What to do?

*Dory*

I'm a loiterer looking for a bit of help from all you lovely peeps out there.

My dilema is that we have inherited a house in an area that we don't know and put it on the market on friday. Not knowing the area we went with the EA for the asking price.
There has been a lot of interest so far (great!) and we have had an offer for the full asking price (again great!) but our dilema is that it hasn't even been advatised yet. Not knowing the area we don't know if it has been undervalued.
We don't want to be greedy or mess the buyer about but we also dont want to lose money as it is our chance to move to a better area for our children.

Do we accept the offer or see what interest there is once the property has gone in the local paper ect?

silvercar

You could hold off for a few days, but a bird in the hand....

Check house price websites to see what similar properties have actually sold for recently.

m_13

Have you checked on www.houseprices.co.uk to see what other properties in the street have gone for?

It's always difficult to know what a house is worth even when you know the area. Our EA put our house on for more that we would have had the cheek to ask and told the person who bought it that we wouldn't accept anything under the asking price. She bought it before it was advertised as the village had very few houses and she was desperate to live there. However, she was the only person who would have paid that much!

I would investigate the area a bit and then you'll know better. If there are very few sales then it's likely that somebody's been waiting for the property. If there are a lot of sales but at a higher price then the price may be too low. I use http://maps.live.com to zoom in on streets and try to work out why one is far more expensive or cheaper. Sometimes you'll have an odd bungalow in a row of detached houses or a house that's sold their back garden as a plot hence the reduced value.

Good luck with your move

*Dory*

The last one that sold on the same road was in march last year for £131k and this one is up for £100k. It does need some cosmetic work and it is obviously a different market now but they also very rarely come up on the estate.

mlz1413

If the prospective buyer can proceed then it's probably worth accepting the offer and selling the house before it's been empty too long.

If the buyer has somewhere to sell then let it go to the open market.