Offer in- slightly under the asking price

Bil2

Hi-

Just received an offer on my apartment which is 2.5K under asking price. The buyer is an FTB and lives with her parents so she has no chain (also means that her moving time is very flexible). In addition, she's got an AIP in place.

We're fairly happy with the offer, however, we've got more viewings lined up later this week.

Should we accept the offer (it's the most she can afford) and take the property off the market or should we continue to let people view our place in the hope of reaching the asking price?

We don't want to alienate the buyer by continuing to have viewings and we're worried that it may take a long time before we receive another offer if she changes her mind. However, the estate agents are telling us that the asking price might be achievable if we hang on a bit.

Any advice?

Sting_2

I don't think it would be unreasonable for you to show your property to people who have already arranged viewing for later on this week.

However, if you are happy with the offer why not just accept it? at the very most you will only be losing out on 2.5K. Ignore what the estate agent says, they only want you to get more for your property so they get more commission!

Bil2

Since posting my last messge, the buyer has upped her offer so it's now only 1.5K under the asking price. We'll definately be accepting this offer (even though we're suspicious that she could afford to go higher!).

Yay- our apartment sold in just under 6 weeks! Excellent!

CB1979_2

personally would tell her that you will remain with the viewings, but state that you always had the intention that if anyone offered asking price you would take it off the market as long as they have instructed the survey within 2 weeks of accepting the offer.

i reckon that will get her to up her offer.

housebuyer_3

£1,500 below asking price sounds like a really good deal. You can try and hold out for the asking price but you have to ask yourself it it is worth losing a buyer for.

Doozergirl

With an offer that close to asking price, it's pretty obvious to me she'd go to asking price. Negotiation is a game to see who can hold out longest; putting in a second offer before getting an answer to the first is even more confirmation to me that you can easily hold out for asking price.

CB1979's advice is a very good way of saying yes, as it keeps doubt in the buyer's mind as you will not cancel your existing viewings and if she is prepared to offer asking price to get it to herself, she will.

I've been through it too many times to even begin to think that a buyer would walk away if an offer was rejected. Keep their offer on the table, Yes but walk away? No.

jamminjamaica

congratulations!! thats pretty good. if you want a quick sale accept the offer otherwise you could wait until the end of the week. i am sure the person would understand that viewings have been scheduled.

hoyin

Comeon you have to weigh up the pro's!

Your greed may get the better of you.

£1.5k is not a lot of money and in the long term the £1.5k loss maybe worth it! She is a first time buyer with no chain and living with her parents so the transaction should be painless and quick.

Better than someone offering you the full price and in a chain and has the risk of his/her chain failing and therefore stalling you selling your flat.

Is the extra £1.5k worth this hassle? I personally don't think so.

Zammo

What's 1.5K when you risk chasing the market down for the next 5 years. Accept the offer.

CB1979_2

just out of interest, what is the asking price of the property?

people saying what's £1.5k, alot of the time it equates to EA & Sol fees!

lilyann1

If someone offered me £1500 under the asking price and was chain free I would bite their hand off!!!!
Take it,chain free is a blessing!!!!!
Take that from someone who has been in the process for the last 7 months and the chain has collapsed 3 times!!!