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N W
1384  Profile Views

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my expertise in the industry

N's Recent Activity

N W
What a load of tosh! As an agent of over 37 years experience and one who has auctioned property personally, the claim that Informal Tender (sealed bids) does the industry and sellers a dis service is dare I say it "laughable" The advantage with an auction is security of sale but apart from that, it rarely (in todays market almost never) secures the highest paid price possible out of the market. The weakness with an Auction is that the highest bidder only has to pay slightly more than the highest budget of the next lowest bidder (As a result the top bidder never really has to pay the maximum price that they might have paid if pushed all the way to the maximum of their budget). Having sold many many properties by sealed bids over the years, even more so over the past 18 months, the prices presently being achieved by sealed bids can be £20/£50/£100/£150/£200 and dare I say it even almost £400K above the next highest bidder (figures that would never have been achieved in an open Auction environment as the top bidder could never have been pushed to this level once the reserve had been passed as no 2nd under bidder would have had the ability to chase the figures this high. Yes I have had a sealed bid process where all three offers were the same and yes I have had two where the buyer then changed their mind (but a very small percentage in comparison to the numbers of properties successfully sold this way) and we went straight back to the next bidder who was still looking and happy days. My only regret is that I hadn't on all of these sales built in a performance fee for securing such high sales prices over and above the guide prices (we do now but I missed a trick on that for many months) With due respect to Auction House and others (who I know and have a lot of respect for), the claim that sealed bids does the market and sellers a dis service is absolute balderdash (if I had sold most of these homes by Auction i would have actually not done my job properly and then done a dis service to the sellers)

From: N W 08 October 2021 08:25 AM

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From: N W 08 September 2021 15:07 PM

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From: N W 20 August 2021 17:27 PM

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From: N W 19 July 2021 15:43 PM

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From: N W 01 April 2021 17:11 PM

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From: N W 24 February 2021 11:11 AM

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From: N W 15 February 2021 16:46 PM

N W
not so true. Most of us realised the end date and the fact that this would need to be managed (I'm lucky that most of my sales are well on course for exchanging and completing prior to the deadline date by diligence, careful management, setting the scene with buyers and sellers and ruthlessly managing the pipeline) Those that may be tight for meeting the deadline are aware (we put them on notice at the time) that due to the volume of sales being agreed we could not guarantee they would meet the deadline (I may have 3/4 that might struggle to get over the wire in time). The issue is going to be those sales that should have exchanged and completed prior to the date not being able to as the legal process, surveys, finance etc has become so backlogged (beyond what almost anyone could have predicted) and the biggest issue of all which no one seems to have considered i.e. that there are not enough removal companies in the UK to cope with the volume of house moves that will be trying to take place in the last 2/4 weeks and as a result whilst buyers and sellers may be legally able to exchange and complete they wont be able to set a completion date as they wont be able to get removals. the common sense thing is to tapper any relief to ease this problem or to allow anything that exchanges in March to have a delayed completion to facilitate removal companies being able to cope with the volume. removals is going to be perhaps the biggest issue that most people will not have planned for and the one that is likely to cause the greatest number of sales that should exchange and complete in time not being able to do so purely due to the logistics

From: N W 27 January 2021 09:54 AM

N W
I agree with much that you say. when we get to the end of March part of the problem is actually nothing to do with lawyers (though don't get me started on them) it is actually that there are not going to be enough removals firms to accommodate the volumes of last minute completions before the deadline. trust me, from my own personal experience having just moved before Christmas, every single removals firm was booked at least 2/3/4/6 weeks in advance even just with the pre Christmas rush. The numbers of which will be dwarfed by the volume trying to complete by the end of March deadline. Extending the stamp duty deadline would make sense but perhaps the rules should be "as long as you have exchanged contracts by the end of March, then you can have a window of up to three months to complete contracts" this overcomes multiple problems including spreading the removals work amongst other things Yes unusual for it to be so long but actually would overcome the problem and allow the Treasury to have a legally defined date from a tax perspective (so it cant be fudged or cheated) whilst many feel it is not possible for people agreeing sales now to exchange by end of March. I Have agreed a sale in past 16 days, will complete tomorrow...… have just agreed a sale yesterday afternoon, should be complete by Mid March..... but only possible with cash buyers and no survey and a real focus on buyers, sellers and both sides solicitors turning everything around immediately and putting pressure on their respective lawyers to get done Anyone needing a mortgage, in a chain, needing a survey and agreeing a sale now has little if no chance whatsoever of getting it over the line before the end of the Stamp Duty deadline and we have been telling buyers in such a position (and sellers) that since early December

From: N W 14 January 2021 09:32 AM

N W
Some argue its the bosses forcing their staff out...…. and that may be the case in some limited cases I'm sure. However, my personal dealings with dozens and dozens of business owners around the country (working together sharing best practice and helping each other keep their staff safe) is that every single one has put the safety of their colleagues first. I am a business owner, my staff felt nervous about carrying out any external appointments when we re opened on the 13th May. As a result I insisted they were office bound and made a point of carrying out every single viewing appointment and valuation personally for weeks on end (sometimes 13 appointments a day and working 12/16 hours a day but never arranging back to back appointments and following rigid guidelines) until they felt comfortable themselves about going out. We have had systems in place from day one on virtual viewings (since the 13th May) and followed the guidelines on 2 meters, checking buyers ability, minimising travel and risk and following all safety protocols since day one to the extent that I feel far safer at work (in control of who I will meet, when I meet them, how I meet them and refusing appointments with anyone that doesn't do as we have requested for an appointment) than i do/actually am just being out in the street going to get some shopping. I am at least delighted that most major supermarkets are now insisting that people should wear masks (long overdue) and perhaps they now need to be stricter on numbers again (controlling access was fine at the outset but seems to have slipped in most) but in reality, you are far more likely to pick up covid from buying some veg than you are from viewing a property - Fact! Yes we have an issue with the spread - it seems to be the general public at large doing what they want to do (some completely flouting the rules because they can). However, if you want an appointment with any of our multiple offices...… if you don't attend with PPE, if you don't do what we ask on safety then I don't care how far you have travelled.... you don't even get over the front door and you can pack off home. There is a risk with what we do. However, our industry has generally got a far better handle on safety and reducing risk for themselves , the public and the country at large. Those that haven't need to be fined and closed and reported by their staff but the real spread of this is nowhere near the property market

From: N W 14 January 2021 08:41 AM

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