Muppetboy Posted February 7, 2008 Author Report Share Posted February 7, 2008 Found another buyer Thanks for all your support guys Link to comment Share on other sites More sharing options...
Riz Posted February 7, 2008 Report Share Posted February 7, 2008 [ QUOTE ] Found another buyer Thanks for all your support guys [/ QUOTE ]Excellent news... now get your estate agent to ring that bloke up and tell him that his offer is too low..... Riz Link to comment Share on other sites More sharing options...
Andy_Bangle Posted February 8, 2008 Report Share Posted February 8, 2008 That's great news - just wish I could get a single offer! [ QUOTE ] ... now get your estate agent to ring that bloke up and tell him that his offer is too low..... [/ QUOTE ] Even better do it yourself and tell him as he's a cheeky motherfecker it will cost him an extra 5K Link to comment Share on other sites More sharing options...
Ari Posted February 8, 2008 Report Share Posted February 8, 2008 [ QUOTE ] Found another buyer Thanks for all your support guys [/ QUOTE ] That's brilliant news! I'd be tempted to get a message to the first guy that you would have happily honoured his original offer, but since he's played silly buggers the price has gone up by £10K to him now. See how he likes it. Link to comment Share on other sites More sharing options...
Muppetboy Posted February 8, 2008 Author Report Share Posted February 8, 2008 Not sure if the agent has told him or not, the best part of it is that the offer I've accepted is actually higher than his original offer -SUCKER! Link to comment Share on other sites More sharing options...
Ari Posted February 8, 2008 Report Share Posted February 8, 2008 Reeesult! Link to comment Share on other sites More sharing options...
cruiser647 Posted February 9, 2008 Report Share Posted February 9, 2008 [ QUOTE ] Not sure if the agent has told him or not, the best part of it is that the offer I've accepted is actually higher than his original offer -SUCKER! [/ QUOTE ] Good news. Don't worry about the first bloke - even if he comes back with a higher offer - he dithered, so has lost out. I hope this offer proceeds without hold-up or grief. Have you still managed to keep the place you've offered on? Link to comment Share on other sites More sharing options...
Muppetboy Posted February 9, 2008 Author Report Share Posted February 9, 2008 Yes Fingers crossed Link to comment Share on other sites More sharing options...
Cameo Posted February 9, 2008 Report Share Posted February 9, 2008 Great result Link to comment Share on other sites More sharing options...
pingpongpo Posted February 10, 2008 Report Share Posted February 10, 2008 Awesome. I can just imagine this guys missus (if he has one) moaning at him something chronic about missing out on your house Link to comment Share on other sites More sharing options...
cruiser647 Posted February 10, 2008 Report Share Posted February 10, 2008 [ QUOTE ] Awesome. I can just imagine this guys missus (if he has one) moaning at him something chronic about missing out on your house [/ QUOTE ] He gambled on a desperate seller in an alledgedly stalling/falling market - and lost! Link to comment Share on other sites More sharing options...
962C Posted February 10, 2008 Report Share Posted February 10, 2008 Excellent! Link to comment Share on other sites More sharing options...
Muppetboy Posted April 23, 2008 Author Report Share Posted April 23, 2008 Everything has just fallen through, what a **** 18 hours I've just had Link to comment Share on other sites More sharing options...
cruiser647 Posted April 23, 2008 Report Share Posted April 23, 2008 Oh poo! That is bad news. Why did it fall through? I thought you had exchanged? Link to comment Share on other sites More sharing options...
Scotty Posted April 23, 2008 Report Share Posted April 23, 2008 Gutted for you Link to comment Share on other sites More sharing options...
Muppetboy Posted April 23, 2008 Author Report Share Posted April 23, 2008 Cheers chaps. We'd almost got to exchange time but here's the summary: -my offer is accepted min-Jan -get pressure to sell my place because they want a quick exchange, mid-February is mentioned in the letter from them -I find a buyer quickly, who then decides to reduce his offer (hence this thread is born!) -I then find another buyer, at a higher price who needs to be out of her rental by end-April (but this is 2 1/2 months off) -my buyer gets herself into exchangeable position by 2nd week of March -in the meantime the seller of the place I'm buying has only just sent through the draft contract! (6 weeks after accepting my offer) -my buyer is kept upto date and hints that she can possibly extend her rental another month, so things are looking ok still -throughout this my solicitor is struggling to get progress from the solicitors on the place I'm buying (they've lost the freehold share certificate, can't provide company accounts and another half a dozen points) -got a call yesterday saying that my buyer had given an ultimatum on Monday (which I didn't know about) that she needed an exchange date by end of day Tuesday or she was pulling out -when I called my solicitor she was just reading the fax (as it was end of day) saying my buyer was pulling out -thinking she was just playing hardball I called the other agent and told them I needed an incentive from his client so I could pass onto my buyer to keep her on board, said he'd speak with her -got a call from my agent this morning saying my buyer was absolutely not proceeding no matter what -in the meantime I'm speaking with my solicitor to see if we could still exchange this week (which we couldn't because there were still so many things outstanding) -I call the other agent and tell them the amount she needs to incentivise me in order for me to pass this onto my buyer (I knew the amount that would do the trick as I'm CERTAIN my buyer is trying to get around the stamp duty level now the market is on its ar*e). I couldn't believe the reaction I got from the tw*t... he did nothing to keep me on board as a buyer and implied I was trying to pull a fast one. Said it was my buyer that was causing the problem because she's pulling out and I don't have a buyer (made that sound like it was a disease not having one!) therefore I'm not in a proceed-able position. You stuping fecking tw*t! It's because your client hasn't got her sh*t together his has fallen through. He wouldn't even put my incentive to his client because he couldn't be sure my buyer would accept even if his client did, and "that would waste everyones time". At this point I lost it with him and told him where to go. -called my solicitor (who dismissed the guy as "an idiot" in the way that only a solicitor can, I was pissing myself ) and basically she's now sent the sellers solicitor a letter saying because they've caused me to lose my buyer my offer is 8.5% less (due to market change I will have to accept much less on my property) and they can either accept it or go f*ck themselves! Honestly I think I my buyer (who is a cash buyer) is using this as an excuse (fair play to her, she told us from the start about her deadline) to back out and get more bang for her buck. Very easily done in the current market. I'd love that tw*t estate agent to call me back raging that we've gone over his head via the solicitor to make an offer because I'm fuming and shouting at him would be therapeutic Totally gutted. This is just so draining. Link to comment Share on other sites More sharing options...
mb Posted April 23, 2008 Report Share Posted April 23, 2008 I'd love that tw*t estate agent to call me back raging that we've gone over his head via the solicitor to make an offer because I'm fuming and shouting at him would be therapeutic Totally gutted. This is just so draining. When I bought last year an EA didn't even pass on my offer as he believed it would be refused as they already had a better offer (I had sold so was a "cash" buyer). How I laughed when he called me up a few months later & I told him I had bought a house, when he asked where he realised it was one that was also on his books but the commission had gone elsewhere... Link to comment Share on other sites More sharing options...
cruiser647 Posted April 24, 2008 Report Share Posted April 24, 2008 So where does this leave you? Would you still sell up and go into a rental for a few months as you wait for another place to appear? Link to comment Share on other sites More sharing options...
Muppetboy Posted April 24, 2008 Author Report Share Posted April 24, 2008 Not sure but looks like both sale and purchase have gone so back to square one... Link to comment Share on other sites More sharing options...
gizze Posted April 30, 2008 Report Share Posted April 30, 2008 It's getting very tough out there, mate has just offered £200k less on a property and had the offer accepted, and he is now being advised, only 3 weeks later, to offer another £100k less and expect the property to drop down maybe another £150k in 18 months. So from £1.3m down to £1m now with it maybe dropping down to £850k in the next year and a half. What does he do?? Pay the £1.1m as agreed knowing that if he has to sell tomorrow he will only get £1m at the most but not annoying the current vendors, or go in now with a low offer to minimise any loss if he gets put in a position where he has to sell?? Had a long chat today with a customer of mine who owns a load of estate agents and he said that things are getting really tight, offers being accepted at 20% under asking price is becoming the norm. We had the property above work valued at £325k last year and it was valued at £270k a month ago when we changed mortgages, so things are difficult. Link to comment Share on other sites More sharing options...
Muppetboy Posted April 30, 2008 Author Report Share Posted April 30, 2008 I started this thread when someone dropped their offer on my place which I'd already accepted, at the time I was raging. However, having been through what I've been through in the last 3 months all I can say is f*ck 'em. I'll be a complete b*stard going forward! If you can't beat them, join them. If I were your mate I'd offer 100k less now... I'm now thinking about buying a -cheaper - second property and will be going in at at least 20% under asking price. Link to comment Share on other sites More sharing options...
gizze Posted April 30, 2008 Report Share Posted April 30, 2008 Just before Christmas I was told about a property that was coming up for sale in a small market town near me, it is a good town and a rare opportunity. 4 retail shops and 4 apartments with a rental income of £68k a year, and contracts drawn up till 2012. Was told to bid around £1.2m to be in with any sort of chance. It is still on the market now but with offers in the region of £1m. So it is an even better buy, and with the rental income now covering a 100% mortgage it is a no brainer, surely? Well yeah, but the lenders have gone from a 90% loan to value back in Jan to 65% loan to value now, one has upped that to 75% LTV but it still means I am struggling to find the deposit. And to be honest, with the way retail is at the moment I am not sure that it is such a sure bet anymore?? Link to comment Share on other sites More sharing options...
Irnbrukid Posted April 30, 2008 Report Share Posted April 30, 2008 Gazundering or whatever it's called seems to be the in thing now with the state of the market. I would be bidding at least 20% below price, less probably more given the state of things and it's only going to get worse alot worse . Link to comment Share on other sites More sharing options...
Muppetboy Posted January 4, 2010 Author Report Share Posted January 4, 2010 Almost 2 years on from this thread finally exchanged on both sale and purchase today, moving in to a great place at the end of the week! Link to comment Share on other sites More sharing options...
CarMad Posted January 4, 2010 Report Share Posted January 4, 2010 Congratulations, glad it all turned out all right in the end. Link to comment Share on other sites More sharing options...
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