who would you sell to?

Bufger

This is the latest scenario:

House asking price 147,500. Bought for 117,000 years ago. Currently renting and paying mortgage, need a buyer that wont pull out but want to maximise money (of course!). Wife 5 months pregnant, want everything sorted before birth. Upward chain is not a problem as renting for 6 months before buying again.

Buyer 1 - Full asking price. Downwards chain. Hard to tell commitment levels.

Buyer 2 - 142,000 only offer (but final, wont budge). FTB with strong commitment.

Would you take a 5k hit for a FTB? less chance of problems but 5k is alot of money!

basscadette

I would. The market isn't recovering anytime soon, and it's still more than you paid for the house to start with.

We, on the other hand, will be stuck in negative equity for a long time. I would bite someone's hand off for £25k more than we paid for this place :-)

Also, if you're waiting between selling and buying again, chances are (although i'm not certain) that you'll get that £5k back as the price of the house you want continues to go down.

jenny74

What makes you think the FTB is a better bet? Our house sale fell through in May, because the FTB at the bottom of the chain changed her mind... A similar thing happened to a friend of mine.

Good luck what ever you decide.

Jenny

chickmug

No one can tell how committed any buyer is until they start the process and then you find out if it flows or not. I gave up on the: are they nice, are they rude, are they serious or not serious scenarios as people exhibit such a wide range of emotions or lack of emotions.

So if the 'higher offer party' can be asked to persaude you through the ea they are being serious I would take that. If you have two offers very quickly you could hang out for further offers?

myhooose

How old is is the house you are selling? What sort of condition is it in? A first time buyer might be put off more by all the little usual things that come up a survey if it is an older propery?

purplebuzz

Bufger wrote: »

Would you take a 5k hit for a FTB? less chance of problems but 5k is alot of money!

This depends on the figures involved. Unfortunately, you don't know how much these people have left on their mortgage, or how much equity they have. I know you have said before that they want a quick sale, but if that extra money is going to help them out, then they may be tempted to go for the asking price offer with the chain and not your FTB offer.

Also, do you think that they think that you may raise your offer, as initally I thought you offered 138k and have now gone up to 142k. Therefore, they may think that you really like the house and want you to offer more.

pinkshoes

Given that the person who has offered full price is in a chain, then surely there must also be a FTB in that chain, thus presenting the same risk that they might also change their mind and pull out, collapsing the chain?

So on that basis, given the risks are high with the chain (more people to pull out, including FTB), it would be better to just go with the lower offer.

silvercar

buyer 1 - how long is the chain? does the FTB at the end of it have a decent deposit? how well progressed is the chain?

buyer 2 - do they have a decent deposit? do they have a mortgage offer?

5k is a lot of money. I would go with buyer 1 on condition that they are seen to be moving quickly, eg arranging survey etc.

Doozergirl

I agree with silvercar. £5000 is a lot of money. That's a few hours work for anyone!

Research the chain below, their mortgage approval and you will guage their commitment from that. People in the middle of a chain are likely to be commited - you don't generally sell your house and offer on a new one on a whim.

I will try to avoid a chain but for an extra £5000, you will move eventually, maybe as quickly as with no chain, perhaps not. If you aren't in a dire rush to get out then I'd take that offer 1 if they really want the house.

purplebuzz

To the OP,

Don't you think that you are wasting people's time and effort in replying to you, by asking your questions in the way you do.

For example, Doozergirl's very help post above is extremely relevant if you were actually the seller that you refer to in your original post, however you're not, you are the FTB which has put int the lower than asking price offer.

I am deliberately trying to be awkward and pointing our your situation, but I just think you will get more relvant information if you post your situation and not try and trick people into thinking something else!

tek-monkey

£5k is a lot, its not small change. I'd take the risk on the full offer TBH, and use the £5k to treat myself at the new place.