would you sell?

Bufger

hypothetically speaking...

If you were a family in your 30's with 2 children and you needed to move quickly (redundancy and got another job far away) and another house in your street was for sale for the exact same price (exact same layout and space) would you accept an offer like this from a FTB for a quick move? Bare in mind the FTB has already had a rejected offer on the other house but may persue it further.

house listed as £147,500
Final Offer £138,000.

At the risk of being stuck with a house and paying rent or potentially being in a chain of heartache what would you do?

McKneff

Depends how much i owed on the house, but even then £10,000ish is a big hit.

Get them to offer £140 is worth thinking a bit about.

poppysarah

Do you need to move?

Did you pay more than 138k for it?

kissjenn

I'd factor in a few things.

1) What did you buy it for?
2) What is the outstanding mortgage?
3) How fast can they complete?
4) Approx how long are houses sitting on the market?
5) Can you afford to rent and pay mortgage for any extended time?
6) Do you have family / friends nearby who can check it now and again?

I'd pick a statement from each of these and look at the little list below...I'd draw you a pretty picture but MSE can't cope.

Financial Position if I sell to these buyers

1. Make some money, mortgage cleared. - Financially OK
2. Mortgage cleared. May have to find some money for lawyers etc. Financially Borderline
3. Debt outstanding on mortgage. Need to raise finance. - Financially Poor

Hassle factor if I sell to these buyers

1. Easy. No showings. Finance sorted. Can pack and look forward to new life. - Hassle Free
2. Bit concerned. Don't know for definite they can get finance. May fall thro. May not survey at right price. - Reasonably Hassle Free.
3. Very worried. They don't really have good or secure jobs. They're already playing games with us trying to get our neighbour to drop his price. Not at all confident they will complete. - Stressful

It's really deciding what you financially can afford to accept and how much hassle you can / want to cope with.

If deal is financially ok and hassle free then great result.
If deal is financially borderline and hassle free then good result.
If deal is financially poor and hassle free then are you prepared / able to take the monetary pain?
If deal is financially ok and reasonably hassle free then ok result.
If deal is financially borderline and reasonably hassle free then are you prepared to be stressed for limited financial gain?
If deal is financially poor and resonably hassle free then are you prepared / able to take the monetary pain and the stress?
If deal is financially ok and stressful then are you prepared / able to take the stress for the monetary gain?
If deal is financially borderline and stressful then can you cope with the twin worries which will feed each other and be more stressful.
If deal is financially poor and stressful can you cope with both the short and longer term stress and monetary fall out?

That may help you bottom out what's really important to you and your family.

Rockporkchop

Personally I would take the offer like a shot. It's only a 6.5% reduction, and hopefully a fairly easy transaction. Not bad at all in this climate.

You've got enough to worry about (and get excited about!) by moving far away and starting a new job so it would be great if you could remove the hassle of having to sell your house from a distance.

ManicMum

hiya

could you rent it out for a bit? We did this. Got a new job other end of country so rented house out. It was in an expensive area so wanted to keep a foot on the ladder in that area if all went pear-shaped in new area. Ended up turning it to a BTL property and buying house in new area.

If had crystal ball would have sold at the time but only cos was the height of the market and could have made a killing but hey ho. Will be renting it for bit longer now.

As regards your dilemma with the offer. A brilliant offer would have been 145k so look at it as 7k less than the ideal offer. If you are out of work for few months, you will be losing 7k in wages so you could make that up by taking 7k hit and getting back to work sooner.

hope it helps.

Bufger

Thanks for all of the replies. I found them all very helpful!

What i didnt tell you is that im the buyer! I wanted to know how fair or cheeky my offer is going to be. I thought it was reasonable considering the circumstances and im an honest chap, i wont mess them around at all.

I will offer them the extra 2k if they're willing to leave selected appliances and furtniture. Depends on what they want to move around the country and/or store.

Again thanks for your replies

Bufger

Ok i really need some sellers advice here! I went for a second viewing on this property (asking 147,500) and it is lovely. After walking around i said to the vendor that i will be making an offer in the morning. She said they had an offer from this afternoon for asking price but the buyer is in a chain.

So im going to offer my max of 142000 as a FTB. 5,500 under the other offer from someone in a chain. At the moment they are paying rent and a mortgage so they're struggling each month. If the other buyer pulls out they will have to take that financial hit and it will be about the same time as shes giving birth (shes 5 months). Her fella is working at his new work which is miles and miles away so they cant even see each other during the week. They are going to rent for a while up north so they have time to choose their house but they're still paying a mortgage and rent.

Based on this information and the fact that i explained to her that we would communicate with her regularly if she accepted and my solicitors are some of the best money can buy (and pricey too!).

Would you accept the full asking price or take the £5k hit to ensure a safe bet fast sale.

They have made money on the house, they bought 6 years ago for 117000 so thats not an issue.