Should we accept the offer or wait?

pie81

Afternoon all

Looking for a bit of advice. We are first time sellers in the process of selling a flat.

The estate agent details were only done and put up on the web etc yesterday. However, before that, the EA showed a couple of people round. One of them loved the flat and made an asking price offer . They are however in a chain and their own place has only just gone under offer.

We don't want to be greedy and would actually be quite happy with the asking price offer (assuming the chain holds up). We certainly don't want to risk this offer disappearing or being reduced.

On the other hand we feel a bit daft accepting any offer when our flat has only just gone on the market (just in case we could get a higher or chain free offer from someone else - the asking price was not the highest valuation we were given so there is some evidence that we could get more). So we're thinking about leaving it a few days until some more people have seen it.

what would you do?

1) accept the offer, take the flat off the market - but accept that we will never know if we might have got a better offer had we given it time for more people to see it?

2) not accept the offer just yet, keep the flat on the market for a few days to test whether we can get a better offer - but take the risk that they reduce or withdraw their offer?

3) accept the offer, but say the flat will stay on the market until they have their survey booked in - thus allowing a few more days for others to see it? best of both worlds perhaps??

any thoughts very welcome...

thanks!

izzybusy23

pie81 wrote: »

Afternoon all

Looking for a bit of advice. We are first time sellers in the process of selling a flat.

The estate agent details were only done and put up on the web etc yesterday. However, before that, the EA showed a couple of people round. One of them loved the flat and made an asking price offer . They are however in a chain and their own place has only just gone under offer.

We don't want to be greedy and would actually be quite happy with the asking price offer (assuming the chain holds up). We certainly don't want to risk this offer disappearing or being reduced.

On the other hand we feel a bit daft accepting any offer when our flat has only just gone on the market (just in case we could get a higher or chain free offer from someone else - the asking price was not the highest valuation we were given so there is some evidence that we could get more). So we're thinking about leaving it a few days until some more people have seen it.

what would you do?

1) accept the offer, take the flat off the market - but accept that we will never know if we might have got a better offer had we given it time for more people to see it?

2) not accept the offer just yet, keep the flat on the market for a few days to test whether we can get a better offer - but take the risk that they reduce or withdraw their offer?

3) accept the offer, but say the flat will stay on the market until they have their survey booked in - thus allowing a few more days for others to see it? best of both worlds perhaps??

any thoughts very welcome...

thanks!

They have offered your asking price offer, you know, the price you set as the price you wanted... snap their hand off and stop being so greedy.

Bufger

i'd go with 1. I've already learnt that it is possible the first house you see was the one you should have gone for and that would also be true for offers i imagine.

How would you cope if you didnt have any more offers for months?

Only you know the state of the market in your area. If you're in a nicer part of London for example then you'd probably want to wait for another as people are practically ripping vendors hands off for well priced half decent properties. If you're in an area thats not as popular then any asking price offer should be proceedable.

Also try and find out whos buying their house. How big is the chain etc

Cannon_Fodder

By "their place has only just gone under offer"...do you mean they've accepted that offer? Time to solidify the chain, if so. If the chain turns out to be weak, you can always change your mind later.

That will probably be why they offered your asking price, to show you they were serious, and to allow them to move ahead. If they bartered too hard on your price, they might feel not only that they jeopardised getting your place, but that they risked losing their own buyer through timing...

Put it this way - if they had made an offer 2% or 3% under asking, then came back 24 hours after you declined it, with a full asking price offer, would you be feeling differently - that you'd somehow "earned" the asking price...

I suspect you would, which is silly coz its the same price...!

(What about where you move to next, does that form part of the chain? If so, a non-chain buyer who comes along might argue that you don't deserve asking price, for being in a chain...)

pie81

Bufger wrote: »

If you're in a nicer part of London for example then you'd probably want to wait for another as people are practically ripping vendors hands off for well priced half decent properties.

yup, this is the position we're in. so feel there is some basis for holding off. not for months or even weeks but just for a few days... just so the place has been on the market for say 4-5 days rather than 1 day.

pie81

Cannon_Fodder wrote: »

Put it this way - if they had made an offer 2% or 3% under asking, then came back 24 hours after you declined it, with a full asking price offer, would you be feeling differently - that you'd somehow "earned" the asking price...

I suspect you would, which is silly coz its the same price...!

fair point. I suspect you're right. It's not the price that we are unhappy with, it's the idea of taking the property off the market before it's even had a chance to be seen by more than a couple of people.

Sweetcaz_2

Getting your asking price in the current market is an achievement in itself not to be sniffed at!!

I had a similar situation, first person to look at mine offered what we wanted but I held off accepting it and a week later no one else was interested in making an offer. I went back to the original offer and luckily they still wanted to proceed with it.

It all depends how keen you are to get a quick sale really. Good luck

Bufger

pie81 wrote: »

yup, this is the position we're in. so feel there is some basis for holding off. not for months or even weeks but just for a few days... just so the place has been on the market for say 4-5 days rather than 1 day.

Yes in that case i would hold off for a bit. The property market is red hot there at the moment.

If you are in financial trouble though watch out. We're right in the middle of the double dip and house prices are set to come down again this christmas before they rise next spring/summer. Its the first part of recovery but if your job is at risk etc dont be too picky.

All the best

brit1234

Sounds greedy to me. Where is the honour?

Prices are set to crash, so by holding out you are in danger of being forced into a lower offer as time goes on.

As a first time buyer I would walk away completly if the seller upped the asking price.:mad:

IveSeenTheLight

brit1234 wrote: »

Sounds greedy to me. Where is the honour?

Prices are set to crash, so by holding out you are in danger of being forced into a lower offer as time goes on.

As a first time buyer I would walk away completly if the seller upped the asking price.:mad:

Now brit, we know your predictions are way off.

To the OP, you have received an acceptable offer.
You should therefore accept and not take the risk.
Are you really prepared to lose the offer.