Listing, viewings and offers thread 3!

[Fortheloveofscience]

We filled up our old one, hoping I'm not posting out of turn by starting the next, it's the only thing keeping me from going nuts with the endless cycle of no viewings - viewings - feedback - no offer - no viewings - viewings etc!

Hope this is the thread where we all sell and get our dream houses. I'm working from home and doing 'backseat cleaning' - nagging my poor OH who has the day off to do everything for our second viewing this afternoon from the only couple to have shown serious interest.

Thank you all

Good news seems to be in the air at the moment so let's hope that everyone else breathes some in too and for all!

That sounds promising PickAChew - have you made your offer yet?

I've paid for the searches and the structural survey today, although it's being held back until our MIP comes through. Just wanted to pay in case it happens while we are on holiday next week.

We're going to view our vendor's house again tomorrow - armed with a list of questions and a tape measure! I want to start planning where the furniture will go and what we'll need to get rid of

Both houses are now off Rightmove (showing only as SSTC) and off the individual EA's websites which is a relief.

Can I join? We've been on the market since mid-June and a fair few viewings, but no offers. I've come to the conclusion that we're overpriced, so we've reduced today and looked at a possible alternative EA too - I think think we were badly advised about price at the beginning, though the unwritten rules and language around pricing seems to have changed since we last sold and bought....

Next door went on the market last week, and was sold by yesterday so I'm feeling a bit grumpy about the advice we've had, though we probably should have known better ourselves. We have to move by January for my husband to start a new role, so we're on a bit of deadline now.

We have our eye on a place to buy, but a bit like yours PickAChew it'd need some work and a bit of love and care upfront!

Yes, we've had an offer below asking price accepted :o

Wow, congratulations PickAChew!

Good luck taking your measurements tomorrow YogaDrone!

Exciting times for you both!

Welcome Frescoed. I hope the price reduction means you get an offer soon.

We had a viewing today but no feedback yet, so we'll see. Two houses that we viewed last weekend that we liked are both now showing as SSTC. We're okay about it in the sense that we prepared ourselves that this was likely to happen when we started looking at places before we had a buyer, but it's a bit disappointing nonetheless. The location where we are planning on moving to is only a small town, and there's not much coming onto the market right now there, so there's not going to be much to choose from at this rate!

Hello, all
I'd like to join you if I may.
Divorcing then moving abroad to my home country with DD when house sold.
Been on market since middle of June. Over 90 (!) viewing appointments made. Not all turned up. 3 bed terrace, outer London. On for 365 originally, a month ago reduced to 355. 3 offers, 320, 340 and 355 which we accepted only for the buyer to pull out.
He has offered on a flat in June and the vendor I think has just found something themselves.
On 16 week sole agent contract. Vendor's EA (VEA) want to help sell our house. I rang them and explained situation where STBXH is threatening to pull out of flat as we haven't a buyer and will look again once we have a buyer. VEA want to come to look at the house but won't without speaking to him (we all still live together) first then suggest I call our existing EA to ask to be released from contract and go multi agency (?). It didn't help STBXH moodiness to be told by VEA that they sold a smaller house down our road in the last few weeks for 355. He didn't get told that although it is only two bedrooms the smaller room is bigger than either of our small rooms, the bathroom is upstairs not down, they are semidetached from the terrace, they have a side driveway and an outbuilding/office. So they will get more for theirs.
Frankly this is soul destroying.
I cannot wait to not have to live in the same house with him.

Lu, Lazy, glad things are going well.

Thanks for all the sympathy. We've gone back to a house we previously looked at and quite liked. Feels like it's overpriced (no other offers since May) so trying to negotiate but because they've put a lot of work in I think they expect a certain amount for it. Really need to find somewhere so we don't lose our buyers but market feels really slow.

Good news PickAChew - fingers crossed things go smoothly for you!

Thanks KitKat - we found that it can sometimes take a few days for feedback to come through. And then it isn't always very rational I hope you get an offer soon. I'm sorry that both the properties you liked have gone SSTC, but hopefully something else will come on that is ever better. It's difficult when you are looking in a small area for something specific.

Welcome Frescoed and Longingforalife

Frescoed that would be galling. What did your EA's say abut the house next door? To be frank they sound a bit shit. I totally agree with you about the unwritten rules around pricing and offers. I was reading an article from an estate agency in Wiltshire/Somerset which said that their analysis over their region of the west country had shown them that people were incredibly responsive to small changes in asking price. So properties with a list price of, for example, £250k weren't getting viewings but changing it to offers in the region of £245k and suddenly people were queuing to view. I think we noticed this too in our area. The market certainly seem very flat just now. Whether that's because it's August or because there is still lots of nervousness caused by the general election and Brexit I don't think the EAs know.

Longing for you. What a horrid situation. Is there no way you could move home and rent or stay with family and let your STBEXH deal with your house sale? He doesn't sound very realistic though. What feedback are you getting from your EA?

prettygirl - the vendors are going to have to wake up at some point though. The market is certainly flat in my area and I'm getting "reduced price" alerts from rightmove every day but only 1 new property in the last 2 weeks. Some are coming down in large increments of £30 - £50k too. Good luck with your negotiation.

Thanks Yoga. Hope your visit goes well today, actually getting to plan how you're going to arrange things sounds fun.

We offered 30,000 below asking originally and have gone up by 5,000. They've emphasised everything they've done in last few years, which is fair enough, but it's still essentially a three bed of a certain size. If anyone fancies a look it would be interesting to know if you think we're being reasonable: www.rightmove.co.uk/property-for-sale/property-66840050.html

Pretty have a chat with their agent. The issue of ceiling price is one we have bumped up against so many times whilst looking - and why we had to pull out of our first purchase. So many people fall into the trap of thinking that because they've spent tens of thousands, it must all increase the value of the property. Unfortunately they overlook the fact that spending a million quid on renovations does not make your house worth £1m!

A good agent will know that - and will also have told them. Ultimately the agent has to list at the asking price the vendor wants - it may not be reflective of the valuation. In your shoes I would ring the agent and talk through your concerns - it's always worth stressing the fact that you need a mortgage and that if the valuation survey doesn't support the asking price then it will be a non-starter. It's also worth researching comparable sales in that area, as that's what the surveyor will do. Is the asking price reflective of what other similar properties have sold for?

Drspouse any news? No advice about renting out whilst on the market I'm afraid.

As far as we know we've had no viewings booked for the weekend (but they are rubbish about letting us know). So our notice is then up and we'll ask the new agent to wait a week before making it active.

Welcome Longingforalife. I do feel for you. Moving is stressful enough without also have to deal with an impending divorce too.

Thanks Yogadrone. Yes I keep telling myself that maybe something will come onto the market soon which is even better and be just in time for when we've got a buyer lined up. Then I realise I may be confusing optimism with just downright wishful thinking. Lol!

Pretty it's really hard for me to judge the price as I don't know the area, but I did a really quick Rightmove check on the prices of 3-bed detached houses in Sheffield and it definitely looks like one of the more expensive ones on the market. I agree with LazyDailyMailJournos that the best thing would be to find some details of recently sold 3-bed detached houses nearby and compare prices bearing in mind size / finish quality, and then approach the agent again.

Our visit was cancelled by the [apologetic] vendor and we've rescheduled for tomorrow morning. We also have our purchasers coming for a viewing tomorrow afternoon so we are going to be here so that we can meet them. Apparently they would like to meet us so I'm not just foisting ourselves on them!

pretty I don't know your area either but it's a lovely house in what looks like a good area. The last house sold was a 4 bed but a semi-detached. And that went last autumn for £260k so it does seem that they've loaded the price a lot due to the décor. Although some to be leasehold and I would imagine that affects the price.

I agree also with Lazy. Although does it being an online agent make talking to them more difficult? £30k under doesn't seem too unrealistic. Like KitKat I took a look at that postcode + 3mile radius and it's mostly 4 beds in the £350-£400k price range.

drspouse your EA doesn't sound like they are really trying on your behalf. Perhaps swapping to a new agent will drum up some viewings at least.

Pretty I've had a chance to have a look at the listing now. It's a lovely house and they have done a really good job on it as the finish looks great. I'm personally not a fan of feature walls but it has been well done. However -

1. It's difficult to find an immediate comparable property as Zoopla doesn't show any other history for detached houses on that road. It doesn't mean that there aren't any - only that they aren't publicly viewable as they haven't been updated. That can make the mortgage valuation a bit more difficult.

1. The semi-detached properties which sold in November went for 265K and 270K, both 3 beds. I know this is detached and has been extended but they are essentially asking for an additional £100K for the detached element!

1. I've done a search on RM including SSTC for a mile radius of that postcode and at the £325K mark you start getting 4 bed detached houses in the results. There are two 3 bedders on at £230K and £300K and whilst they don't look as nice, you need to bear in mind the surveyor won't be fussed about the decorative finish as long as it doesn't impact on the structural integrity of the property. So there is a huge price differential between the house you're looking at and the other listings.

Being brutally honest I would be very nervous, if you are in the position of needing a mortgage. Based on the factors above I can't see how a mortgage valuation would agree the asking price as being a fair market value as it feels very overpriced. I suspect they have fallen into the trap of having spent £50K on an extension and conservatory and thinking that this has raised the price of the house - unfortunately a surveyor is unlikely to see it that way. We had a very similar situation with the house we pulled out of and next door had sold a short while previously - so was used as the comparable. The vendor wanted a £50K premium for all of their work (including a loft conversion) but the surveyor only priced the additional work as being worth £10K.

Hey folks, can I ask a bit of advice? I just started a thread on this, then realised you guys would be the best to ask as you're all going through this selling rigmarole! I was on the thread a while ago and fell off it. We're upsizing, selling our 3-bed semi in Leeds, it's on at 150k. Looking for a 4 bed somewhere local, search isn't going to well, but we've finally got some offers on our place which is great.

So, after having an open house last weekend we're in the amazing position of having four offers on the table.

The most recent to come in today was for £1k over asking price, from a couple who are currently renting, and have a mortgage agreed, so in a great position. The other offers are quite close together, £5k under, £3k under, and one at asking.

Our agent has recommended we go to 'best & final' offers, and go back to each of the buyers, make them aware that there are other offers, and this being the case, ask them if they wish to increase their offer.
Now later on whilst I'm thinking about this, I don't feel quite right about it somehow. I get why it's a good idea to get the best price, it feels greedy IYSWIM - we've already had a great offer.

I guess the guys who have offered less may have offered more, but wanted to start with a low negotiating offer, I mean no one offers their best price to start with. So it seems fair to give them the option to offer their best if they really love the house. I guess my worry is that it doesn't seem fair to the people that have offered the most... because the other buyers aren't in AS good a position, so even if they keep their offer the same, they will probably be our best bet. And if they offer more, then it sort of feels like they will have been suckered into doing so.

I'm babbling. This negotiation stuff stresses me out a lot. I just want to be as fair as we can be to people. And I'd hate the top bidders to feel played and pull out

(I'm going to catch up on the thread now!)

Gratz to all with offers accepted and surveys gone well! Sounds like a good run of luck on the thread!

Longing - that sounds super stressful for you. Moving is stressful enough without a split in the mix.

Pretty - fx for your vendors being realistic about what they've priced the place at! It looks great, but it's a 3-bed semi at the end of the day, there's only so high a price they can fetch... It'd be great to let them stew for a while with your offer on the table, but do you buyers have a timetable they're working to?

Hopefully a price reduction will get you back on the radar PickaChew, I know I get Rightmove updates when there's drops, so it should be a fresh start!

KitKat - no point beating yourself up for looking too soon, you never know when your place will sell, and you can't buy a house you haven't seen! We're feeling like we've seen all the good ones locally now, we're hoping for new stuff to come on...

@longing you're doing two of the most stressful things possible in one fell swoop, there. There's no wonder your nerves are in tatters!

After a week of endless phone calls and form filling, I think DH is all grown upped out, this evening :o Left a load of clothes on the bathroom floor and is zonked out on the sofa. Bless. I think DS2 is disappointed that we've not viewed any new houses. He keeps shouting "Houses! Upstairs!" He was a bit disappointed we viewed the one we offered on for a second time, this week and kept trying to rush through all the rooms, say goodbye and leave. DS1 spent all our viewings appraising the pokemon go situation. He said he liked the one we've gone for the best, but that might be due to the pokestop across the road and 6 gyms within 10 minutes walk!

Well that's certainly one way to appraise houses! A house by a Pokestop would be a dream come true! I'm not sure DH would be happy with that being the deciding factor...

pretty there's a developer that's been doing that with houses on one of the estates where we were searching. The ceiling price on that estate seems to be about 200k for an extended to the hilt 3, now 4 bed semi, but this developer has one of those up for 260k and another perfectly ordinary and boring grey and white unextended 3 bed detached up for 235. It's only marginally bigger than the 3 bed detached we viewed last week for 170k, just a few doors down and on a similar sized plot, and we realised on viewing that all our stuff from our 2 bed terrace wouldn't even fit in it because it was no bigger and had smaller rooms. The difference in standard of decor and fittings was nowhere near 60K worth (and for all we know, the paintwork is just as shit, close up). Unsurprisingly, this house did its 16 weeks with one agent and is now on with a second.

I think "orangery" is a bit of a poncey term for that conservatory, btw - it doesn't even have a shaded roof and would be hellish in full sun. We had an owner raving about their similarly finished conservatory and how lovely and hot it is. Erm, no thanks. Probably great for drying laundry but I wouldn't want to sit in it!

Ness - I'd think about the following:

• Are all of your 4 offers in the same position? Is everyone chain free, mortgage agreed and ready to go - or are there some buyers who are in a different position? If you have offers from people who are proceedable then I would discount anyone who still has a property to sell. Make sure your agent has done at least some basic due diligence on all of the buyers to make sure that they are genuine, have proof of funds, proof of mortgage agreement etc.

• If you have offers from people who are in a chain free then think about how long it is and is the chain likely to impact on you? I'd be tempted to go for someone who is in a minimal chain or chain free, over someone in a long chain. The more people in the chain = more potential for delays and problems.

If what you're left with is 2 potential buyers who are in a very similar position, then I would ask for best and final offers, on the basis that there is very little to choose between them. Remember that there is nothing to compel you to accept the highest one! We were in exactly this position with the house we're buying; it went to sealed bids and fortunately we were successful.

Sorry forgot to add -

But if what you are left with - after all of the considerations - is just one buyer then don't bother with sealed bids. I would add a lot of weight to someone who has a mortgage ready to go and who is in rented and can therefore move quickly with no downward chain.

Lazy would you mind doing a RM comparison on our house if I give you the link?
There are a few more on the market now but they are SO variable even with the same no of bedrooms, in size, location, and condition, even leaving aside the modern/period issue.

Thanks Lazy. That's just it, the house is on for £150k, the offers are:
£145k - FTBs, mtg agreed in principle
£147k - house on market still to sell
£150k - house is SSTC to a cash buyer
£151k - in rented, mtg agreed in principle

So the top offer already is the people in the best position. I keep thinking we should just have accepted it. But then the £150k people are in a good position too, not quite as good, but if they offered £154+ I think we'd seriously consider it coz it'd make all the difference to our onward purchase.

I never thought it'd be this stressful once we HAD offers ffs

Nessalina, if I may jump in here.
I would reject those still to sell, and go to best and final offers from the other three, explaining that they are all very close to each other in their offer.
I would also ask that they tell me in an offer letter why they should get the house. The letter is an American thing but I like the concept of my "home" going to a family I feel I can connect with.

Whatever you decide all the best fx.