Have We Done The Right Thing?

dccarm

We bought our flat 4 years ago for £65,000. We have found a house we really like but need to move fairly quickly to get it as it is on a fixed price and could go any time. (Although saying that, it has been on the market since May with little interest - I think it may be badly marketed)

We've had our flat valued by two estate agents, one at £130 - £140k although he reduced that down to £120k when we told him he must be mad as that was more than double what we paid for it! The second values it at £145k and recommends we market it at offers over £135k!

We have decided to go with the second estate agent - basically because of their local coverage and expertise added to the fact that they have sold similar properties recently - but have asked that it be marketed at offers over £125k, in the hope that we get a quicker sale, and the fear that it might sit for months if we ask for too much.

So my question is; have we done the right thing? Or are we doing ourselves out of £10,000?

seven-day-weekend

IMHO, if you want a quick sale, and can afford the house you want to buy, then you've done the right thing.

We put an investment property on the market at around £5k less than the asking price of similar properties because we wanted a quick sale and had an acceptable offer the same day.

NastyMatt

"Or are we doing ourselves out of £10,000?" - you haven't done yourself out of anything. Something is only worth what some one is willing to pay for it.

If it sat at £140k for 6 months is it worth £125k? If it sells within a day at £125k is it worth £140k?

As long as you get what you want (i.e. a quick sale and your new home) then you're happy.

I think you are doing the right thing and you will (hopefully) have the luxury of being able to choose which buyer you want - the FTB with no chain and mortgage AIP.

dccarm

I know you're both right - I think I was just looking for reassurance! It's easy to forget about what large sums you are dealing with, and then when you stop and think what £10,000 actually means it can really get to you.

FaTB

I really don't understand this "Fixed price" thing it's only worth what people are willing to offer, if nobody is prepared to pay this fixed price then it simply won't sell.

I think putting something like "fixed price" in the advert would alienate alot of people, it would me, I would make them a lower offer just to annoy them !!

seven-day-weekend

>>Lady Astor: "Winston, if I were your wife I'd put poison in your coffee."

Sir Winston Churchill: "Nancy, if I were your husband I'd drink it." <<

There's another one attributed to Churchill and Lady Astor:

Lady A : 'Sir, you're drunk!'
Churchill : 'Madam, you're ugly, but I'll be sober in the morning'.




(Sorry for hijacking thread!)

hethmar

Personally I would ask him to put it on the market at the £135k but with a note - something like offers for quick chain free sale considered.

The trouble with putting it on cheap to begin with is that people will then look to knock it down further.

I would go back and ask for it to be put on at the right price but with a note that you will consider offers for a quick chain free sale.

Prudent

I don't know what part of uk you are in? In Scotland, where there is an offers over system, houses are often put on the market for much less than the owners want as it gets potential buyers in the door. If you turn up for a Saturday viewing and a viewer is just leaving and then another one turns up as you leave, you are likely to both act sooner and put in a higher offer.

robwend

hethmar wrote:

Personally I would ask him to put it on the market at the £135k but with a note - something like offers for quick chain free sale considered.

The trouble with putting it on cheap to begin with is that people will then look to knock it down further.


THATS THE PROBLEM,they will knock you down further,are you prepared for that? i dropped my house from 175,000 to 170,000 24hrs later had a offer of 165000, had to take it really but then dropped 10,000 in 1 day!but i also agree with not sitting on the market with properties at the same style and price and all fighting for that buyer

dccarm

We are in Scotland. Properties tend to be going for 10 or 15% over the "offers over" price in this area at the moment. Prices are holding up, but properties are taking quite a while to sell. The hope, like Prudent suggests, is to get more people in the door. We did our original budgets on an expected price of £95k so we are still well over our original expectations.

I am a bit reluctant to mention the fact that we are looking for a quick sale as that might encourage lower bids unnecessarily. I could be wrong - this is our first house sale.

RUSTY1966

Going back to your original question......if the property has been on since may, on a fixed price, and not sold, then it's probably not going to get snapped up straight away.

Concentrate on selling your property first for a fair and decent price (fair to both parties). When you have sold, then you are in a serious bargaining (spelcheck) position.

Yes it may go by then but Hey Ho! Something better or equaly as good will come along.

If a property is over priced and vendors are not willing to negotiate, then their propery won't sell. Simple as.

I've just turned down my ideal house as vendors want 15,000 too much.

N