Houses

[Rob1742]

5 hours ago, Nalis said:

Know its a 'how long is a piece of string' question but are their any predictions for the future yet when the furlough scheme ends and redundancies start kicking in?

Don’t restrict your future plans by trying to predict the housing market. If potential market uncertainly bothers you, you will never move as it’s always there. 

[Rob1742]

4 hours ago, Wolfox said:

Argh!!!!

 

We now have two offers on our house - yay!

 

We place an offer on a house that has been on the market for best part of 18 months…. 3 people competing now and i even went to full asking…. Not a word out of the estate agent for 8 days…. Find out today that the seller went with a lower offer because they met the people who viewed and got on well with them…. WTAF?!

 

I can’t see anything on the market I really want…. Absolutely gutted - I feel thoroughly depressed 

8 days means they were using you for 7 days. I always leave an offer that is valid for 48 hours only. For 7 days you were always never first option. 

[Leicester_Loyal]

4 hours ago, Wolfox said:

We place an offer on a house that has been on the market for best part of 18 months…. 3 people competing now and i even went to full asking…. Not a word out of the estate agent for 8 days…. Find out today that the seller went with a lower offer because they met the people who viewed and got on well with them…. WTAF?!

That is a disgrace, the estate agent should have been contacting you as soon as the other offer was accepted. I'm still waiting for a call from my estate agent, was told I'd have an answer by 5:30pm on Monday, they really do take the piss, hopefully the selling of houses moves online, put all the willy pullers out of business

[newfox1]

19 minutes ago, Rob1742 said:

8 days means they were using you for 7 days. I always leave an offer that is valid for 48 hours only. For 7 days you were always never first option. 

Worth checking this out for what others are going through when making offers on a house.

 

https://www.housepricecrash.co.uk/forum/index.php?/topic/237172-making-offer-on-a-house/

[Wolfox]

2 hours ago, Nalis said:

Sorry to hear about that.

 

The seller is either an idiot, the estste agent is talking bollocks or there is something very dodgy going on.

 

Sounds like they would have been a nightmare to deal with anyway, the right place will come along.

The buyer is also selling through the same estate agent I found out -  “better to keep it all in house” - or keep the chain moving and allowing two lots of commission to come through ???  I reckon they’ve been sharp…

 

i don’t have evidence of course, but, I have my suspicions 

 

 

1 hour ago, Rob1742 said:

8 days means they were using you for 7 days. I always leave an offer that is valid for 48 hours only. For 7 days you were always never first option. 

A lesson learned - next offer is conditional and in writing 

 

1 hour ago, Leicester_Loyal said:

That is a disgrace, the estate agent should have been contacting you as soon as the other offer was accepted. I'm still waiting for a call from my estate agent, was told I'd have an answer by 5:30pm on Monday, they really do take the piss, hopefully the selling of houses moves online, put all the willy pullers out of business

Knightsbridge are liars and to be avoided…. I caught them in a bare face lie and they also tried to pitch in house mortgages to be under the auspices of it being a financial suitability check

 

I also think they’ve done over there own client in order to move another property on there books along now I’ve thought about it 

 

Scum bags doesn’t cover it - I really loved the house…. Was a big project  - but would have been awesome once I’d done with it

 

oh well!

 

i am booking in some viewings now for other stuff

Edited 2 September 2020 by Wolfox

[Leicester_Loyal]

https://www.bbc.co.uk/news/uk-scotland-scotland-business-54010355

 

Some more info from North of the border.

[Nalis]

23 hours ago, Rob1742 said:

Don’t restrict your future plans by trying to predict the housing market. If potential market uncertainly bothers you, you will never move as it’s always there. 

Oh yeah of course that is certainty true, if I wanted to move I would move. Was just a question out of curiosity more than anything else.

[stix]

Did I just hear correctly on the radio? 10% Deposit mortgage offers have gone down from 768 to just 60 from lenders since they were allowed to trade again??

[VLC86]

5 minutes ago, stix said:

Did I just hear correctly on the radio? 10% Deposit mortgage offers have gone down from 768 to just 60 from lenders since they were allowed to trade again??

I presume so Yep. Most offer a max of 85% LTV

[Leicester_Loyal]

On 01/09/2020 at 18:12, Leicester_Loyal said:

Put another offer in on a house today, was told they'd ring me back to confirm it had been made, nothing... I ring up again later and ask what's going on, they said yes it's been made etc. You'll know by the end of the day, come 5:30pm, nothing again.

 

Both houses I've bid for so far have been like this, where they said a decision would be made by a certain deadline, but it goes past that by 2 or 3 days. Are estate agents that busy? Or is it a tactic to try and make you sweat, increase your bid etc.? I'm in no rush so I won't be ringing them back, even if it takes days for them to come back to me. I imagine they're probably playing us all off against each other to try and get higher bids?

An update.

 

Rang the EA today, 44 hours after I was promised a decision to be told 'it's really busy at the minute, we'll get back to you within an hour'. They called back 'Would you like to increase your offer?' I asked to what, am I competing against anyone else, I'm a FTB so in a better position etc. 'We can't tell you, just wondering if you want to increase your offer' I told them no, it's pointless going much over the asking price for the mortgage valuation to come back lower then have to put my own money in or lose the house, been there and done that once before. She said ok, a decision would be made by 5:30pm today and I'd know, guess what, no phone call, no update, again. It's so pissing annoying!

 

I spoke to someone earlier and they reckoned I should start making offers via a phone call, but also submit an email so there's a papertrail, as well as giving them a deadline e.g. I'm offering X amount but it's only on the table for 72 hours, as I need a decision by then. Has anyone else done anything like this? It just seems like every house I find, I make an offer, then there's total silence and I'm left in the dark for 3-4 days before I decide to call the estate agent back for an update.

[DB11]

On 02/09/2020 at 15:25, Nalis said:

Sorry to hear about that.

 

The seller is either an idiot, the estste agent is talking bollocks or there is something very dodgy going on.

 

Sounds like they would have been a nightmare to deal with anyway, the right place will come along.

Why would the seller be an idiot? I accepted a lower offer on my property because I felt the people I accepted from were more reliable and in a better position so I was more confident that the sale would complete and not fall through - if it fell through I would likely have lost out on the one I wanted. 

[Otis]

"would you like to increase your offer?"

 

What an oddthing to say when they haven't rejected your original offer.

 

Maybe next time say no, i'll actually like to decrease it.

[newfox1]

Am seeing homes that are sold and STC, and coming back on to the market as buyer couldn't get mortgage approval probably.

 

Another house appeared back on the market today, second time now sold within 3 months and back on. But it's now priced at 230k instead of the previous 220k.

 

What's going on?

[Nalis]

1 hour ago, DB11 said:

Why would the seller be an idiot? I accepted a lower offer on my property because I felt the people I accepted from were more reliable and in a better position so I was more confident that the sale would complete and not fall through - if it fell through I would likely have lost out on the one I wanted. 

In your scenario its sounds fine but the scenario my response was to seems to have additional layers to it.

[Leicester_Loyal]

35 minutes ago, newfox1 said:

Am seeing homes that are sold and STC, and coming back on to the market as buyer couldn't get mortgage approval probably.

 

Another house appeared back on the market today, second time now sold within 3 months and back on. But it's now priced at 230k instead of the previous 220k.

 

What's going on?

Couldn't get the mortgage approval, a change in circumstances or the mortgage valuation was lower than the purchase price of the property, so the buyer would have had to put some of their own money in, for negative equity.

[Izzy]

Reading this thread and going through the hassle of selling my MIL's old place has put me right off moving house again in the near future.

 

What a massive stressful pain in the arse it all is.

[Wolfox]

4 hours ago, Leicester_Loyal said:

An update.

 

Rang the EA today, 44 hours after I was promised a decision to be told 'it's really busy at the minute, we'll get back to you within an hour'. They called back 'Would you like to increase your offer?' I asked to what, am I competing against anyone else, I'm a FTB so in a better position etc. 'We can't tell you, just wondering if you want to increase your offer' I told them no, it's pointless going much over the asking price for the mortgage valuation to come back lower then have to put my own money in or lose the house, been there and done that once before. She said ok, a decision would be made by 5:30pm today and I'd know, guess what, no phone call, no update, again. It's so pissing annoying!

 

I spoke to someone earlier and they reckoned I should start making offers via a phone call, but also submit an email so there's a papertrail, as well as giving them a deadline e.g. I'm offering X amount but it's only on the table for 72 hours, as I need a decision by then. Has anyone else done anything like this? It just seems like every house I find, I make an offer, then there's total silence and I'm left in the dark for 3-4 days before I decide to call the estate agent back for an update.

once bitten…. Paper trail and a call next time…. I’m not going through that b@llocks again…. 48 hours or they can bollox
 

 

2 hours ago, DB11 said:

Why would the seller be an idiot? I accepted a lower offer on my property because I felt the people I accepted from were more reliable and in a better position so I was more confident that the sale would complete and not fall through - if it fell through I would likely have lost out on the one I wanted. 

I just accepted £5k less today as the seller indicated they could be more patient…. The others offering more wanted to be in by Christmas…. I couldn’t commit to that and didn’t want to set a false expectation that I would 

 

No problem going with a lower offer…. I suspect the EA withheld information about my position to push them towards someone who was in exactly the same position but was also selling a house through them….
 

I’d caught them in lies before…. The seller lost our on a big chunk of wedge through the EA being a total shark is my suspicion...

 

1 hour ago, Nalis said:

In your scenario its sounds fine but the scenario my response was to seems to have additional layers to it.

 It certainly does

 

Anyway onwards and upwards…. 5 viewings booked and a good offer accepted…

[UpTheLeagueFox]

1 hour ago, Izzy said:

Reading this thread and going through the hassle of selling my MIL's old place has put me right off moving house again in the near future.

What a massive stressful pain in the arse it all is.

I've had some small cosmetic tweaks done to the house during lockdown.

Been here 15 years, seemed about time I made it more homely!

Also gave some thought to moving as my neighbour is doing (we have exact same house specs) and prices have gone up more than I thought.

Then I realised I was more than happy where I am and reading this thread reminded me it was just too much aggro to move.

[Wolfox]

11 hours ago, UpTheLeagueFox said:

I've had some small cosmetic tweaks done to the house during lockdown.

Been here 15 years, seemed about time I made it more homely!

Also gave some thought to moving as my neighbour is doing (we have exact same house specs) and prices have gone up more than I thought.

Then I realised I was more than happy where I am and reading this thread reminded me it was just too much aggro to move.

Yep…. I think it’s up there with one of the most stressful things you can do!

 

I even really like where I live…. I just don’t love where I live and I wouldn’t have chosen it if it weren’t for kids schooling…
 

A bit effort and probably a degree of stress will put us where we want to be…. Plus I enjoy a small project, so, I can get my tinkering skills going for a couple of years!
 

A rocky start to my process for me, but, I remain optimistic 

 

let’s see how I feel in a few months time!

[Leicester_Loyal]

17 hours ago, Leicester_Loyal said:

An update.

 

Rang the EA today, 44 hours after I was promised a decision to be told 'it's really busy at the minute, we'll get back to you within an hour'. They called back 'Would you like to increase your offer?' I asked to what, am I competing against anyone else, I'm a FTB so in a better position etc. 'We can't tell you, just wondering if you want to increase your offer' I told them no, it's pointless going much over the asking price for the mortgage valuation to come back lower then have to put my own money in or lose the house, been there and done that once before. She said ok, a decision would be made by 5:30pm today and I'd know, guess what, no phone call, no update, again. It's so pissing annoying!

 

I spoke to someone earlier and they reckoned I should start making offers via a phone call, but also submit an email so there's a papertrail, as well as giving them a deadline e.g. I'm offering X amount but it's only on the table for 72 hours, as I need a decision by then. Has anyone else done anything like this? It just seems like every house I find, I make an offer, then there's total silence and I'm left in the dark for 3-4 days before I decide to call the estate agent back for an update.

So the house is now sold on RightMove. The estate agents haven't even rang me back I've just had to ring them up,the EA said she'd sent me an email, I said you haven't even got my email!!

 

I've honestly never known anything like it.

[Milo]

5 minutes ago, Leicester_Loyal said:

So the house is now sold on RightMove. The estate agents haven't even rang me back I've just had to ring them up,the EA said she'd sent me an email, I said you haven't even got my email!!

 

I've honestly never known anything like it.

If I were you, I'd politely ask whet their in-house complaints procedure is, and please can they send you a form.

 

Should worry/annoy them equal measures!

 

 

 

 

[Wolfox]

15 minutes ago, Leicester_Loyal said:

So the house is now sold on RightMove. The estate agents haven't even rang me back I've just had to ring them up,the EA said she'd sent me an email, I said you haven't even got my email!!

 

I've honestly never known anything like it.

For crying out loud - such an inconsiderate shower of shite

[FoyleFox]

3 hours ago, Leicester_Loyal said:

So the house is now sold on RightMove. The estate agents haven't even rang me back I've just had to ring them up,the EA said she'd sent me an email, I said you haven't even got my email!!

 

I've honestly never known anything like it.

What a shambles. I'd definitely be highlighting this on Twitter - always focuses attention of Companies that.

 

If you wanted to offer the asking on my house, I'd accept straightaway

[Leicester_Loyal]

Cheers for the replies, I was majorly pissed off earlier about the whole situation, although my old dear was even more annoyed than me Off out for a few beers tomorrow, I'm tempted to stick a complaint in next week about the whole situation, I think it's been a very poor show tbh. After making an offer on a house, the only call I've received was 'Do you want to increase your bid?' to then finding out the house has sold only because it updated on RightMove, to then being lied to about being emailed?! Shocking really!

 

In other news:

 

'Barclays has cut its loan to income (LTI) for all residential cases that have not yet gone to offer to a maximum of 4.49 times income.'

 

https://www.mortgagesolutions.co.uk/news/2020/09/04/barclays-cuts-lti-for-all-cases-not-at-offer/

 

'NatWest has cut the maximum loan to income (LTI) amount which it will allow for self-employed borrowers to 4.25 times income.'

 

https://www.mortgagesolutions.co.uk/news/2020/09/04/natwest-cuts-maximum-lti-for-self-employed-borrowers/

 

I seriously doubt many people would be borrowing much over 4x anyway, only in the cases where your earnings are commission based or rely heavily on bonuses.

[Milo]

7 hours ago, Leicester_Loyal said:

Cheers for the replies, I was majorly pissed off earlier about the whole situation, although my old dear was even more annoyed than me Off out for a few beers tomorrow, I'm tempted to stick a complaint in next week about the whole situation, I think it's been a very poor show tbh. After making an offer on a house, the only call I've received was 'Do you want to increase your bid?' to then finding out the house has sold only because it updated on RightMove, to then being lied to about being emailed?! Shocking really!

 

In other news:

 

'Barclays has cut its loan to income (LTI) for all residential cases that have not yet gone to offer to a maximum of 4.49 times income.'

 

https://www.mortgagesolutions.co.uk/news/2020/09/04/barclays-cuts-lti-for-all-cases-not-at-offer/

 

'NatWest has cut the maximum loan to income (LTI) amount which it will allow for self-employed borrowers to 4.25 times income.'

 

https://www.mortgagesolutions.co.uk/news/2020/09/04/natwest-cuts-maximum-lti-for-self-employed-borrowers/

 

I seriously doubt many people would be borrowing much over 4x anyway, only in the cases where your earnings are commission based or rely heavily on bonuses.

Well that all depends on where you live, I suppose. 
 

House prices across the country vary way more than wages do, so for some areas 4 x salary doesn’t really get you very much at all.