Bella Donna

In a dilemma here right now. We've had a message from our estate agents to say they've had an offer on our house from "an extremely proceedable source". Seems it's from a chap in the same village who has nothing to sell on.

The big problem is that he's offering 12.5% lower than the asking price of £200k. We went back last night and said no to that offer, and we've heard today that he's prepared to up it by £2.5k, but that's the final offer. The agents are also saying that there've been no new viewings and that things are generally quiet.

We now have to decide whether to accept his offer or reject it, hoping that another buyer will come along and be prepared to offer nearer the asking price. But in the current market, that strikes us as being rather risky - we could end up six months down the line (or even longer) and still only receive the same offer - in the meantime we're crippled by mortgage repayments and rent here. :scared:

Common sense tells us it's probably better to cut and run - at least the offer covers the mortgage but not a lot more. We won't exactly have a bundle of dosh to worry about moving over here!

Anyone got any good advice? How are properties moving around other parts of the UK?

Sue

The A Team

If it covers your mortgage then I would sell. We've just accepted an offer for £11500 under the asking price. Houses around here are not selling for anywhere close to the asking prices It depends on your finances of course.

Lordflasheart

Hi Sue,

Cut and Run! Don't think twice about it. Put the 10% difference down to experience (or property generally in blighty) and do it. The housing market is at a virtual standstill here in Shropshire and; judging by recent threads by others; it's the same everywhere else.

We had 6 viewings in 4 months on a 4 bed detached house in a nice area which was realistically priced. All liked it but had property to sell before any serious offers could be accepted. Decided to take it off the market, apply for visa's and then try again. Hopefully, things will have improved in the early part of next year, but I'm not holding my breath.

Hope things work out for you real soon.

Karma sent.

Flash.

DunRoaminTheUK

Not professional advice but I think he is taking the p**s with his offer and relying on the fact that you are desperate to sell. I assume that he knows of your plans to emigrate and anyone would be able to infer that people in this situation need to move quicker than the average seller. If my math's are correct, he is offering you £175k and this amounts to an insult really.

If this were me I would keep negotiating and make it clear that whilst your asking price may be negotiated, £175k is nowhere in the "ball-park" and for him to think again. Don't pre-empt his next offer by giving him approximate figures to work from as he will have a good idea of what a fair negotiable price is.

As I say, this is what I would do but is in no way, shape or form the optimal solution or advice as I am a stubborn sod at the best of times.

Also, take a look at:

http://news.bbc.co.uk/1/hi/business/...ey/4261082.stm

and

http://today.reuters.co.uk/news/news...N-PROPERTY.xml

Northern-Monkey

If I were you Id ask other estate agents what they think. Not all but many estate agents are underhand and if they know you are desperate to move quickly they Will use such tactics, before you say yes it wont take long to do a bit of research with other agents to see what they say about the market.

walaj

the other tact is to look at websites such as ourproperty.co.uk where you can look (for free) the actual price houses have sold for in you area, then you can compare like with like and even better if you know what the asking price was.

debbiemc

i would take it and run, like so many have said before, the market is almost stagnent, its a buyers market.

what this does raise is that when it comes to selling your house, DONT tell the agents or anyone else you're emigrating!! just say you need something bigger! If buyers know you're desperate to sel, they will try and get the price down!

good luck

debbie

spottydog

What is happening with other properties in the area, www.nethouseprices.com has recently been updated covering the first 6 months of this year at last. I've certainly noticed my area (Essex) picking up in the last 6 weeks. Now it seems like all realistically priced houses are under offer the only ones that aren't are those that are over priced (i.e. 20% higher than the most one practically the same has ever sold for). I recently had to reject asking price offers on my house as I had already accepted an offer.

Ultimately it is up to you but I would certainly say that even if you accept the offer then the estate agents should not stop marketing (or even mark it as sold subject to contract) until a satisfactory survey has been completed.

Bella Donna

Thanks for the advice guys. We have thought about it long and hard and we've decided to accept the offer. Tbh, when we first had it valued for sale, two estate agents valued at c£185K, and c£182K, so it's more than likely that these were more realistic prices. However, we didn't see any harm in putting it on at the higher valuation we received at £200K.

We really can't afford to risk still having it on our hands in six months' time - or more! - as paying the mortgage in the UK and rental here is going to be crippling before too long. At least taking this offer it means that we don't have the monthly drain of the mortgage.

Right now we're feeling very sorry for ourselves as we both have flu!! (Our introduction to Ozzie bugs!) We were supposed to be house-hunting this week, but haven't been able to get out of bed!!

Sue

hawk2005

Think how much you paid for it - you should have made a good profit (by just living in the house) - its bad karma to be too greedy

Bella Donna

It's got nothing to do with being greedy - I think most people would try and get as much as they can from their house sale. The higher valuation was an honest appreciation, even if a little optimistic and there was interest in the house at that price.