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[Viral_Jim]

So, house has been on the market for three weeks today and we have an offer on the table. 

Need to press a bit more as its not enough, but its not daft either... time to get down to brass tacks as my granny used to say. 

[Field Marshal Dr. Opti]

I'm a nosey bastard.

What have the tightwads offered you?

[Field Marshal Dr. Opti]

So, house has been on the market for three weeks today and we have an offer on the table. 

Need to press a bit more as its not enough, but its not daft either... time to get down to brass tacks as my granny used to say. 

I suggest you insist they arrange a survey ASAP once a price is agreed.

It's easy to put an offer in as it costs nothing. Once people realise the next step will cost them money they may 'rethink'.

[Viral_Jim]

I know you are. £40k below asking price, or just over 10% reduction.

TBH I don't think they will hang about. They went all the way down the road on another property only to find a defect in the title that meant it wasn't mortgageable. They have a cash buyer for theirs chomping at the bit.

I predict we will meet in the middle, which I will be happy with. 

[deviator]

Well done to move a house that quick! I think the average (ATM) is about 18 weeks.

On a side note, nitty gritty as a phrase is frowned up on.

ORIGIN 2: one theory is that "nitty-gritty" refers to the debris left in the bottom of a slave ships at the end of a voyage. Hence, use of the term is highly contentious and has been banned by the police.

Linky

Although I'm sure I read something about it being acceptable again now, which obviously I can't find.

[Field Marshal Dr. Opti]

Well done to move a house that quick! I think the average (ATM) is about 18 weeks.

On a side note, nitty gritty as a phrase is frowned up on.

ORIGIN 2: one theory is that "nitty-gritty" refers to the debris left in the bottom of a slave ships at the end of a voyage. Hence, use of the term is highly contentious and has been banned by the police.

Linky

Although I'm sure I read something about it being acceptable again now, which obviously I can't find.

Whatever next?

Removing golliwogs from jam jars. 

[Field Marshal Dr. Opti]

I know you are. £40k below asking price, or just over 10% reduction.

TBH I don't think they will hang about. They went all the way down the road on another property only to find a defect in the title that meant it wasn't mortgageable. They have a cash buyer for theirs chomping at the bit.

I predict we will meet in the middle, which I will be happy with. 

Perhaps.....perhaps not.

My experience of buying and selling houses is that it rarely runs smoothly.

[STEMO]

I know you are. £40k below asking price, or just over 10% reduction.

TBH I don't think they will hang about. They went all the way down the road on another property only to find a defect in the title that meant it wasn't mortgageable. They have a cash buyer for theirs chomping at the bit.

I predict we will meet in the middle, which I will be happy with. 

A 10% under asking price offer is surely just an opening gambit? If you are willing to accept 5% under asking price, they've still got a great deal. If they're 'chomping at the bit', use that to your advantage. Although how much of the actual true situation they are telling you is debatable, you'd be surprised the tricks folk get up to when parting with their cash.

Good luck, mate.

[Field Marshal Dr. Opti]

I suppose it all depends if the original asking price is a true representation of what the house is worth. Estate agents often 'ensnare' sellers by suggesting they initially put the house on the market at an over-inflated price........only to reduce the price when nobody bites.  If it sells for 5% below the real value of the property this could be considered a reasonable offer.

We have no idea where house values are going. Brexit may cause a slump in price, or a price rise. Who knows.

[Mister Rog]

I know you are. £40k below asking price, or just over 10% reduction.

TBH I don't think they will hang about. They went all the way down the road on another property only to find a defect in the title that meant it wasn't mortgageable. They have a cash buyer for theirs chomping at the bit.

I predict we will meet in the middle, which I will be happy with. 

Which is probably what they are expecting.

I hate buying selling houses. I hope to never move again.

[Field Marshal Dr. Opti]

I know you are. £40k below asking price, or just over 10% reduction.

TBH I don't think they will hang about. They went all the way down the road on another property only to find a defect in the title that meant it wasn't mortgageable. They have a cash buyer for theirs chomping at the bit.

I predict we will meet in the middle, which I will be happy with. 

Which is probably what they are expecting.

I hate buying selling houses. I hope to never move again.

....except feet first.

[redelitev6]

I don't envy anyone selling or buying a house , a lot of hassle and stress , good luck with your sale 

[Viral_Jim]

Thanks chaps, I do realise that a) this is only the start of the process and b) that most people turn into pathological liars when it comes to selling houses. 

I suppose it all depends if the original asking price is a true representation of what the house is worth. Estate agents often 'ensnare' sellers by suggesting they initially put the house on the market at an over-inflated price........only to reduce the price when nobody bites.  If it sells for 5% below the real value of the property this could be considered a reasonable offer.

When we went to market with this place, we had a view of what we thought it was worth, trying to be realistic we thought. We then had 5 agents round and got 5 different prices with a spread of nearly £90k  . It transpires they're only good at valuation if one like it close by was sold recently, then they mark up or down based on condition. Hardly rocket surgery  .

In the end we put it on for what we thought it was worth (which was £20k below the top valuation). We then agreed with the agent that we would consider reducing after 2-3 weeks if we got no bites. As it was we got 4 viewings in 3 weeks and we have an offer on which is more than 2 of the 5 agents suggested it went on for.

Its all a game, in the end  .

[Field Marshal Dr. Opti]

Thanks chaps, I do realise that a) this is only the start of the process and b) that most people turn into pathological liars when it comes to selling houses. 

I suppose it all depends if the original asking price is a true representation of what the house is worth. Estate agents often 'ensnare' sellers by suggesting they initially put the house on the market at an over-inflated price........only to reduce the price when nobody bites.  If it sells for 5% below the real value of the property this could be considered a reasonable offer.

When we went to market with this place, we had a view of what we thought it was worth, trying to be realistic we thought. We then had 5 agents round and got 5 different prices with a spread of nearly £90k  . It transpires they're only good at valuation if one like it close by was sold recently, then they mark up or down based on condition. Hardly rocket surgery  .

In the end we put it on for what we thought it was worth (which was £20k below the top valuation). We then agreed with the agent that we would consider reducing after 2-3 weeks if we got no bites. As it was we got 4 viewings in 3 weeks and we have an offer on which is more than 2 of the 5 agents suggested it went on for.

Its all a game, in the end  .

I believe estate agents use the same 'random number  generator' car dealers deploy when arriving at a price for a service.

[Sir Tigger KC]

Buyers are liars as the old saying goes! 

Good luck Jimmy, hope it goes smoothly! 

[Doctor Gollum]

The woman buying our last house was expecting to do so with cash from a divorce settlement... Ex was a Virgin B747 captain...

Clearly his solicitors were far more competent than the idiot she used to buy the house as she had to get a sizeable mortgage, which nearly bollaxed the entire chain

Her dilly dallying cost us about £15k as we had a house lined up which we were unable to commit to. Fortunately, when our sale finally went through the house two doors up from the first choice came on the market, so we put an offer straight onto that and 18 years later...

[Viral_Jim]

And its a done deal 

Managed to extract a bit more, and happy with the result. Off on Friday to look at an unconverted barn in a field. So much for an easier life 

[Field Marshal Dr. Opti]

And its a done deal 

Managed to extract a bit more, and happy with the result. Off on Friday to look at an unconverted barn in a field. So much for an easier life 

 Can you feel a Grand Designs Kevin McCloud moment coming on?

It must be nice to be wealthy.

[Viral_Jim]

You mean living in an unheated damp caravan? then yes, probably!

I will feel wealthy in comparison to how I feel now that's for sure. Along with the house, we will also be divesting ourselves of just over £2k pcm in unsecured debt repayments. 

It turns out that taking on a major refurbishment on a period house with zero cash as a budget means one incurs the odd bit of debt here and there 

[Field Marshal Dr. Opti]

You mean living in an unheated damp caravan? then yes, probably!

I will feel wealthy in comparison to how I feel now that's for sure. Along with the house, we will also be divesting ourselves of just over £2k pcm in unsecured debt repayments. 

It turns out that taking on a major refurbishment on a period house with zero cash as a budget means one incurs the odd bit of debt here and there 

You know the old saying, James.

If you owe £50 you are a failure. If you owe £50,000 you are a business man. If you owe £50,000,000 you are a tycoon.

[Field Marshal Dr. Opti]

The wealthy are less worried by large debt than the the poor are worried by small debt.

[Doctor Gollum]

You mean living in an unheated damp caravan? then yes, probably!

I will feel wealthy in comparison to how I feel now that's for sure. Along with the house, we will also be divesting ourselves of just over £2k pcm in unsecured debt repayments. 

It turns out that taking on a major refurbishment on a period house with zero cash as a budget means one incurs the odd bit of debt here and there 

Some advice if I might be so bold...

Instead of viewing that £2kpm as a cash bucket, keep your current budget and save it.

[Viral_Jim]

Sage advice. 

I'm not averse to getting balls deep in debt, but I need to know I have a way out and (more importantly) what I'm doing it for.

That said, I doubt that over the next 18-24m there will be much saving happening. But we are committed to having no debt after this house beyond a mortgage and a loan of c£100 to put SWMBO in a new car.

[tunnie]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

[STEMO]

Sage advice. 

I'm not averse to getting balls deep in debt, but I need to know I have a way out and (more importantly) what I'm doing it for.

That said, I doubt that over the next 18-24m there will be much saving happening. But we are committed to having no debt after this house beyond a mortgage and a loan of c£100 to put SWMBO in a new car.

£100 for a new car. You spoil that girl 

[2boxerdogs]

We accepted a 2.5 percent below asking price offer on ours , which I think was brilliant just waiting to exchange contracts now.

[Gaffers]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

That doesn't bode well for mine.

[Viral_Jim]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

Tbh we are 2.5% off what we were looking for. And the kind of place we are looking at, in the location we're looking at just doesn't come up that often. Maybe a handful of times in the 5yrs we've lived here, it's worth getting gone I think.

[TheBoy]

The wealthy are less worried by large debt than the the poor are worried by small debt.

That means I'm really poor then

[tunnie]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

That doesn't bode well for mine.

It's really slow around here, saw one we liked drop by 100k to sell.

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

Tbh we are 2.5% off what we were looking for. And the kind of place we are looking at, in the location we're looking at just doesn't come up that often. Maybe a handful of times in the 5yrs we've lived here, it's worth getting gone I think.

Similar here, we are looking at a really small area, only a few popping up. We want to be sold to put us in driving seat for making an offer.

[Rods2]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

That doesn't bode well for mine.

Location, Location, Location

In Sandhurst apart from a small amount of infill building, there is no building land, just protected meadow and heath land and a very good place to live with full amenities and a good community. Hence, if you have a place to rent: on the market at 9am, best renter selected by midday. Realistically priced property is typically sold in a day to a week, with the agent moaning he needs more like this and if not offering asking price you are ooing to be gazumped!

[Kevin Wood]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

That doesn't bode well for mine.

Location, Location, Location

In Sandhurst apart from a small amount of infill building, there is no building land, just protected meadow and heath land and a very good place to live with full amenities and a good community. Hence, if you have a place to rent: on the market at 9am, best renter selected by midday. Realistically priced property is typically sold in a day to a week, with the agent moaning he needs more like this and if not offering asking price you are ooing to be gazumped!

Must be similar in Four Marks given the pile of "Have you considered moving?", "Free no-obligation valuation" and "Recently sold in your area" junk mail I have to wade through when I get home every evening.

[Viral_Jim]

Talking to all of our local agents, there seems to be a shortage of supply in the market here (not sure how that works unless its an uptick in first time buyers & landlords). Hence things are moving pretty fast. Average time to market was 93 days for 4 bed detacheds in our area in 2017, now down considerably.

[Gaffers]

Had ours on 2 months now, good amount of viewings but no offers yet. Doing good at 3 weeks, worth holding out for more 

That doesn't bode well for mine.

Location, Location, Location

In Sandhurst apart from a small amount of infill building, there is no building land, just protected meadow and heath land and a very good place to live with full amenities and a good community. Hence, if you have a place to rent: on the market at 9am, best renter selected by midday. Realistically priced property is typically sold in a day to a week, with the agent moaning he needs more like this and if not offering asking price you are ooing to be gazumped!

Must be similar in Four Marks given the pile of "Have you considered moving?", "Free no-obligation valuation" and "Recently sold in your area" junk mail I have to wade through when I get home every evening.

2 of my neighbours with identical houses sold theirs recently.  Both within a day, both very close to asking price which was very close to market value.

[Kevin Wood]

2 of my neighbours with identical houses sold theirs recently.  Both within a day, both very close to asking price which was very close to market value.

Thinking about it, when we bought ours, the previous owner was about to be granted the house in a divorce settlement. The estate agent was forbidden to market it until that day (a Monday IIRC). We sat at his desk on the Friday while he told us this, and he mentioned that the ability to read upside down was often useful in his line of work. Sure enough, there on his desk was a letter containing the address. We had a discrete drive-by on the way home, arranged a viewing on the Monday morning, made an offer there and then, which got bounced a few times before we settled on a figure.

This was early June. Then the streamlined, well-oiled machine that is the land registry, mortgage companies and various solicitors sprang into action and we finally moved in on the 1st of November.

[aaronjb]

This was early June. Then the streamlined, well-oiled machine that is the land registry, mortgage companies and various solicitors sprang into action and we finally moved in on the 1st of November.

Moving to Bracknell, I think the offer went in to the agents around July, I moved in December.. can't remember the exact timeline for this house, but the first mortgage paperwork is dated 29th March, and we moved in 18th July..