Any estate agents/selling experts?

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Any estate agents/selling experts?

Postby jevs on Sat Sep 09, 2017 11:41 am

I'm just about to put my house on the market as the wife and I are going our seperate ways. There's 2 others for sale up our road which are up for £320k.

Now the snag....or maybe not. Our house is shared ownership. We own 50%, the housing association (Orbit housing ass) owns 50% but we're only allowed to sell our share....not the whole house.

We've done this for the past 19 years and it's worked well as i'm not on the greatest of salaries. We pay a subsidised rent on Orbit's share.

Now in a market where a 300k martgage is way out of reach of most youngsters, would this kind of deal be more attractive to people or is it a pain in the arse. We've got to get a surveyor's valuation this week and then we're free to advertise with who we want....we'll probably go with Purple Bricks.

Anyone ever dealt with this before?
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Re: Any estate agents/selling experts?

Postby Blow Bubbles on Sat Sep 09, 2017 11:45 am

jevs, this is my game. I'm at work at minute but will give you my two pence worth in a bit.
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Re: Any estate agents/selling experts?

Postby Blow Bubbles on Sat Sep 09, 2017 12:13 pm

Housing associations normally have an exclusivity period to sell to clients who want shared ownership – can be 6 to 12 weeks in my experience – this is usually their opportunity to sell to a client looking to buy with the shared ownership. They rarely actually sell them and this is dead time unfortunately.


It can be attractive depending on the local market but is less so these days as believe it or not £300k mortgage is not unusual and borrowing is so amazingly cheap.


You need to double check with Orbit as actually, when it comes to resale they often are more than happy for you to sell 100% of the property and give them their 50% back – on which they will have made a huge profit – it is where they make their money from!


The surveyors valuation will be from what they decide what money they want back from you and they will usually ask that you market at that price, at least initially. If the transaction drags over (I think) 3 months, then they will want it revalued – which you will have to pay for.


Finally, avoid Purple Bricks – it is not estate agency, it is a marketing platform ONLY. You might as well put the house on Facebook or something. Their ‘local expert’ is paid once you list the property so there is no incentive to sell. Whether you pay upfront or defer the payment you owe it to them as soon as they leave your house. There is also no incentive for them to get you the best price either, so whilst they will only charge you around a grand it is a false economy. The estate agent, who will charge between 1% and 2% depending on the local area and market will be much better placed to expose the home to a much wider audience and keep in touch with you properly on it all and ultimately see you both walk away with more money! They advertise about ‘saving you thousands on commission’… In reality they COST you thousands in net gain. The traditional agent will also be working on a no sale, no fee basis and will not be paid until completion, when the job is done. Their fee will come out of the equity in the property, rather than your pocket.

What area are you in and I can see if I or my firm cover it, or recommend you a good local agent?
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Re: Any estate agents/selling experts?

Postby jevs on Sat Sep 09, 2017 12:26 pm

Crikey BB....thanks for that :thup: We're in Lewes, East Sussex (BN7)
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Re: Any estate agents/selling experts?

Postby Blow Bubbles on Sat Sep 09, 2017 12:32 pm

Haha! Sorry! I needed to reply properly to that as I didn't want you making any mistakes mate!!!

Trust me, you really get what you pay for in my game!

Good news is my mob do indeed go down to Lewes. If you wanna PM your real name and number I can call you on Monday and arrange a valuation with my guys down there.
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Re: Any estate agents/selling experts?

Postby 3times on Sat Sep 09, 2017 7:38 pm

As a mortgage broker I deal with a fare few shared ownership properties. They are not a problem for most lenders and normally make a property affordable (on lender affordability criteria) that may not be if purchasing the full 100%.

As for purple bricks - only experience is dealing with them when a client is buying - absolute nightmare to deal with. they have been telling other agents in the chain how the mortgage is progressing and when the offer will be out without actually asking me, basically making things up. Also never speak to the same person twice. I would say avoid.
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Re: Any estate agents/selling experts?

Postby 3times on Sat Sep 09, 2017 7:41 pm

On a further point I would say get 3 quotes from estate agents, do not necessary to with the cheapest, and try to get recommendations.

Avoid Bairstows if you can.
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Re: Any estate agents/selling experts?

Postby Crouchend_Hammer on Sun Sep 10, 2017 12:27 am

Give these a go. My mates company

http://www.whenyoumove.com
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Re: Any estate agents/selling experts?

Postby jevs on Sun Sep 10, 2017 6:10 am

Thanks guys, tremendous help there.

One issue i have is that i'm not allowed to get an estate agent's valuation....it has to be done by a surveyor and is only live for 3 months....then i have to get another (at £360 a pop) and the company have to be a member of the RICS.
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Re: Any estate agents/selling experts?

Postby Blow Bubbles on Sun Sep 10, 2017 11:21 am

jevs wrote:Thanks guys, tremendous help there.

One issue i have is that i'm not allowed to get an estate agent's valuation....it has to be done by a surveyor and is only live for 3 months....then i have to get another (at £360 a pop) and the company have to be a member of the RICS.


It's not that you can't have an agent value jevs, they will need to value it if they are going to market it for you - a valuation is the where they will each tell you what they will do for you, not just put a price on the property.

Although before you do any of that you do need to check with Orbit as I said, as I am confident they will have to market themselves to their part ownership buyers as I said, before they allow you to go to the open market.

PS. 3times, I think you're advice RE Bairstows is a little unfair (I don't work for them btw). If you are saying to avoid them then why not say avoid the whole Countrywide Group? Which will include at least Mann & Co and possibly others in your area or in jevs. Which is nonsense as like an corporate firm that works on a franchise basis, some offices will be great and others awful - it's all individual office dependent but you've obviously got bad Bairstow Eve offices in your immediate area by the sounds of it...
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Re: Any estate agents/selling experts?

Postby danm79 on Sun Sep 10, 2017 4:58 pm

jevs wrote:Thanks guys, tremendous help there.

One issue i have is that i'm not allowed to get an estate agent's valuation....it has to be done by a surveyor and is only live for 3 months....then i have to get another (at £360 a pop) and the company have to be a member of the RICS.


There is no need for a physical valuation every 3 months, that is just insane. If they are insisting on a RICS surveyor valuation would they allow you to just pay for a desktop valuation each time? Has it got to be a different surveyor each time?

Have you picked a surveyor yet?
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Re: Any estate agents/selling experts?

Postby Blow Bubbles on Sun Sep 10, 2017 5:16 pm

danm79, that is how the housing association groups work unfortunately! No getting around it!
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Re: Any estate agents/selling experts?

Postby 3times on Mon Sep 11, 2017 1:00 pm

Blow Bubbles wrote:
PS. 3times, I think you're advice RE Bairstows is a little unfair (I don't work for them btw). If you are saying to avoid them then why not say avoid the whole Countrywide Group? Which will include at least Mann & Co and possibly others in your area or in jevs. Which is nonsense as like an corporate firm that works on a franchise basis, some offices will be great and others awful - it's all individual office dependent but you've obviously got bad Bairstow Eve offices in your immediate area by the sounds of it...


Its the BE business model I don't agree with. Pressure to see their mortgage advisor for an affordability check before they put any offers forward, over valuing properties to get the business etc. I know of one case where they got the client to sign the T&C's without going through them and not being exactly truthful in what the client was told (partially blame the client reading properly).

It may be just the branched where I am but I am not impressed.

Same with Countrywide solicitors - would never recommend.

Friend of mine is a surveyor for them and the tricks they get up to so they don't have to pay bonuses.

So you could say the Countrywide Group!
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Re: Any estate agents/selling experts?

Postby screech on Mon Sep 11, 2017 1:10 pm

me and my missus have been invited along to an "estate agent awards ceremony" friends of ours have an agency and been nominated for x,y and z
my question to the missus was what do you have to do as an estate agent to get nominated? sell houses??
what else is there??
safe to say i am giving the ceremony a swerve as my boy has footy training that evening :wink:
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Re: Any estate agents/selling experts?

Postby Monkeybubbles on Mon Sep 11, 2017 1:12 pm

Nothing to add to the info regarding selling your house, but I just wanted to say that I'm sorry to hear that you and the other half are calling it a day, mate.

Um, what's she like?
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Re: Any estate agents/selling experts?

Postby jevs on Mon Sep 11, 2017 3:55 pm

Monkeybubbles wrote: but I just wanted to say that I'm sorry to hear that you and the other half are calling it a day, mate.

Um, what's she like?


Cheers mate but....

a) i'm not

b) ugly

:lol:
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Re: Any estate agents/selling experts?

Postby Monkeybubbles on Mon Sep 11, 2017 10:32 pm

^ Good work!
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