Reply to: Had an offer

[Fred Bloggs]

If unemployment and repossesions really start rising and prices collapse further 210K boom time flats will probably be worth less than 100K by the end of 2010.

And that's likely more than it's inherent value.

[BrilloPad]

If you've had an offer so quickly are you not tempted to put it back on the market for £10k or £20k more?

I would bite their hand off.

[Bumfluff]

Your solicitors charged 2K? How do they justify that?

I'm tempted not to engage mine until I'm sure my buyer has his mortgage approved.

It covered the buy and sell £2k included searches etc, about £1200 in all for the buy and £800 for the sale.

[Iron Condor]

The agents valuation was £175K and I said okay, but forget getting business, what's the price if I want to sell, and they said £169K to sell at between £160-£165K. First offer from the buyer was £154K and after negotiation (much BS from agents) final acceptance was £159,500. Even though it's at the solicitor stage (only about a week after my first seeing the estate agents) no doubt the sale could go wrong, what with the news today of more big house price drops, but the buyer is a Dr and appears keen to move and may not attempt to gesunder. I doubt I will be up for gesundering anyway.

Well done, hopefully it will go through and buyer will be able to get a mortgage.

If unemployment and repossesions really start rising and prices collapse further 210K boom time flats will probably be worth less than 100K by the end of 2010.

[TimberWolf]

£550 sounds good, I would try and get them to exchange early my buyer pulled out wanted another £15k off week before completion, wasted nearly £2k in legals ggrrrrr I've sold / bought before but this time it's been a far worse experience.

Your solicitors charged 2K? How do they justify that?

I'm tempted not to engage mine until I'm sure my buyer has his mortgage approved.

[Bumfluff]

On my flat. I put it up for sale very recently and before the brochure or HIP were completed, have had 2 viewings and an offer. I think at the peak of the boom my flat might have sold for £210K at a push and I have agreed £159,500. So that's around 76% of the peak of the boom price, or a 24% drop. It is a bit premature in the sales process to accept offers, but a bird in the hand etc.

Next stop may be rentsville.

Anyone know what the conveyancing costs are for selling only? The Estate agent is offering a 'special' price of around £550.

£550 sounds good, I would try and get them to exchange early my buyer pulled out wanted another £15k off week before completion, wasted nearly £2k in legals ggrrrrr I've sold / bought before but this time it's been a far worse experience.

[TimberWolf]

210 boom price should be around 170 now. But any buyer with any sense is pricing a further drop into their offer, so I think you'd be lucky to get that.

What were you asking (if I may ask)

tim

The agents valuation was £175K and I said okay, but forget getting business, what's the price if I want to sell, and they said £169K to sell at between £160-£165K. First offer from the buyer was £154K and after negotiation (much BS from agents) final acceptance was £159,500. Even though it's at the solicitor stage (only about a week after my first seeing the estate agents) no doubt the sale could go wrong, what with the news today of more big house price drops, but the buyer is a Dr and appears keen to move and may not attempt to gesunder. I doubt I will be up for gesundering anyway.

[tim123]

210 boom price should be around 170 now. But any buyer with any sense is pricing a further drop into their offer, so I think you'd be lucky to get that.

What were you asking (if I may ask)

tim

[Doggy Styles]

I think at the peak of the boom my flat might have sold for £210K at a push and I have agreed £159,500. So that's around 76% of the peak of the boom price, or a 24% drop.

It might only be a 24% drop, but it would have to rise by nearly 32% to get back to £210K.

I blame Gordon Brown-o-nomics for that.

[blacjac]

Anyone know what the conveyancing costs are for selling only? The Estate agent is offering a 'special' price of around £550.

Be vary wary of organising any conveyancing through an estate agent. Most of them will just pass your detail on to a local solicitor and charge 50% for the privelage.

When I moved house in 2007, I paid 700 quid for conveyancing on both purchase and sale...

[Cyberman]

In ordinary times yes, but not today. It's 10k higher than an offer a guy in another flat in the block got a year ago and my buyer wants to move fast, which suits me. I think also that estate agents tend to put a flurry of work in at the start and then begin to lose interest and/or ask for a price reduction. And prices are dropping. I was surprised at its highish valuation to be honest, as I thought there would be few buyers offering much out there.

It just goes to show that you can get a good price if you have the right property. Well done !!

[TimberWolf]

If you've had an offer so quickly are you not tempted to put it back on the market for £10k or £20k more? See what sniffs you get at that price?

I understand taking a pricecut when you've been waiting for 6 months and you're desperate...but taking a lower price when it's offered before the place even goes in the brochure...aren't you doing yourself?

In ordinary times yes, but not today. It's 10k higher than an offer a guy in another flat in the block got a year ago and my buyer wants to move fast, which suits me. I think also that estate agents tend to put a flurry of work in at the start and then begin to lose interest and/or ask for a price reduction. And prices are dropping. I was surprised at its highish valuation to be honest, as I thought there would be few buyers offering much out there.

[SallyAnne]

On my flat. I put it up for sale very recently and before the brochure or HIP were completed, have had 2 viewings and an offer. I think at the peak of the boom my flat might have sold for £210K at a push and I have agreed £159,500. So that's around 76% of the peak of the boom price, or a 24% drop. .

If you've had an offer so quickly are you not tempted to put it back on the market for £10k or £20k more? See what sniffs you get at that price?

I understand taking a pricecut when you've been waiting for 6 months and you're desperate...but taking a lower price when it's offered before the place even goes in the brochure...aren't you doing yourself?

[FSM with Cheddar]

I used http://www.conveyancing-warehouse.com/indexGPPC.html

They were really good, and a lot cheeper than the estate agent quote.

[TykeMerc]

Anyone know what the conveyancing costs are for selling only? The Estate agent is offering a 'special' price of around £550.

I'd be inclined to ring round a few of the local solicitors and ask them for a quote, their conveyancing business will be quiet so they should be competitive. I would previously have said to check the web solicitors, but someone I know had a load of grief with one recently, unfortunately I'm beggared if I can recall which one it was.