Should we sell at £20k less?

fultime

Hi
Our house has been on the market for 10 weeks we have had 5 viewings and two offers, we reduced the price from the original £185 to £175 for a quicker sale, the first offer fell through (asking price) the second is now in progress but they want another 10K off the price, which would mean a total of £20k less. The house is being sold completely furnished and accessories white goods etc as we are moving to a mobile home, they want the furnishings etc as they are a young couple first time buyers (with mortgage ready). If we were buying another property the situation would be different as we could probably negotiate a drop in price on the next property but this is the end of the line for us with bricks and mortar, we are in our fifties and the money we get will be what we live on and invest for our future old age so we need to get as much as possible. Should we wait and see if the prices go up or lose £20k? As we are not buying a property do we need a solicitor?

Any advice greatfully received.

Thanks

silvercar

Prices are not going up in the short term, can you wait a few years for the long term? If not, with FTBs with a mortgage offer, you should be biting their hands off.

You will need a solicitor.

lincroft1710

As house prices are dropping, one would hope that park/mobile home prices would similarly fall, as IMHO they are far too high in comparison, especially for a depreciating asset. S/hand furniture and white goods, especially in situ, are worth only a fraction of their purchase prices, as are soft furnishings and floor coverings.

Unfortunatel selling a house at present time is a bit like poker, do you bluff that you can't afford to drop £10K or do they bluff they can only afford it if you drop £10K. The figure isn't unreasonable, only you can decide if a) you can stick to your guns and poss lose sale, or b) take it on the chin and if you can afford the hit drop £10K. Of course there is c) offer to drop £5K, and see what happens, they may accept a smaller reduction.

DO NOT try DIY conveyancing even if it's a sale only, you'll regret it. Employ a reputable solicitor, preferably one that is personally recommended.

fultime

Hi ok thanks. I have said we will meet them half way and drop it 5K I am waiting to see what there response is. Why do we need a solicitor if its just a cheque they have to pay us? How much will it cost us if we need a solicitor and how do I find a reputable one? Thanks again. I can always rely on you folk to help out you are wonderful and you have responded so quickly so thanks again. x

hostman

fultime wrote: »

Hi ok thanks. I have said we will meet them half way and drop it 5K I am waiting to see what there response is. Why do we need a solicitor if its just a cheque they have to pay us? How much will it cost us if we need a solicitor and how do I find a reputable one? Thanks again. I can always rely on you folk to help out you are wonderful and you have responded so quickly so thanks again. x

Most likely their mortgage company will want the transaction completed by a properly trained solicitor. You'll also need all the Land Registry stuff taken care off.

The buyer is not writing a cheque ... the money comes from their mortgage company in the form of a bank transfer.

PasturesNew

I sold my house and didn't buy another. I still needed a solicitor.
Their building society might not agree to releasing the funds to an individual. There are legal documents to check and legal enquiries to be answered. You're selling but will have to fill out the forms of fixtures/fittings and check/manage the exchange/completion document.

I used an online solicitor (much cheaper) as I wasn't buying.

As for accepting less. Yes, I'd accept less, but I'd have a go at meeting them halfway possibly. It depends how keen I was to complete. If you lose this buyer you might find you have to drop it more than they want off to attract the next buyer. So it's a risk to push them.

I've lived in a mobile home before. I wouldn't recommend it to anybody. They can be tyrannical with their rules. I am an absolute stickler for rules, but some site owners seem to just make them up - and, for the record, I lived in mine just about 18 years ago and I noticed about 2 years ago that the site no longer exists. It's been sold off, all vans cleared and a whole bunch of new identical vans have been installed and sold. All new and posh. What if you live to be 85? My mum is. Look at your future expectations and check the small print about van maintenance/what happens if the site's sold and they want you off.

moneysaver

PasturesNew wrote: »

I sold my house and didn't buy another. I still needed a solicitor.
Their building society might not agree to releasing the funds to an individual. There are legal documents to check and legal enquiries to be answered. You're selling but will have to fill out the forms of fixtures/fittings and check/manage the exchange/completion document.

I used an online solicitor (much cheaper) as I wasn't buying.

As for accepting less. Yes, I'd accept less, but I'd have a go at meeting them halfway possibly. It depends how keen I was to complete. If you lose this buyer you might find you have to drop it more than they want off to attract the next buyer. So it's a risk to push them.

I've lived in a mobile home before. I wouldn't recommend it to anybody. They can be tyrannical with their rules. I am an absolute stickler for rules, but some site owners seem to just make them up - and, for the record, I lived in mine just about 18 years ago and I noticed about 2 years ago that the site no longer exists. It's been sold off, all vans cleared and a whole bunch of new identical vans have been installed and sold. All new and posh. What if you live to be 85? My mum is. Look at your future expectations and check the small print about van maintenance/what happens if the site's sold and they want you off.

Very good advice from somebody who has experienced going through it.


Moneysaver

fultime

What online solicitor did you use please?

Bit negative reaction from you but if you had a bad experience I can understand but you can't base your one bad experience on every park and ours is absoloutely beautiful has been there for 30 years plus has no rules about getting a new van after so many years like a lot do. The only rules they have are ones we like and make the park as good as it is. The few couples who do live on the site are very happy and would recommend it to anyone. The owner is a millionaire but spends most of his time at the park because he loves it so much, he has written into his will that his sons cannot sell it when he passes but you can't live your life worrying about what may happen or you would never do anything. If we live to an old age (who knows?) we would have to think about buying a little flat in that area as we will have our house money to fall back on which over the years will hopefully increase with interest. Or we would have to go into sheltered housing like you would if you got old and incapable in any area. Both sets of our parents lived till there 80's ended up losing there homes and having to use the money to pay for Nursing homes at least we will be making the most of our lives while we are still young enough to enjoy it, my husband will be able to cut down to a 3 day week and we will have time to holiday and have quality time together.