The Accidental Smallholder Forum
Community => Coffee Lounge => Topic started by: doganjo on June 08, 2013, 12:29:45 pm
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I have seen signs of it. Two houses along the road from me have only had their signs up for about 6 weeks. One right at the end of the village is lovely, I'd have liked it - was on for £240K I think. The other was a semi bungalow, on the main road, looked in nice condition from outside. Don't know what it's price was.
Two friends in England have also just sold theirs = one was on for a year and suddenly she has got her asking price from a family that saw it six months ago. The other one was put on a different website and they got an offer the next day, unseen, signed sealed and delivered.
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Annie, I think it may be on the move again although there are some definite regional differences.
I too have a friend who has had hers on the market for a year. She found a buyer a few weeks ago and it was all going through but the buyer had to drop out. She put it straight back on the market and the estate agent found another buyer just 10 minutes later. :fc: all goes well this time for her
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We have had offers, but they all fell through, although one couple are still thinking about it and I just saw them ride by on their cycles......ALL the properties we love have sold very quickly but they are in the low price bracket....although saying that, some we looked at that were actualy nice but not our thing are still for sale and they are good prices as well.......I think things are picking up, we have only lost out prospective buyers as the house poses too much to look after, the price we were offered from 3 seperate people was fine and a good offer, they just happened to find some other property!!
Big old houses take big load of money!!
Belive me, I keep a keen eye on loads of properties and any good area goes like poo off a shuvel, Rosemary highlighted a few for me.,....the ones I love went but it IS picking up!!
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I must add, before we moved here 6 years ago, we lost 4 offeres and had over 40 viewings and over a year to sell, that was a cheap house in a posh area, Woodhouse Eaves, so very popular.....its just about choice, and of course location, in a beauty competition with loads of pretty old women in, I would stand no chance, but if there were only 2 and the other one not so good looking....at least I would have a slim chance and worst, come second..up to now we have come second in our selling stakes, the first person went back off to S Africa to live with his girlfriend, the second bought a house in Dunfirmline, the others I have no idea but the latest couple have not said a yes or a no just yet!!
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I heard that the Halifax reckons that the market is picking up and that more people are risking getting mortgages. I hope so. My daughter has been trying to sell her first time buyer type hoe for ages and it's in beautiful condition.
http://www.bbc.co.uk/news/business-22607378 (http://www.bbc.co.uk/news/business-22607378) gives figures.
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We have had offers, but they all fell through,
Since written offers are binding in Scotland, it's very sad that you have been let down by people making verbal offers they can't follow through on.
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we have put a house on the market today..it goes live on wednesday (photo's) one sold around the corner in the 1st viewing...estate agent told me he has two people interested already :fc:
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Offers are only binding when it is accepted and then papers signed, even then people can pull out, even in the Scottish system if they have no money for whatever reason, the sale cannot go through.....I have seen a lot of houses come back on the market that were under offer, It could be due to further suvey finding stuff or not being able to get funds for the property...the Suvey done is not sufficiant for some home buyers as they do not go into any unacessable space like roofs or voids, if people are going to borrow a lump of money, then they need to be careful as banks are not handing out money like they used to, problems that come up are past flooding, roofing, damp, septic tanks, boilers etc etc, the surveyer will only summise on the state of those things, I have also liked the look of a lot of nice properties near to the Forth but then there has been a lot of press about future flooding, particularly in Kincardine, so houses there are sticking.......no flooding here :innocent: and now our roofs been vented and sorted with gaurentees but not changed our home report as yet...not until we get a firm offer!!
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John and Helen :thumbsup: :thumbsup: :thumbsup: :thumbsup: :thumbsup: :fc: :fc: :fc:
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Offers are only binding when it is accepted and then papers signed, even then people can pull out, even in the Scottish system if they have no money for whatever reason, the sale cannot go through
Partially true :)
If an offer is accepted, and the sale agreed between lawyers ("Papers" are two letters - one offering, one accepting - although there may be others with qualifications on either side, but the first two complete the contract in Scots Law) and the prospective buyer cannot complete by the entry date , they can be sued for the costs involved in re-advertising and legal costs - I know that is the case, as it happened to my daughter.
So you can either have 'verbal' offers (an offer does not become 'written' till the lawyer sends the letter) or you can have 'written' ones that may or may not be accepted. But when accepted in writing they are legally binding.
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Offers are only binding when it is accepted and then papers signed, even then people can pull out, even in the Scottish system if they have no money for whatever reason, the sale cannot go through
Partially true :)
If an offer is accepted, and the sale agreed between lawyers ("Papers" are two letters - one offering, one accepting - although there may be others with qualifications on either side, but the first two complete the contract in Scots Law) and the prospective buyer cannot complete by the entry date , they can be sued for the costs involved in re-advertising and legal costs - I know that is the case, as it happened to my daughter.
So you can either have 'verbal' offers (an offer does not become 'written' till the lawyer sends the letter) or you can have 'written' ones that may or may not be accepted. But when accepted in writing they are legally binding.
True. Although you can insert clauses in that accepted set of docs which have conditions in them, failure of which does enable you to pull out without penalty...we had that situation/ did that. We did go on to buy it.
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John and Helen :thumbsup: :thumbsup: :thumbsup: :thumbsup: :thumbsup: :fc: :fc: :fc:
Thanks HGL ... lets see how it goes.... :fc:
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And we did not accept any of the offers, but offers are often "subject to contract" the contract could mean all sorts of conditions.
We made an offer "subject to us selling our house"
Houses under offer can and do fall through due to variouse conditions etc often due to survey.
Houses are often under offer subject to contract and not sold until contracts between both parties are signed....maybe you are thinking after the contracts are signed Anne.....
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We were the same as you, happygolucky - got an offer, accepted it then they withdrew. I suppose we could have sued but it wasn't worth the bother :)
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I do agree that the Scottish system is MUCH MUCH better, I know so many people that have had the removal people in front of the house and the buyer pulls out...at least...fingers crossed, once contracts are signed its pretty straight forward, unless the buyer dies or has no money :innocent:
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Not so good when you're moving from England to Scotland. We had to wait until we had exchanged contracts on house in England before we could put ann offer in on the one is Scotland. That gave us just two weeks to do all the legals before we moved. Fortunately our seller was prepared to let us move in before the papers were signed.
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The big driver for the housing market is confidence, and that isn't there: and it won't be there for some years[size=78%]. [/size] So volumes are low, and the number of would-be sellers is high.
Affordability remains a big issue. Interest rates have never before been this low, yet a lot of people are struggling to survive. At some point there'll be pressure to raise rates and that will be ugly
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There is a lot of choice out there for buyers, a great time to buy as you can command a good price for a quick move, people are far more choosy now, my cousin is trying to sell his mother in laws sea front house but no luck as yet!!! IF I had a bit of spare money I certainly would be buying a few houses right now!!
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maybe you are thinking after the contracts are signed Anne.....
No, I learnt about Scottish Contracts when studying Scots Law at Aberdeen University. In Scotland the contract takes the form of a series of letters known as "missives". There is nothing for the purchaser to sign to commit to the contract as the "missives" are generally signed by the parties' solicitors. The missives state principally the price, the date of entry and what is being included within the purchase price. So you are very much in the hands of your legal representative. Once the offer has been accepted on all points, you have entered into a legally binding arrangement and neither party can withdraw without potentially being held liable for the consequent losses of the other party. The solicitors deal with it all - nothing is signed until near the entry date. That is where the term 'papers' is used.
Offers 'subject to survey/selling my own house' are frowned on by lawyers.
People do 'try it on' these days as far as making low offers, but I do think the market is beginning to move. It is quite nervewracking! Don't think I'll try it again in a hurry.
I sometimes wish I had continued with my legal degree instead of completing an accountancy one, I do enjoy contracts. :eyelashes:
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Despite the differences between Scots and English law and the perceived advantages of one over the other people manage somehow to buy property in both countries.
Under English law all contracts for disposition of property have to be in writing but it is perfectly feasible to make an unconditional offer in one letter - usually by accident - which if accepted by the other party becomes a valid contract. The exchange of contracts palaver is custom more than law.
If one side fails to perform on a normal sale & purchase contract there's a provision for the deposit - often 10% - paid at exchange to be forfeited and the contract is then cancelled. But it's not widely known that as an alternative specific performance can be sought whereby the court is asked to require performance by the defaulter of the contract.
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Next door neighbour put her house on the market 2 weeks ago. Its sold! Now I'd like to think that the appeal of living next to my family and all the animals had a deciding factor in that ;) but...realistically, I feel people are feeling more confident that employment is safer and jobs more secure now.
|Another neighbour has put a manor house up for sale...just under a million...already had an offer. Been on for a week. All good :thumbsup:
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Phew wow plumbs, that's quick!!!!!!!! Very quick, my mother in law sold in a week as well, they had a big house in a student area so ideal for let's....
Anne, it appears you know it all!
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Anne, it appears you know it all!
I don't aspire to that, but I did complete a degree which included Scots Law. :) :eyelashes: