Considering offer

queenieplum

Hi guys I am considering an offer and would welcome your thoughts - my flat has been up 3 weeks 3 viewings 1 offer (flat in Romford) it's on market for £119k first offer came through as £105 which I declined they have come back with a final offer of £110 - my minimum is £115 which gives me a clear £70k profit to put into a new mortgage for a house in Surrey - last night I watched a property programme which stated house prices would crash for another 2 years - then read something completely conflicting where it said property had bottomed out and on the rise again.... Not sure whether to take my chances and sell at this price which maybe the best offer if prices continue to crash or hold my horses where I may get the asking price - the last flat in my street sold for £118k in 2005. Flats on the ea website are selling for £119 in my area but I am unsure exactly how much they actually sold for... x

Sammy85_2

£110k seems reasonable, considering its not that far from your asking price.

I would seriously consider accepting it. So you'll only walk away with £65k profit. Better than most at the moment??

pawpurrs

How long have you owned the flat? Doesnt seem a bad offer for a flat in the current climate?

carolt

Check some of the sold property websites eg http://www.nethouseprices.com/ to see what property is actually selling for - nationally, property is selling for about 88% of asking prices on average. We're back at April 2004 prices according to the indices.

Your offer sounds v good. I'd take it. Remember the prices of places you want to buy will have fallen by more too.

queenieplum

Thanks for your responses all, pawpurrs - I have owned the flat for 11 years - I really want to be out for summer plus the commute between where I am now to where I work is 5 hours/day on a bad day... which is most days at the moment.

thanks for the link carolt - I can see in 2004 - a flat went for £116k. Hmmmm, will do so more thinking...

Thansk all.. Qp x

jasper12

It's only 5k less than your minimum....just make sure you get as good a deal on your new house

I would seriously consider accepting it to allow you to get out by summer, as you wish to and get out of that horrendous commute :eek:

adr0ck

you also need to consider how much money you would save by not having a 5 hour commute

how long would it take for this to add upto £5000

savermonkey

just take it, you really might regret it!

House prices - who knows whats going to happen over 2 years.
But if you want to move just get rid!

This isn't an unreasonable offer, its too easy to expect more after the 'boom'

ad44downey

queenieplum wrote: »

then read something completely conflicting where it said property had bottomed out and on the rise again...

Yeah, but that was written by Estate Agents so should be discounted.

zone

Thats quite a good offer.