Tilly V mortgage express repo

[**Tilly**]

Thankyou again,

 

Have had a look at simular propertys in the same road, smaller but priced higher,with different estate agents

will be moving with relatives, but will not be buying again, once was enough :-|

 

[ja-de]

Sounds like very sound advice there Tills:cool:, like you, me thinks I'll have to read it again to understand it properly, (hope you not offended BRW). Mind you, it seems you've really done your homework there:D, I take my hat off to you:)

[**Tilly**]

Okay just back from estate agents, i have dropped the price just below what the other property's are on the market for, thinks to herself has she got it right

[stonedecroze]

I am in agreement with Ja-de Tills. It looks like really good, well thought out advice. take your time and make sure you fully understand what is being said, I have read it several times now and I THINK I understand it

[banker_rhymes_with]

Hello Tilly!

 

Have had a look at simular propertys in the same road, smaller but priced higher,with different estate agents

Don't worry too much about that, because what people are asking and Estate Agents are Advertising, can be quite a lot higher than what people are actually getting when they do Sell.

 

Okay just back from estate agents, i have dropped the price just below what the other property's are on the market for, thinks to herself has she got it right

It is a tough call but, you are now in the running whereas the others are now the ones Flying a Kite and, all being well, the rival Sellers won't budge for a while leaving you a clear run at the Buyers.

 

When you can, investigate the On-Line Sale Price Web Sites, as most of these tap into the Land Registry Data, so show what people actually got, as the Land Registry has to be told the amount when Sales are finalised at Completion. Enter your own Postcode, and it may show you what has Sold around you. That could be quite sobering, and may tell you the Trip to the Agents Today was timely.

 

Sorry to labour the point, but looking at what people are Asking is only part of the picture, as they are aspirational Prices. Many Sellers and, indeed, Estate Agents, will cling to Higher Prices because they hate facing up to the fact that things are going down.

 

I don't blame them at all, just stating that those Prices you see in the Papers and in Estate Agent's Windows can be very misleading and, potentially dangerous if they make you hold out for a Price that you may never stand a chance of getting.

 

Remember this is a near Recession not a booming Market, so Shop Window Prices will take a while to correct downwards to match the Market.

 

An easier way to grasp this concept is to try and imagine that a Declining Market will be deducting 500 pounds from your Property every Week.

 

Fail to Sell in a Month, and you must write off 2k from the Value, i.e. Sale Value not what you are asking and hoping to get.

 

Add to that the Cost of running it, say, 100 a Week at least, and that's another 400 a Month on top of the 2k, so call the Total 2.5k a Month.

 

If your Pad is 150k now, in a Month it will be 147.5k, in two Months, it's worth 145k, four Months 140k. You just have to beat that decline, and the sooner the better.

 

Prices won't keep going down to Zero, they will flatten out, but they will fall fastest and farthest at the start so, if you want a good Price, you need to act fast to catch things before they shoot down too far.

 

It looks like you may have just done that! Well done.

 

In the last Recession, once they bombed, they stayed very Flat for quite a while before they gradually started to rise again. Right now I think we are in the steep Price decline stage, I think they have quite a long way to go down yet. Then we'll all be miserable for a few Years, then it'll start to creep back up.

 

In a growing Market, this is not a problem, but in a Declining one, it is very dangerous to get the Price wrong, as every Month that goes by, you are spending money Running the place, and losing Money on the Declining Value. Many don't realise that soon enough, and by the time they do, assuming a Sale is required rather than optional, they usually wish they'd taken a lot less when they started!

 

OK, assuming your Property is now back in the running, now is the time to get the Estate Agents moving, as June-September are the best Months to Sell. Keep the place looking like a new pin, but don't try to refurbish it as that just puts good money after bad.

 

Another low cost trick is to keep Windows clean, as glass sparkles and can make a house twinkle. Likewise, if you have nice views, a crystal clear Window can make the outside seem far more appealing. Don't go climbing Ladders or anything you are not used to doing, maybe get a Window Cleaner in, then maintain the easy to reach ones yourself after that...Front Door, INNER Glass (let's not forget they are two sided) etc.

 

As the saying goes, always Buy a Boat, Lawnmower or a House when the Snow is on the ground, as Prices are always lower.

 

In a Recession, you really don't want to miss Summer and find you are still Selling in the Winter when it's wet, nasty and cold, and Prices have gone down even further. By next Spring/Summer, they could be 20%-30% less than they are now if things get worse as many predict.

 

This gives you a Selling Window of maybe four peak Months, then maybe a few weeks after that before the Leaves all fall off and it gets Wet/Windy and depressing.

 

If you can shift it in the next 2-3 Months, job done.

 

Once the money is in the bank, you can look back and decide if this was good advice or not.

 

Put it this way, I can't see a Property Price Boom for a few Years!

 

I really hope this helps rather than alarms, as that is not my intention. But there is nothing more miserable than needing to Sell and constantly having to make little Price reductions with no beneficial effect.

 

A keen Price now could flush out those Buyers that are around, and you could have this in the bag. Problems over, you'll have preserved the most amount of money/wealth possible, and your options for going back in to the Market when Prices are much, much lower could be viable, albeit that you don't want to think of that right now.

 

The very best of luck.

 

Cheers,

BRW

[**Tilly**]

I think im getting the hang of this :o

 

 

[Bona]

Tilly will it clear the debts of the mortgage or the secured loan,

[**Tilly**]

HiBona

 

If it sells at the price it is now, it will leave a 5000 shortfall, luckily i have no

secured loans.

 

Edited June 17, 2008 by **Tilly**

[gizmo111]

HiBona

 

If it sells at the price it is now, it will leave a 5000 shortfall, luckily i have no

secured loans.

 

Is that including legal and estate agents fees?

[**Tilly**]

Hi Giz

 

The legal fee's and estate agent fee's are sorted, if and when i sell.

[MilkTrayMan]

Something to also bear in mind Bill...

 

Social Housing 6 year waiting list for repossessed families

 

Soz for the reality check...It's important that U are under NO illusions though...

 

Although I would imagine that certain Councils throughout the country couldn't persuade peeps to move into some estates, even if they paid them to...

 

Now's the time for U to step up a gear + give it your 110% for the next couple of months Bill.

Sugarcoating doesn't always help peeps get focused when they REALLY need to...

 

 

 

 

...

[**Tilly**]

Something to also bear in mind Bill...

 

Social Housing 6 year waiting list for repossessed families

 

Soz for the reality check...It's important that U are under NO illusions though...

 

Nope not under any illusions, ta muchers for the link

Although I would imagine that certain Councils throughout the country couldn't persuade peeps to move into some estates, even if they paid them to...

 

been there done that

 

Now's the time for U to step up a gear + give it your 110% for the next couple of months Bill.

 

Me thinks i best step up the pace and find that toy boy then

 

Sugarcoating doesn't always help peeps get focused when they REALLY need to...

 

 

 

 

 

 

 

 

 

 

 

 

 

...

 

 

 

Think im more focused now than i have been in recent weeks

 

[ja-de]

I just hope that you don't have to drop the price much more, you really can't afford to lose anymore, & it seems to me that, that noose is tight enough as it is!!

[TideTurner]

Tills, any news from their Solicitors? The EA's have a duty to ensure the best price is achieved (under current market conditions). This can't happen until the Solicitors act. I haven't go a crystal ball, but I'll go along with the general consensus here that prices are going to drop, in which case the biggest losers will be those with the most expensive properties.

 

The mood at the moment is to downscale, so your property is still attractive as it is not 'top end'.

 

Something is bugging me, ragarding their failure to act.

 

Watch out for the old "the property was on the market for some 3 months, and therefore we were forced to take the best offer". You are right to have a number of estate agents involved, and ensure they are not connected in any way.

 

Tide

[**Tilly**]

Hi Tide

 

I have not heard anything from anybody, solictors, Me or court, apart from the last time i rang them last week. I know thy say no news is good news, but i wish they

would make a bit of noise

[banker_rhymes_with]

Hello Tilly!

 

Sorry to hear there will be a Shortfall, but I think now you can see that if you get the Price sharp, the Shortfall will be the lowest you can make it.

 

Hold out for too high a Price, and the danger is the Shortfall could get bigger.

 

All being well, you've made a good move, and that may get them coming to view. Now you need to be on standby for Viewings, and have a little Action Plan all lined up...a few Loaves of Cheap Bread for the Toaster, and some really Strong Coffee for the Hob!

 

Keep Windows clean, and it should all fall into place.

 

Perhaps take some time out to Drive and Walk up to your Property, and try to see if from a Buyer's Perspective. Does anything bad catch the eye, is anything good being hidden by, say, the odd branch or bush? If so, lop off anything in the way.

 

If your Car has a dent at the front, park it the other way around, as first impressions count on more issues than you may have considered.

 

Mostly common sense, but now is the time to really make that last effort.

 

With any luck, the Summer Weather will arrive very soon, and the Price may get a few of them interested. Who knows, you may get an Offer that closes the gap on that Shortfall.

 

I really do hope it all works out for the best.

 

Cheers,

BRW

Edited June 18, 2008 by banker_rhymes_with
Can't Type or Spell...still!

[TideTurner]

Any news Bill?

[**Tilly**]

Hiya Tide

 

Nooooo still no news, not a dickie bird

[MilkTrayMan]

...not a dickie bird

That is sooooo open to misinterpretation Bill...:o:o:o

...

[**Tilly**]

Hiya Tide

 

not a dickie bird

 

That is sooooo open to misinterpretation Bill...:o:o:o

 

 

...

 

Im sure i dont know what you mean MTM :o

[**Tilly**]

 

Something is bugging me, ragarding their failure to act.

 

 

 

Tide

 

 

Tide

Did you sort out the bugs

[Thailand]

Hi Hun,

 

This might not be much of a help, but I have Property Bee installed on my PC, which tells me all the reductions and title changes of properties in your area (well, everywhere). Its a great tool to ascertain what other sellers are up to in your area.

 

I realise any further reductions could increase your shortfall, but could give you an advantage over the others?

[**Tilly**]

Hiya Hun:)

 

Thanks thai, you want to start that bee buzzing, let me know if you need post code,either way im going to have a shortfall, so i may as well drop the price and

do my best to to sell it myself.Times ticking.

Edited June 20, 2008 by **Tilly**

[TideTurner]

Tide

Did you sort out the bugs

No,

 

I'm thinking along the lines of current market conditions. If they repossess now, they could be left with an empty property and no accruing debt. If they leave things as they are, at least they have a 'possible' debt to pursue in the future.

 

Also, any property left for any period unoccupied becomes harder and harder to sell. If they have 1,000 of these cases, their losses will be considerable.

 

Maybe they are stalling deliberately??

 

Don't forget the number of people with similar problems is increasing daily at a rapid rate, and the forecasts are all pointing to at least 18 months of doom and gloom.

 

Once they are in possession, the depreciating asset becomes their responsibility.

 

May give you time to find a buyer, or lodger on the quiet. Have my prayer mat out that your situation changes income wise in the meantime.

 

Tide

[**Tilly**]

Lets hope you are right Tide, at least it gives a bit more time to try and

sell,Hope your prayer mat is a large one hun