Help! - flat selling advice

[Blue in the Face]

Oh board of all knowledge. Sorry to clog the board with this thread. Just desperate to get some advice from some wiser more experienced heads.

I'm currently in the process of selling my tiny one bed flat in London. I accepted a bid a margin less than neighbours had sold a year ago as the market is clearly cooling. The buyer has submitted a PDF of a survey report saying the valuation is right in accordance with the bid. But the survey report is saying the value of the property is going to drop a steep amount in the next 90 days. Do the banks dictate the market? Or is it demand driven?

I feel like I'm being scammed or low-balled by an experienced buyer who knows brinkmanship. Should I hold out? Or accept the offer a fair whack under what the value is now?

Thanks for anyone who has time to give their 5p!

[TH63]

Demand and supply surely?

The buyer's bank are bound to want to protect their investment by pointing out that the value of your property might drop, potentially reducing the buyer's equity, i think that is responsible behaviour.

That said, it's the buyer's risk. My view is that he's made an offer and you've accepted it, so now he's trying to reduce the price again.

I'd tell him to pay up or do one.

[Blue in the Face]

Demand and supply surely?

The buyer's bank are bound to want to protect their investment by pointing out that the value of your property might drop, potentially reducing the buyer's equity, i think that is responsible behaviour.

That said, it's the buyer's risk. My view is that he's made an offer and you've accepted it, so now he's trying to reduce the price again.

I'd tell him to pay up or do one.

I was hoping you would reply to this TH. Good advice. I've seen your savvyness on this kind of thread before. Really appreciate you taking the time.

[TH63]

I was hoping you would reply to this TH. Good advice. I've seen your savvyness on this kind of thread before. Really appreciate you taking the time.

Cheers for that mate, I know I spend most of my time on this board cocking about, but it means a lot to know my rare sensible posts are appreciated

[Taunton Blue Genie]

Demand and supply surely?

The buyer's bank are bound to want to protect their investment by pointing out that the value of your property might drop, potentially reducing the buyer's equity, i think that is responsible behaviour.

That said, it's the buyer's risk. My view is that he's made an offer and you've accepted it, so now he's trying to reduce the price again.

I'd tell him to pay up or do one.

A flat no then :coat:

[Wales-Bales]

So the housing bubble is about to burst. Thanks for the info

[Blue in the Face]

So the housing bubble is about to burst. Thanks for the info

Not necessarily bud. This buyer could be gaming me. The report given still shows a very healthy yield in regard to rental income and it's a buy to let mortgage so the projected drop doesn't really make sense. There could be a wobble in lending because talk of a hung parliement? Or maybe this buyer's borrowing power is poor.

[Vindec]

The buyer's stance is ridiculous. He is buying the flat now not in 90 days time. And whose to say the market will drop? It might and it might not. I would stick to your guns.

Furthermore when the man decides to rent it out he will want to accept present day rents and not some fictional rent in the belief rents will either rise or fall in 90 days time. If he is so concerned about rent in the future I suggest he buys a flat in 90 days time and not now.

[Wales-Bales]

Not necessarily bud. This buyer could be gaming me. The report given still shows a very healthy yield in regard to rental income and it's a buy to let mortgage so the projected drop doesn't really make sense. There could be a wobble in lending because talk of a hung parliement? Or maybe this buyer's borrowing power is poor.

Ah ok, I was going on the bit where the survey report is saying the value of the property is going to drop a steep amount in the next 90 days, and I assumed it was an independent view of the market.

[Nick]

Ah ok, I was going on the bit where the survey report is saying the value of the property is going to drop a steep amount in the next 90 days, and I assumed it was an independent view of the market.

One should never make assumptions!

It was hardly an independent report - it was a report prepared on behalf of the potential purchasers funders. No independent surveyor could possibly predict what may happen 3 months from now.

[Wales-Bales]

One should never make assumptions!

It was hardly an independent report - it was a report prepared on behalf of the potential purchasers funders. No independent surveyor could possibly predict what may happen 3 months from now.

It's weird why they would mention it then, if it means they will lose the morguage opportunity. Unless of course the funders are not a bank.

[Mrs Steve R]

I'm guessing as it's a flat it does not come with a garden or a fence?

[Wales-Bales]

I'm guessing as it's a flat it does not come with a garden or a fence?

Yep, no Jezza gnomes in the garden

[Mrs Steve R]

Yep, no Jezza gnomes in the garden

[BLUETIT]

I'm guessing as it's a flat it does not come with a garden or a fence?

No "GARDEN TAX" then.

Talking of "GARDENS", how is yours these days, Mrs R.

[Mrs Steve R]

No "GARDEN TAX" then.

Talking of "GARDENS", how is yours these days, Mrs R.

I've got a concrete yard.

[BLUETIT]

No "GARDEN TAX" then.

Talking of "GARDENS", how is yours these days, Mrs R.

I've got a concrete yard.

That's hard, try a bit of "AXLE GREASE", it worked for Dynah

[A Quiet Monkfish]

Oh board of all knowledge. Sorry to clog the board with this thread. Just desperate to get some advice from some wiser more experienced heads.

I'm currently in the process of selling my tiny one bed flat in London. I accepted a bid a margin less than neighbours had sold a year ago as the market is clearly cooling. The buyer has submitted a PDF of a survey report saying the valuation is right in accordance with the bid. But the survey report is saying the value of the property is going to drop a steep amount in the next 90 days. Do the banks dictate the market? Or is it demand driven?

I feel like I'm being scammed or low-balled by an experienced buyer who knows brinkmanship. Should I hold out? Or accept the offer a fair whack under what the value is now?

Thanks for anyone who has time to give their 5p!

I think you are right to be suspicious. Firstly, why would a buyer - or anyone financing that buyer - be making an investment which they are claiming to fall 'drop a steep amount' in the next 90 days ? That just doesn't add up. Secondly, are they saying that your property is going to fall in value, or those in the same area, or those in London, or the whole of the UK ? As someone who knows a bit about property, I can assure you that nobody anywhere is making such predictions.

Best way to handle the situation is just to chill and be patient. Providing the offer you accepted was only 'marginally smaller that your neighbours, then you are in control. If he tries to drop the price a later stage just say 'no thanks' - he'll either proceed because he's already paid expenses out, or he will back out. Don't panic, the flat will still be worth the same. Just one small thin you should to. Go onto Rightmove/Zoopla etc and check out 'sold prices of others in your block [if you haven't done so]. You may find your selling to low, not too high...

[bobh]

The value MAY go down in the short term.

But it will vastly increase in the long term

I bought my London flat in 1979 for £14,000, sold 5 years later for £23,000.

Value now? circa quarter million.


Tell him to pay up or do one.

[sneggyblubird]

Blue in the face,you're gonna be red in the face pretty soon if you listen to this crap.If the banks were that good at telling market trends there would have never have been a financial crisis.Plus the fact that something like this would be huge news.He's trying it on.

[kingbillyboy]

just tell them to **** off or else you will come for their family? always workd for me

[BlueWales]

Just for fun how about the idea that property prices in London are about to crash because May
has clearly failed to provide enough police to protect all the homes there from crazy terrorists ?

Finance and property depend on " confidence " and more and more people have no confidence
in our Weak and Wobbly PM.

[the other bob wilson]

I've had an offer for a flat accepted and it's looking like I will have moved by the time City play again - should I have made my offer on the proviso that there is a Conservative party win on Thursday?