How far will house prices fall [volume 4]

How far will house prices fall [volume 4]

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Deva Link

26,934 posts

209 months

Thursday 8th November 2012
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essayer said:
Yes, as far that it sold and someone moved in; it will be interesting to see what it actually sold for.
But I guess bungalows aren't a normal market.
Ah, OK - you don't mean it sold for £390K, you mean it's sold and £390K was the asking price. Sorry!

essayer

7,075 posts

158 months

Thursday 8th November 2012
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Deva Link said:
Ah, OK - you don't mean it sold for £390K, you mean it's sold and £390K was the asking price. Sorry!
Oops yes sorry could have been clearer on that.
But I suspect it would have been close for it to sell so fast !

tonker

60,655 posts

212 months

Thursday 8th November 2012
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Deva Link said:
If it was then somebody messed up with the valuations.
Or, perhaps exactly the opposite, but someone at the EA now has a very nice Breitling smile

Deva Link

26,934 posts

209 months

Thursday 8th November 2012
quotequote all
tonker said:
Or, perhaps exactly the opposite, but someone at the EA now has a very nice Breitling smile
A bit dodgy if it was a probate sale. Although the house we were involved with was put on the market with only one valuation, and a (distant) relative instructed the EA without any reference to the executor (a solicitor). The solicitor wasn't very happy!

fido

15,129 posts

219 months

Thursday 8th November 2012
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The jiffle king said:
Why 660? no idea, just crazy thinking, but we´ll see where this pans out to
Just out of interest has anything else sold for that much? Similar type of property of course ..

tonker

60,655 posts

212 months

Thursday 8th November 2012
quotequote all
Deva Link said:
A bit dodgy if it was a probate sale. Although the house we were involved with was put on the market with only one valuation, and a (distant) relative instructed the EA without any reference to the executor (a solicitor). The solicitor wasn't very happy!
I sent someone to view a probate sale back North as soon as it came on - up with a reputable local EA (more of which later). Up at £87K. I knew it was cheap because I know the area and knew the house (delivered its papers for 7 years...) so a simple check to see it's not falling down and, "yes, I'll pay the asking price".

Magically, overnight, it was an error in pricing and it was actually up at £117K. 5 minutes of thinking worked out we knew who the relatives of the former occupant were, so I called them [it's not that big a place...] - "nope, it's still £87K...., don't know where you got that from."

Call agent back, he confirms the price is £117K and it was an error in the first place and tells us that the seller is NOT the people we know it to be - I accidentally let slip that his boss, the owner of the EA, was a lifelong friend of our family and was at school with my mother, his eldest kid was in my year at school and we were only dealing with him because we knew the owner was away and that we also know the family of the dead occupant and would he like to reconsider his previous answer..... - we would probably be speaking with his boss next week when he comes back from holiday... - a total and complete fit up job on the family.... house was worth £105K max to me at the time, so I passed, but made sure the family knew what was going on so they didn't get fitted up (hindsight being wonderful, it was actually good value at £117K smile - done up probably £285K now )..... - and yes we did tell the owner what his monkey was up to ....

Deva Link

26,934 posts

209 months

Thursday 8th November 2012
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That's all a bit clumsy, isn't it - why not just tell you it's sold?

We had people call us directly having got our contact details from neighbours and complain they'd offered more but the EA was refusing to pass on offers saying the house was sold. However in each case they weren't ready to proceed. It was bought cash by a local building family who snap up everything that's right for them.

Justayellowbadge

37,057 posts

206 months

Thursday 8th November 2012
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tonker said:
sent someone to view a probate sale back North as soon as it came on - up with a reputable local EA (more of which later). Up at £87K. I knew it was cheap because I know the area and knew the house (delivered its papers for 7 years...) so a simple check to see it's not falling down and, "yes, I'll pay the asking price".

Magically, overnight, it was an error in pricing and it was actually up at £117K. 5 minutes of thinking worked out we knew who the relatives of the former occupant were, so I called them [it's not that big a place...] - "nope, it's still £87K...., don't know where you got that from."

Call agent back, he confirms the price is £117K and it was an error in the first place and tells us that the seller is NOT the people we know it to be - I accidentally let slip that his boss, the owner of the EA, was a lifelong friend of our family and was at school with my mother, his eldest kid was in my year at school and we were only dealing with him because we knew the owner was away and that we also know the family of the dead occupant and would he like to reconsider his previous answer..... - we would probably be speaking with his boss next week when he comes back from holiday... - a total and complete fit up job on the family.... house was worth £105K max to me at the time, so I passed, but made sure the family knew what was going on so they didn't get fitted up (hindsight being wonderful, it was actually good value at £117K smile - done up probably £285K now )..... - and yes we did tell the owner what his monkey was up to ....
If you'd spoken with the family, and they confirmed the price, why did you not agree the sale and have them call the EA?

The jiffle king

6,064 posts

222 months

Thursday 8th November 2012
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fido said:
Just out of interest has anything else sold for that much? Similar type of property of course ..
Not too much comparable, but price per sq ft they are asking for this which needs a lot of work is similar to done up properties

tonker

60,655 posts

212 months

Thursday 8th November 2012
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Justayellowbadge said:
If you'd spoken with the family, and they confirmed the price, why did you not agree the sale and have them call the EA?
I did try that, but because they then knew it was 'worth' more than £87K - the £87K was the nick it and sell it to their mate who will flip it to me at a 30% turn for nothing......, then like most sellers, they want as much as they can for it - and they had £117K in their head...... so no deal was doable at the £105K I was willing to go up to.... I don't blame the family, it just reinforced my cynicism on EAs

rufusgti

2,412 posts

156 months

Thursday 8th November 2012
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tonker said:
did try that, but because they then knew it was 'worth' more than £87K - the £87K was the nick it and sell it to their mate who will flip it to me at a 30% turn for nothing......, then like most sellers, they want as much as they can for it - and they had £117K in their head...... so no deal was doable at the £105K I was willing to go up to.... I don't blame the family, it just reinforced my cynicism on EAs
What did it sell for?

tonker

60,655 posts

212 months

Thursday 8th November 2012
quotequote all
rufusgti said:
What did it sell for?
115.5

http://www.zoopla.co.uk/house-prices/greater-manch... (no 12)

pat_y

1,028 posts

165 months

Thursday 8th November 2012
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House pricing around my local area is causing me a real headache at the moment, we sold our little 3 bed semi 2 months ago and are nearing completion but there is nothing to buy, there are 2 half decent houses in a 50K price range in a 1 mile radius and both of them have refused offers of around 96 - 97% of asking price. According to all the local EA's we have viewed with, buyers who actually have a good chance of proceeding are scarce, a lot of sales seem to be falling through with houses returning to market in less than a month from a deal being agreed.
Why are the houses i want to buy owned by retards......If i had a can of red bull i could throw it into orbit i'm so frustrated.

fido

15,129 posts

219 months

Thursday 8th November 2012
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pat_y said:
Why are the houses i want to buy owned by retards......If i had a can of red bull i could throw it into orbit i'm so frustrated.
They don't need to sell and want more money or their house? Doesn't make them a retard - if anything they have managed to obtain a property that you want to purchase! wink

Deva Link

26,934 posts

209 months

Thursday 8th November 2012
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pat_y said:
... a lot of sales seem to be falling through with houses returning to market in less than a month from a deal being agreed.
Any idea why they're falling through?

pat_y

1,028 posts

165 months

Thursday 8th November 2012
quotequote all
fido said:
pat_y said:
Why are the houses i want to buy owned by retards......If i had a can of red bull i could throw it into orbit i'm so frustrated.
They don't need to sell and want more money or their house? Doesn't make them a retard - if anything they have managed to obtain a property that you want to purchase! wink
Fair point, and it's just a giant game of housing 'chicken'. But what's the point of waiting for the asking price? why not just overprice by 10K and negotiate the drop, far easier and everyone understands what the sale price really needs to be. It's kind of like trying to sell a new car at full RRP with no extras, it's just not an expected or common practice which makes negotiation with your target audience difficult straight off the bat.
Yes they are still retards.

scenario8

5,591 posts

143 months

Thursday 8th November 2012
quotequote all
Sorry to be found gulity of beating the same drum over and over again. Every property and very vendor are different, each vendor has their own circumstance and attitude. As a company we try very hard to market properties at realistic asking prices. Other agents take the view of either voluntarily or under presure from the vendor marketing at high prices expecting to be knocked down. Guess what? Those houses aren't attractive to the market and for various reasons don't generate sufficient interest to solicit "good offers" and often stick around smelling badly. Thus, we sell a lot of houses at near, bang on or above the advertised "price".

I have no problem whatsoever with a vendor declining an offer only four or five per cent below the headline price if a better offer is warranted. Even at the asking price if the conditions are there to support it.

I really don't know why I read so frequently on this thread and other similar threads that somehow all asking prices should be treated as if they were 110% or higher of any true value.

Incidentally on that point I was interested in the recent "how much did you pay for your house?" thread that seemed to indicate most people paid very close to the asking price. Obviously the odd goattee wearer knocked 'em 'til they bled, but most didn't.

scenario8

5,591 posts

143 months

Thursday 8th November 2012
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tonker said:
another story about EA shady dealings
As ever, I'm left wondering where all these "sold it to mate for a braan envelope o' cash" agenices are. I know I've never been involved in a dodgy deal and I don't remember knowing of one either. I'm sure they happen, though.

I'm doing this job wrong (as my boss keeps telling me).

fido

15,129 posts

219 months

Thursday 8th November 2012
quotequote all
scenario8 said:
I'm doing this job wrong (as my boss keeps telling me).
We know it happens and they don't advertise it when it happens. It might not be to a cousin or their mate, but heck you must be naive to think that agents always works for the seller. I think most of the time they do, but ultimately it's for their own commision. This is more an observation that a criticism. wink

Edited by fido on Thursday 8th November 17:28

Deva Link

26,934 posts

209 months

Thursday 8th November 2012
quotequote all
scenario8 said:
As ever, I'm left wondering where all these "sold it to mate for a braan envelope o' cash" agenices are. I know I've never been involved in a dodgy deal and I don't remember knowing of one either.
A few years ago: http://www.standard.co.uk/news/rogue-agent-caught-...

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