Had an offer....what is this a joke?!!

silvercar · 4 February 2009 at 12:40PM

suckers2008 wrote: »

no its not - I am in North London - a very nice area - its on for £250K - I have u=just paid £20K to extend the lease from 90 years to 200 years and I also have planning permission for a loft conversion - which you could put wither another room and bathroom or two rooms and a bathroom up there depending how much budget you have
I paid £180K 3 years ago but it was a sh** hole and I spent £40K gutting the place and compleyly re-doing it it is very very modern with top spec gadgets and finishes

The trick is to use houseprices.com or similar to see what places like your have actually sold for in recent months. Now is a difficult time to sell and there are people making low offers on property. Due to circumstances there are people also accepting low offers and this brings the achievable price down.

Some parts of North London have house prices holding up well and others have seen prices fall/ difficulty in selling. If your is in top condition you should sell quickly if the price is right, otherwise you will follow the market down.

Is the house on with a good agent? On rightmove? Right price?

I wouldn't be too disheartened, 3 weeks is not long to wait for a first offer and the initial offer will be low.

If you are feeling brave you could put a link to your property on here and people can comment on whether it is being shown in the best light.

QTPie · 4 February 2009 at 12:42PM

Out,_Vile_Jelly wrote: »

It's only "worth" what someone is willing to pay for it. How many times does that need to be reiterated I wonder?

A house is worth nothing until a seller and a buyer can coverge on their expectations...

(i.e. the value of a house is not dictated by a buyer alone - the seller has to AGREE to sell it at that price)

It doesn't surprise me at all: it is on at £250k, they just knocked 15% off (£40k) to take account of what they think it is worth and falling market conditions. Forget what state you got it in, what you have done to it and what you have added to the lease: the buyers don't appreciate it.

When our house first went on the market we were on at £459k. Buyers offered £410k (a little under 90%) after a week on the market. We rejected, they came back a month later with £420k (a little over 90%). Sale was progressing well, they stalled the valuation (4 weeks after the initial offer) and demanded a further price reduction to £380k (so 83% of the original asking price). We declined. Sale fell through. So you think that YOUR buyers are joking?!

Welcome to "selling a house": I think that your experience is completely normal.... You need to think what you are happy to accept (how desperate are you to sell?) and try to negotiate towards a middle ground (if one exists).

Good luck and let us know how it goes

QT

glen8 · 4 February 2009 at 12:42PM

hang on.......

You bought it for £180,000 and spent £40,000 on it making it worth to you £220,000

It's up for £250,000 and you've already had an offer for £210,000 after only being on the market a matter of weeks

If you go back to them and say £220,000, that means you haven't lost any money and they think they have saved £30,000

I'd snap their bl00dy hands off

neas · 4 February 2009 at 12:42PM

so.... you spent 20k on it and prob another 10k doing it up.

180k+20k+10k = 210k... the offer you had on the table. You could've pushed him up to 215k i think so giving you a tidy 5k to deal with fees etc.

Depends on how much you want to sell.. I dont think his offer was cheeky at all, offering 18% below asking price... in an aim to get a negotiates 12-15% off is what is happening these days.

If you flat is proposed to drop another 15-20% this year (most forecasters predicting this)... all he is doing is factoring this years drop into his price.. so he don't end up in negative equity.

Why do people pay X for something but expect to get X +Y out of it? Its a home.. not a free lunch

Imp · 4 February 2009 at 12:45PM

To put things into context, we have just accepted an offer £40k below the initial asking price of our home, and the intial asking price was less than half of your asking price. We grabbed that offer.

glen8 · 4 February 2009 at 12:45PM

if your house price has gone down, so has the one your looking at buying

suckers2008 · 4 February 2009 at 12:46PM

my mortgage is £210K so I wont make any money if I accept £210K!!

silvercar · 4 February 2009 at 12:47PM

Then you need to think whether you have to sell. Were you doing this to make money or to have a home to live in? If the latter then now isn't the right time to sell.

Smi1er · 4 February 2009 at 12:48PM

So three years ago you bought a flat for £180K

Spent £40K doing a refurbish to your tastes

Spent £20K extending the lease.

So the flat owes you £240K

You have it on at £250K

but have received an offer of £210K. I would say that's very good in the current climate

QTPie · 4 February 2009 at 12:48PM

glen8 wrote: »

if your house price has gone down, so has the one your looking at buying

Oh if this was always true! The £700k houses that I am looking at would be £475/£525k instead...

QT

Had an offer....what is this a joke?!!

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