Got an offer what to do?

pawpurrs

Help! Its 20k under asking price and 14k less than I paid for it two years ago.
I have spent about 10k on the house, in that time updating it.
The buyer has NTS and has mortgage agreed in principle, what should I do?
Its priced competively compared to other properties on the market at the moment. No point looking at sold prices too much as its a one off, so difficult to compare.

Innys

Simple question of how desperate are you to sell? If you are keen to move, I would bite their hand off, especially in this market. If you are happy to wait around a bit, reject it and see if they raise it.

I'm assuming you are looking to move elsewhere and buy. If so, you may be able to get a ridiculously low offer accepted on the place you intend buy.

I don't think what you paid for it should be a major consideration. After all, a lot has happened in two years. If you paid 14k more than this offer two years ago, and you decide to reject this one, the next offer you get may be 24k less than what you paid...who knows?

Jorgan_2

Simple answer, accept the offer, subject to your mortgage allowing you to do this.

Long winded answer, are you looking to buy on? Will your potential buyer wait to see if you can get a similar reduction on a property that you wish to purchase? End result - accept it.

pawpurrs

Most people dont offer their maximum first time though, do they?
I wont be buying straight away, I will be renting and pondering what to do, asmay be going to live abroad for a while.
I dont want to lose this buyer by any means but equally want to lose the least amount of money possible. I will have 2k redemtion penaltys to pay as well (not the buyers problem) of course, but I doubt there would be many comparable houses she could buy at this price.

lostinrates

pawpurrs wrote: »

I have spent about 10k on the house in that time updating it.

Many updates really don't add value, even on the prperty programmes I remmeber a lot of the time peole spent lots updating and made a profit, but in relaity would have made more rellying on HPI and no expenditure during the same time frame. Your updating may well be someone elses decor night mare. I can imagine its painful bu that money at least try to disregard: it made the place right or you not necessarily the next person who lives there.

Its priced competively compared to other properties on the market at the moment. No point looking at sold prices too much as its a one off, so difficult to compare.

But they might sell for even less! If they have asking prices and arne't selling the asking prices might not be right for the market.



No advice at all, just the things that occured to me on reading your post. Only you know what risk is best for you.

pawpurrs

thanks lostinrates, she loves the house and all that we have done to it, and believe me it needed the work doing, but I understand what you are saying.

Yes and I really want to sell, I guess if she wont come up,I think I should take it, as not taking it fills me with more regret! IYSIWM.

Edale

I think you should get your estate agents to try and negotiate, that is what you pay them for. It is then a case of not pushing too hard so that you either lose a rare purchaser or get them agree to a price which they later regret. A bit of a balancing act really and in the current climate you really don't want to lose a buyer.

rizla01

Totally agree with EDALE here but surely it makes a difference if your property is on the market for £150k or £650k.

£20k might not be so far away if the price is in the upper region.

pawpurrs

Sleepless night last night, waiting now to see if she will increase, I am on tender hooks.

pawpurrs

Got the buyer up a bit and have accepted! Fingers crossed it goes through now!;)

Chris2685

I was gonna say, don't accept the first offer. They wouldn't expect you to anyway lol.