Panto_Villan Posted April 8, 2021 Share Posted April 8, 2021 1 hour ago, rjw63 said: You probably need to drop the £4 million asking price a wee bit. Why? That's the price of three pints in London these days. 1 Link to comment Share on other sites More sharing options...
rjw63 Posted April 8, 2021 Share Posted April 8, 2021 45 minutes ago, Panto_Villan said: Why? That's the price of three pints in London these days. Ha, I know. My stepdaughter is a teacher down there, pubs are a nightmare (or were, pre-virus). She's been renting for a number of years, started to save for a deposit about 12 months back. Couple of years saving and she might be able to buy a shed. 1 Link to comment Share on other sites More sharing options...
Xela Posted April 8, 2021 Share Posted April 8, 2021 9 hours ago, Panto_Villan said: On the other side of the coin, I'm trying to sell a small flat in London and the interest we're getting isn't exactly out of this world Flat market is on its knees at the minute with the EWS1/cladding issues. No lender wants to touch them. Link to comment Share on other sites More sharing options...
mikeyp102 Posted April 8, 2021 Share Posted April 8, 2021 19 hours ago, jackbauer24 said: Latest; Found house we were interested in. Offered bang on price (although listed as OIEO) then, given first rejection, increased price by 10k. They got back to us and told us we were miles off other offers, so we've had to walk away. To be fair, given the amount of work needed on it, we were probably lucky they didn't accept our offer!! The dream of how it could look probably can only be achieved by someone with much deeper pockets. However, we've now found another house but again it's the bloomin' OIEO crap. If you want an auction, just put it in an auction and stop wasting everyone's time. What the hell do you offer?! It's all well and good saying "offer what it's worth to you" but who can afford to spend tens of thousands more than something is actually worth?! Surely the mortgage people will have something to say on that too. We've put in an initial offer of 5k over listed price. We could, at a push, go another 30k. So when they ask for our final offer what do we say? Like all houses at the moment, there is plenty of interest. If they reject us, do they (the EA) have to report every offer even if they (the seller) accept someone elses? I'm tempted to just keep offering 1k more and p*ssing everyone off til they tell me what's required or I have offer accepted! If they said the house is £x then we could either afford it or we couldn't. Little bit of wiggle room with individual bids or matching offers etc but OIEO just is bidding blind and expecting me to be a property expert. I just want to buy a house to live in... I could offer a million pounds and then the mortgage people would say no anyway so it must have a recognised value. That’s shit that it’s like that. It seems in America it’s even worse at the moment, well certain parts anyway. My sister is looking to buy, in California. They’ve seen your average 3 bed, go for £400k over the asking price, yep you read hat right. Not only that, but for every bid you submit, you have to write a letter to the owners explaining exactly why you want the house, even if you plan to rip it down. Link to comment Share on other sites More sharing options...
Xela Posted April 8, 2021 Share Posted April 8, 2021 5 minutes ago, mikeyp102 said: It seems in America it’s even worse at the moment, well certain parts anyway. My sister is looking to buy, in California. They’ve seen your average 3 bed, go for £400k over the asking price, yep you read hat right. Not only that, but for every bid you submit, you have to write a letter to the owners explaining exactly why you want the house, even if you plan to rip it down. FFS! £400k over asking? Thats mental. They're welcome to it. I'll live in a container. 1 Link to comment Share on other sites More sharing options...
jackbauer24 Posted April 8, 2021 Share Posted April 8, 2021 27 minutes ago, mikeyp102 said: That’s shit that it’s like that. It seems in America it’s even worse at the moment, well certain parts anyway. My sister is looking to buy, in California. They’ve seen your average 3 bed, go for £400k over the asking price, yep you read hat right. Not only that, but for every bid you submit, you have to write a letter to the owners explaining exactly why you want the house, even if you plan to rip it down. Well I've offered £30k over and still rejected. Makes the whole thing a farce as the difference between our budget and what is REALLY available to us is two very different things. Using Rightmove and setting the budget is pointless as it's obviously far higher than they state. And this is Birmingham (South), not London, New York or Paris!! We've decided to stop looking. We simply can't afford to get what we want, or anything remotely close to it, in this area at this time. Not like my expectations are so ridiculous that I can't find houses I like in my price range... It's just they're not really in my budget! We left it a few years too late so we have to accept it's renting for us. Not spending a load on a house that is worse than what we rent just to get on the housing ladder - the difference between our rent and mortgage would be a thousand pounds a month! I'll use that money to enjoy life instead! 2 Link to comment Share on other sites More sharing options...
Xela Posted April 8, 2021 Share Posted April 8, 2021 That's proper shit @jackbauer24. Never realised the market was like than in south Brum. Usually its cheaper to own than rent, but not in your circumstances by the sound of it 1 Link to comment Share on other sites More sharing options...
tomav84 Posted April 8, 2021 VT Supporter Share Posted April 8, 2021 21 hours ago, jackbauer24 said: If they reject us, do they (the EA) have to report every offer even if they (the seller) accept someone elses? I'm tempted to just keep offering 1k more and p*ssing everyone off til they tell me what's required or I have offer accepted! me and my other half have started looking last couple of months or so and we're finding the same. we went back with another couple of offers knowing full well the agent wasn't bothering passing those offers on to the seller. deep down they know we're not going to ask them to prove those offers have been submitted to the seller. houses are barely making it to rightmove down here...we were hoping for a summer in a new house but realistically we'll be happy with a christmas at this rate! 1 Link to comment Share on other sites More sharing options...
jackbauer24 Posted April 8, 2021 Share Posted April 8, 2021 34 minutes ago, tomav84 said: me and my other half have started looking last couple of months or so and we're finding the same. we went back with another couple of offers knowing full well the agent wasn't bothering passing those offers on to the seller. deep down they know we're not going to ask them to prove those offers have been submitted to the seller. houses are barely making it to rightmove down here...we were hoping for a summer in a new house but realistically we'll be happy with a christmas at this rate! That is illegal as I understand it. I can see why people have started contacting the vendors directly as EAs have such a bad reputation and do little to try and change it. The system is completely broken, from the finances to the process and the paperwork. Don't know another industry it would be allowed in. Link to comment Share on other sites More sharing options...
ender4 Posted April 8, 2021 Share Posted April 8, 2021 2 hours ago, jackbauer24 said: And this is Birmingham (South), not London, New York or Paris!! the difference between our rent and mortgage would be a thousand pounds a month! I'll use that money to enjoy life instead! What area in South Bham is this? Also, how is rent £1000 cheaper per month in the same area? For a similar size house? Link to comment Share on other sites More sharing options...
ender4 Posted April 8, 2021 Share Posted April 8, 2021 1 hour ago, tomav84 said: me and my other half have started looking last couple of months or so and we're finding the same. we went back with another couple of offers knowing full well the agent wasn't bothering passing those offers on to the seller. deep down they know we're not going to ask them to prove those offers have been submitted to the seller. houses are barely making it to rightmove down here...we were hoping for a summer in a new house but realistically we'll be happy with a christmas at this rate! Someone needs to set up a disruptor app in the style of Uber, AirBnB, etc. Anyone selling their property posts it on the app, people looking to buy submit their offer on the app, the seller gets notified. Cut out the estate agent. The app takes a smaller fee. Buyers can get in touch with sellers to discuss if needed through the app (like Ebay or AirBnB). The app could also do all rental properties in a similar way. 1 Link to comment Share on other sites More sharing options...
jackbauer24 Posted April 8, 2021 Share Posted April 8, 2021 31 minutes ago, ender4 said: What area in South Bham is this? Also, how is rent £1000 cheaper per month in the same area? For a similar size house? Mixture of things, some which are an unfair comparison to be honest! Firstly, my rent is dirt cheap. I live in a three bed semi from a private landlord I found on Gumtree over ten years ago... Very very cheap. Post 2000 build, garden, drive... Well under standard rent. So, based on value of this house and the mortgage calculator on RM, it's about £700 cheaper than buying it per month (obviously that's an investment blah blah blah lol). How he does it I don't know but not sure it's all legit taxes wise and no middle man EAs!! I suppose it was a lot cheaper when he bought it 15/20 years ago. Then there's fact it's not the nicest area (Kings Heath/Kings Norton border) so a move to anything slighly less crime ridden costs more. It's not the ghetto but I've had my bike nicked twice, car broken in to twice, car stolen after breaking in to house, drug raids over the road... And the worst thing of all... Kids from my school live next door!!! Looking at what we ideally want, and what the mortgage people say we can easily afford, the deposit we've saved up, we should be able to get something that is actually £1k more a month than we currently spend on accommodation. We do have a big excess of wages which have been used for holidays, weddings, epic honeymoon and finally paying off all debt... Now it builds up every month and adds to deposit etc. I can't say a house was ever a huge priority and we're probably paying for that decision now. If a miracle happened and we got a house, we'd still have enough for everything fun so not even going so high as to be tight, we've just decided the excess is now at such a level it could be considered stupid to keep wasting it on 'fun' when our life wouldn't hugely change by directing some of it towards a house. Instead of spending 15% of wages on rent it'd go to 25% on mortgage. The deposit is also not an issue, it's house value to wages. As for the area, we're not even picky! Not like I'm insisting in Henley-in-Arden or something! We've looked in Redditch, Solihull, Bromsgrove, Studley, Lickey... Anywhere this side of the city that keeps our commute to Kings Heath and Hall Green respectively, under 30mins. Like I said, according to RM I can afford a few houses that interest me every month (there's not a lot of choice out there) but, in reality, those prices are a lie and I can't afford them at all. So I'm left with the choice to give up or spend £700-1000pm more just to get on the housing ladder and live in the same place or a slightly better one with worse house!! 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted April 9, 2021 Share Posted April 9, 2021 12 hours ago, jackbauer24 said: Well I've offered £30k over and still rejected. Makes the whole thing a farce as the difference between our budget and what is REALLY available to us is two very different things. Using Rightmove and setting the budget is pointless as it's obviously far higher than they state. And this is Birmingham (South), not London, New York or Paris!! We've decided to stop looking. We simply can't afford to get what we want, or anything remotely close to it, in this area at this time. Not like my expectations are so ridiculous that I can't find houses I like in my price range... It's just they're not really in my budget! We left it a few years too late so we have to accept it's renting for us. Not spending a load on a house that is worse than what we rent just to get on the housing ladder - the difference between our rent and mortgage would be a thousand pounds a month! I'll use that money to enjoy life instead! Id wait until the stamp duty holiday os over as its goubg to slow down. It actually says to me reading all this with people putting their prices up that your not actually saving much on the stamp duty. Once this ends people wont be demanding such high prices i anticipate 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted April 9, 2021 Share Posted April 9, 2021 9 hours ago, ender4 said: Someone needs to set up a disruptor app in the style of Uber, AirBnB, etc. Anyone selling their property posts it on the app, people looking to buy submit their offer on the app, the seller gets notified. Cut out the estate agent. The app takes a smaller fee. Buyers can get in touch with sellers to discuss if needed through the app (like Ebay or AirBnB). The app could also do all rental properties in a similar way. Dont purple bricks do this? Link to comment Share on other sites More sharing options...
chrisp65 Posted April 9, 2021 Share Posted April 9, 2021 1 2 Link to comment Share on other sites More sharing options...
Panto_Villan Posted April 9, 2021 Share Posted April 9, 2021 23 hours ago, Xela said: Flat market is on its knees at the minute with the EWS1/cladding issues. No lender wants to touch them. Yeah, which is exactly the problem I'm having unfortunately. The association that owns the block think they might get round to checking if my building is likely to burst into flames some time around Q1 2021. In the meantime, I'm prohibited from renting the flat out by the lease and they've generously agreed to waive that for a fee and an agreement that the rental income only covers the interest on my mortgage (no allowance for tax or wear and tear given, nor for the fee I have to pay them). Which is great given it's a 2 bed flat and I've got a second kid on the way. Bastards. 1 Link to comment Share on other sites More sharing options...
jackbauer24 Posted April 9, 2021 Share Posted April 9, 2021 Well they've changed their mind. I'm not sure the stipulation was to get rid of a senior royal but I did just in case... In all seriousness, the vendors have decided to take my 'lower' offer as we can move quicker than the other people. Remember this lower offer is still 30k more than the list price (OIEO)! So now I've visited a house, put an offer in, rejected then accepted and signed all the initial paperwork... the real 'fun' starts I believe with mortgages, conveyancing and surveys... not to mention gazumping and all that stuff. I might be on here a lot asking wtf questions... First one today; my mortgage company wanting to know my weight!! 3 Link to comment Share on other sites More sharing options...
Rds1983 Posted April 10, 2021 VT Supporter Share Posted April 10, 2021 7 hours ago, jackbauer24 said: Well they've changed their mind. I'm not sure the stipulation was to get rid of a senior royal but I did just in case... In all seriousness, the vendors have decided to take my 'lower' offer as we can move quicker than the other people. Remember this lower offer is still 30k more than the list price (OIEO)! So now I've visited a house, put an offer in, rejected then accepted and signed all the initial paperwork... the real 'fun' starts I believe with mortgages, conveyancing and surveys... not to mention gazumping and all that stuff. I might be on here a lot asking wtf questions... First one today; my mortgage company wanting to know my weight!! Congrats. That's a new one on me but guess they're using it as a health indicator to gauge if you'll still be around to make payments in 20 years time. 1 Link to comment Share on other sites More sharing options...
ferguson1 Posted April 10, 2021 Share Posted April 10, 2021 10 hours ago, jackbauer24 said: Well they've changed their mind. I'm not sure the stipulation was to get rid of a senior royal but I did just in case... In all seriousness, the vendors have decided to take my 'lower' offer as we can move quicker than the other people. Remember this lower offer is still 30k more than the list price (OIEO)! So now I've visited a house, put an offer in, rejected then accepted and signed all the initial paperwork... the real 'fun' starts I believe with mortgages, conveyancing and surveys... not to mention gazumping and all that stuff. I might be on here a lot asking wtf questions... First one today; my mortgage company wanting to know my weight!! Congratulations . As you say, the fun starts now but will be worth it in the end. Just pay close attention to your survey, as ours was rubbish and we ended up with it refunded, and additional compensation being paid. We were offered three types of survey by HSBC and chose the middle one, which sounded more than sufficient. However, they completely missed some damp, bad double glazing fitting at the front of the house and a crack in our brickwork due to an extension. All this required remedial work upon moving in, which wasn’t accounted for. Thankfully, the Birmingham surveyors agreed to cover all costs. 1 Link to comment Share on other sites More sharing options...
Rodders Posted April 10, 2021 Share Posted April 10, 2021 4 Link to comment Share on other sites More sharing options...
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