Part 8-has everyone gone raving mad?

cjhickmott's picture

OK,so we have seen this house we really like,and we think we want to buy it. 'Don't worry about the price' says estate agent woman'just put in an offer for what you think it's worth' So I did. 'But you aren't in a position to go forward' she says,'because you havent sold yours,so now he will look for other offers better than yours' SO,what happens if he gets a better offer? 'Oh,dont worry,he probably won't'

So estate agent man comes round to take pics of mine. He is like David Dickinson meets Miami Vice. SCARY. Anyway,he is absolutely full of confidence. 'Oh yes a great property,wont have any problems shifting this!' SO,I want him too put it on the market at 195k.Im prepared to take £190. 'No problem,but we dont put a specific price now, we put a guide price.' EH? Yes we'll put this on as £169 to£195' But wont people think they can get it for £169? 'Yes,but you dont accept any offer unless its what you want!'

Looking through the properties I am seeing this more and more. It doesnt seem to make any sense to me.

What about your fees though,dont you charge a percentage? 'Oh no,we dont do that now, we charge you a fixed fee,that way you now upfront what the charges are. ' MMM that way it doesnt matter if you work hard for me or not,if you fight to get me the best price or not,you are still going to get a huge fee for taking a couple of photos and writing some bullshit about my house being'ripe for improvement'

So,are the Estate Agents feeling the effects of the Credit Crunch? I think not!

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We were looking to buy back in October 07 and had a similar situation. Our budget was around the 400K mark but even though we told the estate agents that they still showed us properties up to 480K. Anyway we saw one in our area that was on for 380K but very run down, so we put an offer in on that. In the time it took the seller to decide, we also decided to view a house at 480K. Same amount of room I should add. But done up to the nines. Anyway we liked it of course, it would have been the case you could just move in and thats that, whereas the one we have bought is a real do-er upper.

We were told the same thing by the estate agent, go on have a go, put an offer in. We phoned our bank and the absolute drop down maximumn we could get (interest only) would have been 450K. So we had a go. And they turned us down...

The house we saw for 380K eventually accepted our offer, and we now live in the next street from the 480K house. Guess how much the latter sold for about 3 months ago. Yes you guessed it 450K.

My husband and I breathe a sigh of relief every time we think about how we could have ended up stretched to the limit just for the sake of living in a house that is really well renovated, but the exact same space and post code as we have now.

And it goes to show that people were being very greedy back then...

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