you spoken to your agent/solicitor about marketing strategy?

BabarityOfRoses · 13/09/2016 16:33

The dropping price, depends where you live. One place I lived it took six months for something to look "left on the shelf", another place a year, another place just 3-4 months.

And I wouldn't be reducing for a quick sale if there is nothing around I want to buy!

I think reducing after max 6 weeks is a bit quick. I get the value in going to market keenly priced from the off if you have found the dream house/had a change in circumstances etc. But thid way, you'll just attract vultures.

Original poster

Buttonmoonb4tea · 13/09/2016 16:51

Thanks for the info re reducing. My agent has sent out the details to potential buyers by email match. It's also on the major property selling websites. They valued it between current asking price and slightly less, I've gone with the higher valuation as one on my street was recently up at the same price. I'm going to wait until the end of September and then re-assess.

I had a feeling that reducing would attract as someone else said "vultures".

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cloughie100 · 13/09/2016 17:05

Also don't forget that most of the time your house has been on the market has been during school hols when lots of people are away so I wouldn't rush to reduce yet

Lilmisskittykat · 13/09/2016 21:42

Just adding to the consensus that summer is a slow period. I've got my house listed put on week after brexit vote and was told that alongside normal summer drop off had made the market quiet.

September its usual for things to pick up so let's hope they are right as its been really quiet my end for house selling! I'm planning to hang in and not reduce just yet if that's if any help

Original poster

Buttonmoonb4tea · 13/09/2016 22:11

liitlemiss that's reassuring to know. Hopefully things will pick up this month. I'm going to wait like you and see what happens before reducing. Thinking about it 5 weeks is very early to reduce.

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