To those selling in these difficult times Part Deux. AKA sellers support network!

kitty123

Some help please....
As mentioned in my previous posts, we had a low offer a couple of weeks ago. We have had 10 viewings in 4 weeks and this is the only offer/real interest. Our asking price is 175k (house valued at 170k, advised to put on at 5k higher). We have been offered 160k as the person's maximum (pushed them up). They are not budging. The previous offer we accepted (which fell through) was £168,500. There are no more viewings booked and this is a first time buyer wanting to complete by 1st Jan (ideal for us having another property waiting).

We had been advised to think about dropping the price which we hadn't done yet. The feedback from the estate agent is that everyone says our house is ugly from the outside (ex council) and they don't like the estate (which is actually safe and in a great location!). Does this mean we are not selling at a realistic price and should we accept the low offer ???? We would lose 8k compared to the previous offer which seems a lot of money - but at least the house would be sold and we would not lose our purchase. Difficult times.....

kymie

Kitty, my advice is if you REALLY want to move, and you can AFFORD to take the offer then you should! If you are happy to wait and see,just be warned it could take a long time to get another offer (equally you could get one in a few days!) We started at 155, dropped down over 12months to 135, have had offers at 120 which we CANT afford to take, but if we could we would! Valuations are a GUIDE to how much a property is worth, at the end of the day a property is only worth what people are willing to pay for it. I do have to admit Im surprised you were encouraged to put your property on over the valuation price!

kymie

An update from me!! Had a call from the EA today. One of the couples who had put an offer on in September (of 120) put foward their offer of 120k again today. Im not sure what they expect me to say. At the time I explained to them we couldnt drop below 129k, so dont understand why they have put the same offer on again. My house is on for 135k, others in the street are up for 142, 145 and 148k and all three are smaller than mine but are decorated to a very high standard whereas mine is just average. (6 kids does that to a house lol). Oh well, maybe they will up the offer a bit - they must surely like the house to offer twice?!!

kitty123

kymie wrote: »

Kitty, my advice is if you REALLY want to move, and you can AFFORD to take the offer then you should! If you are happy to wait and see,just be warned it could take a long time to get another offer (equally you could get one in a few days!) We started at 155, dropped down over 12months to 135, have had offers at 120 which we CANT afford to take, but if we could we would! Valuations are a GUIDE to how much a property is worth, at the end of the day a property is only worth what people are willing to pay for it. I do have to admit Im surprised you were encouraged to put your property on over the valuation price!

Thanks. Technically we can afford to take the low offer, my husband just wants the best price possible. It all depends on how long we would wait (if only we had a crystal ball) and whether we would only get a similar offer another time. This person wants to complete by 1st Jan because of the stamp duty. Moving between christmas and new year...great :-(

Milliewilly

kitty123 wrote: »

Thanks. Technically we can afford to take the low offer, my husband just wants the best price possible. It all depends on how long we would wait (if only we had a crystal ball) and whether we would only get a similar offer another time. This person wants to complete by 1st Jan because of the stamp duty. Moving between christmas and new year...great :-(

I would take it and negotiate on the one you want to buy.

kitty123

Milliewilly wrote: »

I would take it and negotiate on the one you want to buy.

We already have negotiated - price dropped because of a couple of things in the survey. There was lots of competition with offers so we would lose it if tried to knock the price down further. We have already got a good deal!

Milliewilly

As its a FTB and the stamp duty holiday finishes at the end of dec - if you wait till January realistically you are already c£1750 down from your asking price as buyers then will be trying to get their stamp duty paid instead by way of discount.

A bird in the hand and all that.

Prices *could* drop after Xmas when the credit card bills come in in January etc and spending tightens up. VAT will be back up too.

kitty123

Good point Milliewilly, we had been discussing those things too. It looks like we are coming round to the idea of cutting our losses and playing safe the offer. At least that way we can proceed and be in by the end of the year. Our solicitor had already prepared everything for exchange - does anyone know if this means the process can go ahead much more quickly if we don't have to start from scratch?? Obviously it depends on the buyer's solicitor, but the buyer wants quick completion otherwise she loses out on the stamp duty.

pawpurrs

Kitty its not really that low an offer, in my opinion, and if you really want the house that you have offered on, then I would seriously consider it, its 10k under the valuation guide.
Kymie, no harm in them reoffering, quite often, people regret turning down offers, as people sometimes refuse first offers, just becasuse they think people allways offer more than once IYSWIM, I really hope you find a new buyer soon.
Still waiting to hear regarding my offer, first offer refused, i wasnt going to increase, they have said they want 15k more, I have said no way, they then said 8.5k more, then hold on no we want 10k more, I have said 5k more and that really will be my best and final offer. Not sure if they will go for it or not.
BTW the offer was circa 30% under what they originally markerted the property for, but that was too much, in my opinion.

pawpurrs

Gulp, had the offer accepted! At about 28% off original asking price in may this year. Got to get it through before stamp duty threshold changes :rolleyes::rolleyes:
Should be doable!