Mortgage lending collapses in August.

[Gully]

...isn't gazundering more of a problem than gazumping at the moment, at least from the sellers point of view?

 

[User removed 4]

With a location of HH, are you a train commuter ? I travel up from Shoreham every day.

yep get the 0546 from hh and change at east croydon, its bloody awful starting that early in winter !!

 

[Uncle Spielberg]

I must admit I thought of you as sonn as I saw those figures. I just hope you're in a position to tough it out for 18 months.

Er, No. I cannot got for 18 months without earning any money. I am just hanging on month to month.

 

[Uncle Spielberg]

Wow, thats a real eye opener. On average last month only 1 in 35 brokers arranged a single mortgage.

Correct. This time last year I arranged around 10-20 mortgages a month and completed on 8-10. This year is is 3-4 and 1-2 a month.

 

[Uncle Spielberg]

There's nothing funny about people's livlihoods being under threat Gareth. Although it's too bad that some people on here have showed a distinct lack of class towards anyone in the banking industry over the past couple of weeks on this matter.

Er, do you think I do not know that

 

[Simster]

Er, do you think I do not know that

Er, of course not.

One day you'll react to a post in a manner that suggests you understand it, but I'm not holding my breath. In this instance, I was empathising with you. i.e. showing understanding at your nervous laughter.

 

[Uncle Spielberg]

Apologies then it was not clear.

 

[Monty]

...isn't gazundering more of a problem than gazumping at the moment, at least from the sellers point of view?

Gazundering is a nightmare, if your lucky enough to agree a sale on your house then make sure you have a good solicitor and agent to get the deal through quickly, ideally 4 weeks. Almost expect an 11th hour reduction.

 

[rool]

If I manage to land a job in blighty and looking for a new home I will make sure I come to you Mr Spielberg

 

[Uncle Spielberg]

If I manage to land a job in blighty and looking for a new home I will make sure I come to you Mr Spielberg

 

[Gully]

Gazundering is a nightmare, if your lucky enough to agree a sale on your house then make sure you have a good solicitor and agent to get the deal through quickly, ideally 4 weeks. Almost expect an 11th hour reduction.

I moved two years ago, a couple who had to pull out on a deal for my last house came back after I had found a new buyer and offered more than I had agreed to sell for...effectively trying to gazump, I told them I wasn't interested (they had already pulled out once and I didn't want to risk a repeat performance, regardless of the fact that I don't go back on my word)...can't see that happening today.

 

[eastlondonseagull]

Some agents are pricks, i completely agree. What i dont understand is how people can honestly say that agents have bumped up the prices. Its supply and demand mate, agents cant force people to buy a house, if your neighbours house sells for £100,000 and someone wants to buy yours for more are you going to say no.

The comment about guzumping earlier is also a bit boring. At any one time most agents will have between 30 - 50 available properties for sale, why would they want to sell one they have already agreed a sale on Please dont say it bumps up their commision!!! even an extra 10k works out to be about £10 to the sales negotiator.

If someone offers on a house, the agent LEGALLY has to let the vendor know and then its up to them what they do with it.

I had someone balming me today, for house prices dropping, apparently us estate agents to keep valuing properties highly in order for the market to sort itself out. Was that you?

To be fair, some of them were bumping up house prices - I tried to buy a year or so ago and the estate agent played me off against another buyer and the seller of the place we were both trying to buy. They said the other buyer had put in a much larger offer, which we countered, but then ultimately couldn't beat. So we dropped out and lost the house, fortunately as it happens. EA presumeably got a larger wedge for himself. Strangely, we actually became friends with the sellers, as you do, and the the EA had been spinning them loads of lies about our circumstances.

But, not all estate agents are like that. And although some may be a bit on the smarmy 'I'm your friend' side, they've all got mortgages to pay themselves. EAs where I am in south east London are closing down, and it's only really the ones with rental departments that are staying afloat.

.

 

[eastlondonseagull]

...isn't gazundering more of a problem than gazumping at the moment, at least from the sellers point of view?

We're scared shitless of gazundering atm. Our house sale is going through atm, but we've not yet exchanged contracts and we're worried the buyers will drop their offer on exchange day. We cannot afford to let that happen, so it's tricky.

.

 

[Gully]

...fingers crossed for you els!

 

[Simster]

We're scared shitless of gazundering atm. Our house sale is going through atm, but we've not yet exchanged contracts and we're worried the buyers will drop their offer on exchange day. We cannot afford to let that happen, so it's tricky.

.

Yep fingers crossed for you. The problem of course is that it may not be your buyer who is low on morals, but if he gets gazundered himself then he may have to gazunder in order to maintain an affordable mortgage.

I don't envy anyone looking to move at the moment.

 

[Monty]

I moved two years ago, a couple who had to pull out on a deal for my last house came back after I had found a new buyer and offered more than I had agreed to sell for...effectively trying to gazump, I told them I wasn't interested (they had already pulled out once and I didn't want to risk a repeat performance, regardless of the fact that I don't go back on my word)...can't see that happening today.

Good man! To be honest there are still people who will refuse to accept another offer, i had a guy turn down 15k from a buyer who was in a very good position, to stick with a deal he had only just agreed. Its a difficult situation because the agent has to be seen to acting for the best interests of the seller. How do you tell him not to accept an extra 15k from someone in a better position?

 

[Uncle Spielberg]

We're scared shitless of gazundering atm. Our house sale is going through atm, but we've not yet exchanged contracts and we're worried the buyers will drop their offer on exchange day. We cannot afford to let that happen, so it's tricky.

.

I fear this is a 90% certainty. House prices have fallen 4% in the last 2 months so if they offered say £ 200000 , they have lost £ 8000 in the 2 months the process takes.

 

[Uncle Spielberg]

I heard someone from Hove offered £ 192000 on a property at £ 249950 recently.

 

[Monty]

We're scared shitless of gazundering atm. Our house sale is going through atm, but we've not yet exchanged contracts and we're worried the buyers will drop their offer on exchange day. We cannot afford to let that happen, so it's tricky.

.

If your buyers need to come round for another look, make sure you are in, dont even get the agent to come round. (this can be a nightmare if the vendor is a cock, but i am guessing your pretty sound). From experience, if the buyers and sellers really get along, the chances of gazundering are less, use a bit of emotional blackmail.

 

[Monty]

I heard someone from Hove offered £ 192000 on a property at £ 249950 recently.

Offer received of £130,000 on a £210,000 house last week!

'Good news, i have recieved an offer, bad news....'