How far will house prices fall [volume 4]

[kurt535]

Had my house valued this week;estate agent advised selling price = price before vote minus 10%, as a starting point.

[walm]

superkartracer said:

Never , i'd simply tell them to stick it . All the places we've purchased it's been a case of paying the asking price , the seller was happy they got their price and held the house regardless of other offers , i guess if you deal with aholes it can be expected ( or the price states offers over ) .

The price is always flexible - the whole "offers over" is just nonsense.
Glad you met a bizarrely generous seller - are you sure they had other offers?
I can assure you that your experience is not the norm.

It doesn't make you an "ahole" if someone offers you thousands more pounds for your biggest asset.
It makes you rational.

[superkartracer]

I simply don't deal with dishonest people , it's worked well.

[NRS]

superkartracer said:

I simply don't deal with dishonest people , it's worked well.

That doesn't really make sense at all. How can you tell if someone is dishonest in the short time you meet them? It also would potentially mean you miss out on a lot of houses that maybe would be nice.

The other thing is how is it being dishonest to accept a higher bid? Selling a house is effectively an auction. Depending where in the process you are then you might say it's immoral depending on how you view things (if they have accepted the bid and were moving ahead with it) but it's not dishonest. If you put in a bid and someone comes in higher there's no way to even justify that it's immoral.

[walm]

superkartracer said:

I simply don't deal with dishonest people , it's worked well.

Sorry but you are being obtuse here.
Taking a higher offer doesn't make you "dishonest".
I have never done it but we have been gazumped plenty of times.
I never felt like the vendor was somehow morally corrupt or lying to me.

If you think that reading solicitors reports and second hand conversations via an agent give you a deep insight into a person's honesty then I will have my lawyer draw up the paperwork for this bridge I have to sell you.

[V8RX7]

walm said:

It doesn't make you an "ahole" if someone offers you thousands more pounds for your biggest asset.
It makes you rational.

It does IMO if you've already agreed to sell.

[Mr Whippy]

If you're in the business of buying a home and just moving, then taking higher offers would mostly leave you worse off in the longer run.

An expectation of higher growth means higher price rises, which just means the next home you want to buy is harder to afford.

I'd have to think hard about taking a higher offer later. Rewarding the logic that it's acceptable isn't in my interests longer-term.

If the initial offer was good enough to accept that is!

Dave

[superkartracer]

Simple, the asking price is £500k ( they want 500k for their property nothing more and it's not an auction• ) , you offer the asking price and it's accepted , 10 weeks down the line you get a call saying they want 20k more , you tell them to stick it and move on rather than give them ( the greedy person who's just lost you a lot of money and time ) more money which you'll lose anyway as houses are way overpriced ha ha.

Ive just spend 5k on a Liberty & Co ( very rare ) item of furniture , collected it last week 5 months after i'd offered to purchase ( handed over zero cash ) . Antique dealer happy to hold and display for six months and guess what , lots of interest and better offers .

• a public sale in which goods or property are sold to the highest bidder ( at an auction house ) .

Edited by superkartracer on Friday 15th July 10:12

[WCZ]

V8RX7 said:

It does IMO if you've already agreed to sell.

where do you draw the line though? if someone offered £100k more would you still be an asshole for not sticking with your morals

[superkartracer]

walm said:

superkartracer said:

I simply don't deal with dishonest people , it's worked well.

Sorry but you are being obtuse here..

http://www.home.co.uk/guides/buying/gazumping.htm

Some agents insist that the seller signs an agreement to turn down any offers after one has been accepted.

[walm]

superkartracer said:

http://www.home.co.uk/guides/buying/gazumping.htm

Some agents insist that the seller signs an agreement to turn down any offers after one has been accepted.

IANAL but I strongly doubt any such agreement is enforceable.

What about buyers who pull out of a sale for whatever reason? Are they dishonest aholes too?

[Burwood]

superkartracer said:

walm said:

superkartracer said:

I simply don't deal with dishonest people , it's worked well.

Sorry but you are being obtuse here..

http://www.home.co.uk/guides/buying/gazumping.htm

Some agents insist that the seller signs an agreement to turn down any offers after one has been accepted.

Given it is the law that is at fault here re gazumping. I agree that a deal is a deal and in other countries you can not accept another deal. However, i would wager the agents 'contract' is unenforceable for a couple of reasons. What is the consideration the agent offers in return for this (forebearance)

[Jockman]

WCZ said:

V8RX7 said:

It does IMO if you've already agreed to sell.

where do you draw the line though? if someone offered £100k more would you still be an asshole for not sticking with your morals

I was offered £1,000 more for my first house sale in 2003.

I stuck with my original purchaser. Single mum, kids had been round and chosen their bedrooms etc..

[superkartracer]

walm said:

superkartracer said:

http://www.home.co.uk/guides/buying/gazumping.htm

Some agents insist that the seller signs an agreement to turn down any offers after one has been accepted.

IANAL but I strongly doubt any such agreement is enforceable.

What about buyers who pull out of a sale for whatever reason? Are they dishonest aholes too?

Yes theres a name for that also Gazundering , my folks had their buyers threaten to pull-out on the morning of exchange ( trying to get a reduction ) , really poor move that but their loss as she sold it to another waiting party ( same money ) , what comes around etc.

Edited by superkartracer on Friday 15th July 10:31

[jjlynn27]

Jockman said:

I was offered £1,000 more for my first house sale in 2003.

I stuck with my original purchaser. Single mum, kids had been round and chosen their bedrooms etc..

I don't think you'd be surprised that many wouldn't stuck.

[walm]

superkartracer said:

walm said:

superkartracer said:

http://www.home.co.uk/guides/buying/gazumping.htm

Some agents insist that the seller signs an agreement to turn down any offers after one has been accepted.

IANAL but I strongly doubt any such agreement is enforceable.

What about buyers who pull out of a sale for whatever reason? Are they dishonest aholes too?

Yes theres a name for that also Gazundering , my folks had their buyers threaten to pull-out on the morning of exchange ( trying to get a reduction ) , ready poor move that but their loss as she sold it to another waiting party ( same money ) , what comes around etc.

I wasn't thinking of gazundering but just pulling out for a reason such as finding a different property, or changing your mind about moving at all or whatever, not just punting for a cheeky price drop.

I have had two buyers pull out on me in previous sales and I never bore them any ill-will. C'est la vie.

Now you have made me think about it though, I do find gazundering FAR more morally reprehensible than accepting a higher offer or indeed making that higher offer.
Not sure I can explain why...!
It just seems far more of a bloody-minded ransoming of the hassle.

[V8RX7]

WCZ said:

V8RX7 said:

It does IMO if you've already agreed to sell.

where do you draw the line though? if someone offered £100k more would you still be an asshole for not sticking with your morals

Yes - you would be an asshole for agreeing to a stupidly low price in the beginning and an asshole for breaking your word.

I was bought up that being a man of your word is the most important part of being a man.

[Burwood]

i sold a place in Canary Wharf in 2007. the agent didn't even tell me about asking price offers. They ran sealed bids and achieved significantly more. We agreed a deal, then the original person who viewed came back-they had been on holiday and didn't bid. They offered more again and a 10k cash deposit on the spot. Cash buyer, no chain and exchange in 21 days. I accepted it. I don't have any moral issues with this because the property was not on the market after the first deal. The ultimate buyer had already viewed and offered.

You can call people what you like but i would be interested to see anyone turn down a material difference. Principles are all good until you have 100k waived under your nose.

[Burwood]

I'll add. There is a huge difference between flip flopping within days of reaching a deal and those that do so deep into conveyancing and or continue to conduct new viewings.

[V8RX7]

Burwood said:

i sold a place in Canary Wharf in 2007. the agent didn't even tell me about asking price offers. They ran sealed bids and achieved significantly more. We agreed a deal, then the original person who viewed came back-they had been on holiday and didn't bid. They offered more again and a 10k cash deposit on the spot. Cash buyer, no chain and exchange in 21 days. I accepted it. I don't have any moral issues with this because the property was not on the market after the first deal. The ultimate buyer had already viewed and offered.

You can call people what you like but i would be interested to see anyone turn down a material difference. Principles are all good until you have 100k waived under your nose.

I was a Land Buyer and had agreed a deal over months of negotiations and we were ready to sign.

The Group MD said the buying parameters (increased profit margins) had now changed and wanted £300k knocked off.

I put my job on the line and refused point blank to have anything to do with it which resulted in a stunned silence in the meeting - my MD ended up taking over the deal.