@Ted: By communicating. The problem at the moment is that there are a lot of agents chasing business many of whom will be whispering in the ear of the seller. Clearly if no one wants to view a place then the price is wrong, but if the seller's expectation (the most likely price setting point) isn't being reached then it's common for sellers to simply jump ship and try someone else at the same price which doesn't make a lot of sense. Aggressive agents cause distress to sellers by tying them in to long contracts and then trying to reduce an overblown asking price after a couple of weeks, but if sellers were to wise up to this and insist on a 4 week initial contract they'd find things a lot easier.
@MrsDoubtfire: fair thought really but the costs involved, NOT including the aggro factors, can be huge and are completely unknown and unquantifiable by most. It sounds great BUT you have to consider in each transaction, SDLT, solicitors fees, funding costs, builkd costs, agents fees and a big contigency as anyone who'
@BishanB: Some lenders are more likely to agree on it if you can get down to 50% or 60% Loan To Value but many would just rather avoid the issue I am afraid
s ever had building work done will know. So whilst it seems easy I assure it's not. It really only works IF you have another source of income as you may make a small amount of capital but development takes a long time to build a steady income you could live off....
@MrsDoubtfire: There is undoubted money to be made and fun to be had but it is not as easy as it looks on TV! Most lenders for example only really like to help those with experience rather than first starters although things are easing slightly. Agree with Ed, you need to spend a great deal of time on preparations, costings, contingency funds etc. and make sure you get proper advice before jumping in.
Whilst we have been on there has been no change in Bank Base Rate in the UK - no surprises there. But in the Eurozone rates have been cut to just 0.15% whilst they have also imposed negative interest rates of -0.1% on eurozone banks -- to encourage them to lend to small firms rather than to hoard cash. Negative interest rates!
An interesting finale.......thanks everyone.
Surely though ti's all about building in a cushion in the price, not simply saying a flat NO?
@Ted: By communicating. The problem at the moment is that there are a lot of agents chasing business many of whom will be whispering in the ear of the seller. Clearly if no one wants to view a place then the price is wrong, but if the seller's expectation (the most likely price setting point) isn't being reached then it's common for sellers to simply jump ship and try someone else at the same price which doesn't make a lot of sense. Aggressive agents cause distress to sellers by tying them in to long contracts and then trying to reduce an overblown asking price after a couple of weeks, but if sellers were to wise up to this and insist on a 4 week initial contract they'd find things a lot easier.
@BishanB: Some lenders are more likely to agree on it if you can get down to 50% or 60% Loan To Value but many would just rather avoid the issue I am afraid
Comments