What amount would you accept?

ManicMum

Hello

I have a rental property in the south east. It was up for £224,950 originally, then dropped to £219,950 and now stands at Offers In Excess of £209,950. Been on market 2 months. Had an offer of £200k which I rejected and amended offer of £205,000 which we are going to reject too. Potential buyers want quick sale - large deposit, expecting baby, can't afford anymore. Full sob story. At what point would you consider an offer worth taking? I don't have to sell the property but would just be one less thing to deal with.

Just wondered what others thoughts were. Much appreciated.

Thank you.

Plasterer

ManicMum wrote: »

Hello

I have a rental property in the south east. It was up for £224,950 originally, then dropped to £219,950 and now stands at Offers In Excess of £209,950. Been on market 2 months. Had an offer of £200k which I rejected and amended offer of £205,000 which we are going to reject too. Potential buyers want quick sale - large deposit, expecting baby, can't afford anymore. Full sob story. At what point would you consider an offer worth taking? I don't have to sell the property but would just be one less thing to deal with.

Just wondered what others thoughts were. Much appreciated.

Thank you.

If you don't "have to sell", then hold out for your £209950, If the people that offered you £205k really want your property they will find the extra £4950. Stress to the agent that the bare minimum you want is the £209950 and you should get it.

Limana68

Hi there
I suppose it depends if you are losing money on the house ie paying for mortage etc, you dont say if its rented out at mo and the mortgage is getting paid whatever happens, then if so then hold out for price you want.
If however you are having to find money for morgage payments maybe its worth going halfway with these potential buyers-maybe saying 207000? The it will be off your hand.

Good luck

Li

DVardysShadow

ManicMum wrote: »

Hello

I have a rental property in the south east. It was up for £224,950 originally, then dropped to £219,950 and now stands at Offers In Excess of £209,950. Been on market 2 months. Had an offer of £200k which I rejected and amended offer of £205,000 which we are going to reject too. Potential buyers want quick sale - large deposit, expecting baby, can't afford anymore. Full sob story. At what point would you consider an offer worth taking? I don't have to sell the property but would just be one less thing to deal with.

Just wondered what others thoughts were. Much appreciated.

Thank you.

Restraining some sarcasm here, as we don't know anything about the property apart from asking prices, this is probably an invitation best left to people who know the price of everything and the value of nothing.

ManicMum

Thanks folks. I do have a tenant at the moment. Only wanted to sell it if could make substantial difference to my lifestyle (I have another mortgage which was hoping to almost wipe out). But if it means I still have more debt that I can pay off in a few years doesn't seem worthwhile. I know property market not great but I thhink when it's been reduced twice already, then that is the price I want to achieve. It would be different if they were making offer on original price but this is already 15k drop.

cheers

GDB2222

But as DVardy says, nobody here has the faintest clue whether the original price was reasonable - apart from you MM. However, you clearly want to be told to hold out for £210k, so yes definitely do that, if not more.

Feel better now?

Bear in mind that it's quite hard to sell property with tenants in. A friend of mine has his BTL on the market with tenants in, but they are not interested in viewings/leave the place in a mess etc. In the end, he's relieved that they have decided to leave so he can actually get on and sell the place. You maybe don't want to push your luck with the present tenants.

brit1234

Best try to sell now as prices falling at moment and set for long term falls. The longer you wait the lower the offers will be as people realise the crash is resuming