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

suckers2008

Hi All

My flat has ben on the market for nearly 3 weeks and we got or first offer yesterday.....for £40K under the asking price!!! What are these [EMAIL="FTB@s"]FTB's[/EMAIL] on???!!

Munk3h

Well home much is your flat on the market for? How much did you buy it for and when... asking price is irrelevant at the moment to be honest.

~Beanie~

Turn down the offer then although you may come regret it in six months time when your house is still unsold...

What is the asking price and what have similar properties been selling for recently?

sarah_elton

Depends - what's it on the market for? £40k off £400k would be different to £40k off £80k...

What did they give as their reasons?

maninthestreet

suckers2008 wrote: »

Hi All

My flat has ben on the market for nearly 3 weeks and we got or first offer yesterday.....for £40K under the asking price!!! What are these FTB's on???!!

Perhaps your asking price is over-optimistic?

suckers2008

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

Out,_Vile_Jelly

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

suckers2008

I dont know can you think of something else thats a litle bit rude or offish to say to me?

Imp

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

From your description, it sounds like the offer you got was very fair.

* We are now back to 2005 prices on average
* Planing permission for a loft conversion does not significantly add any value to the property, especially if the buyer does not want a loft conversion
* Extending the lease will have added value
* Spending £40k completely re-doing the house in your tastes, not your buyer's tastes will not be recouped. They probably went around the place thinking "I'll have to change that carpet, nice lick of paint will cover that wall covering nicely, what on earth are all these top spec gadgets, all I want is a light switch to switch on the light etc."

At the end of the day, they are buying the space and during their stay in it, will probably change everything about it.

hethmar

Just tell them no. The market is such that buyers will make low offers on every property - its not personal, they just dont want to feel they have overpaid in a market which is still dropping.

besonders1

I can't believe some sellers still think the year is 2007,

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. I spent £40K gutting the place and compleyly re-doing it it is very very modern with top spec gadgets and finishes

OMG - I think you'll be lucky to get back what you paid in todays market, the offer you received might actually be your highest offer for the next 10 years at least and then you'll be stuck with a flat you can't sell.