So if I wanted to REALLY REALLY piss off an estate agent, I should phone up and make a derisory offer - on the basis that the estate agent then has to let the vendor know.
You know, just to clarify...
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Mortgage lending collapses in August.
- Thread starter larus
- Start date
So if I wanted to REALLY REALLY piss off an estate agent, I should phone up and make a derisory offer - on the basis that the estate agent then has to let the vendor know.
You know, just to clarify...
So if I wanted to REALLY REALLY piss off an estate agent, I should phone up and make a derisory offer - on the basis that the estate agent then has to let the vendor know.
You know, just to clarify...
Seriously you could. If the agent doesnt put it forward, he is breaking the law. Not telling you where i work though.
Horses Arse
Well-known member
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 onPlease 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?
Not me doing any balming no! Absolutely not!!
Not sure how a £10K difference relates to a £10 benefit, would equate to 0.1% commission - must be a very kind agent.
The issue concerning an over inflated market is certainly based on supply and demand but this is directly influenced by agents. Whenever I've sold a house I have experienced agents that have put a ridiculous valuation on the house - way over the value that others advise. They do this so that they gain a exclusive deal in the hope that you stay with them when they review and lower the value.
Surely this over inflation of the worth of properties directly inflates the market and encourages others to do the same. My experience is that it is the minority of agents that actually provide reasonable valuations that don't have to be lowered to sell.
Selling and buying houses is highly emotional - people are easily manipulated and hence are easy prey.
As for market demands, it reminds me of those irritating car stickers that say " Free enterprise works". Utter crap, surely this now proves that free enterprise disappears up its own arse. Should we now be driving (if we can afford to) with stickers saying "nationalisation works"?
The housing market has been over inflated for so long now that I believe it's going to take a massive massive drop, way beyond that last seen in 1991. It has been so obvious for so long that it was unsustainable. I recal those experts in 91 saying it was clear it was going to crash as lending was based on 4-5 times salary, people were teaming up to get a mortgage, 100% mortages were being sold. Exactly what has been happening for some time now. Free enterprise needs to be regulated to within an inch of nationalisation me thinks to stop greed making this happen again in another twenty years.
10k at say 1.75% commision = £175
The sales neg will prob see (if hes lucky) 6% of that = £10.50
All i am saying is that 'most' agents really would not encourage gazumping for that amount of money.
Its a shame you have bad experiences but as you say, selling is an emotional time and i think people need to step back sometimes before blaming the obvious people without seriously thinking about it.
eastlondonseagull
Well-known member
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.
Thanks Simster, Gully and all. The buyers only actually came round once, and that was while we were up in Scotland on holiday. They're buy-to-let purchasers, with a 50% deposit, so their formal mortgage offer came through very quickly after they'd had the survey. So we're hoping that they'll be ok. They already own two (I think) houses on the street, so they know they've got a good deal. In the end, we sold for £165,500, when original asking price was £200,000.
We really are trusting that they have morals, but who knows. Fingers crossed!!
.
Uncle Spielberg
Well-known member
I am afraid no one has morals in this marketplace. Especially property investors.
Uncle Spielberg
Well-known member
It appears the ofiicial figures are
Completed mortgages
8/07 - £ 9 100 000 000 - 70000 mortgages
8/08 - £ 143 000 000 - 1192 mortgages
Completed mortgages
8/07 - £ 9 100 000 000 - 70000 mortgages
8/08 - £ 143 000 000 - 1192 mortgages
eastlondonseagull
Well-known member
Uncle Spielberg
Well-known member
Cruel to be kind.
Juan Albion
Chicken Sniffer 3rd Class
Things getting worse in the US. It looks like the bailout vote might be lost. Just now the Dow was down 680 points! Come back a little, but wow!
Uncle Spielberg
Well-known member
I thought things this morning could not get any worse.
It just did.
It just did.
franks brother
Well-known member
we are in massive trouble
tip of the iceberg so far
not sure that people have grasped that these are worrying times long term
this could be as bad as '29...could be worse
unemployment will rocket
now is the time to get a job with the council
tip of the iceberg so far
not sure that people have grasped that these are worrying times long term
this could be as bad as '29...could be worse
unemployment will rocket
now is the time to get a job with the council
Uncle Spielberg
Well-known member
It appears this is going to be wrose than 1929. Suicides are rocketing both sides of the pond as a direct result of the credit crunch.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,822
i dont get gazundering. if im selling and someone tries to cut the price at the last minute, im going to have to do the same for the house im purchasing (because most sales are due to moving). so i have the choice to suck it up, do the same or... call their bluff. after all they've committed costs too, they are in the same boat, possibly worse as they have to start agin while i have a chance to delay my purchase. so if someone tries to gazunder, tell them to f*** right off.