Would you accept this offer on your house?

Pumpkin7

Thank you John! You have actually cheered me up

giddypenguin

It's a gamble really isn't it? You could accept it, and lose out on a bigger offer, or you could reject it and not get another viewing for 2 months, no one on here can tell you what's going to happen. If you can afford to move grab the offer with both hands - if not hang on.

Pumpkin7

giddypenguin wrote: »

It's a gamble really isn't it? You could accept it, and lose out on a bigger offer, or you could reject it and not get another viewing for 2 months, no one on here can tell you what's going to happen. .

Perfectly summed up in a nutshell!

dktreesea

If it were me, I would stay in the house, wait out the recession a bit longer, and in the meantime commute to the school. We were in a similar situation some years ago, renting rather than buying, - the house we could afford was ten miles away from the school. It was 40 minutes each way, through the centre of the city, in rush hour traffic. We just took it on the chin. I figured saving the difference in rent of around £100 a week was worth it.

LilacPixie

I am in a similar situation but with lower prices. offer on the table at below the asking price and below the mortgage valuation (in scotland so its in the home report) comfortably clears the mortgage but not enough to stump up the required deposit to move up the ladder.

I am almost 100% sure that I will be declining. My reasoning is I want to sell but I do not NEED to sell, renting a property this size or bigger would cost me more than my current mortgage. While I wait I will just save some more and if prices dip further what we will be buying should also of dropped so at some point there should be a cross over and thats the point that i will sell.

cheap_charlie

giddypenguin wrote: »

It's a gamble really isn't it? You could accept it, and lose out on a bigger offer, or you could reject it and not get another viewing for 2 months, no one on here can tell you what's going to happen. If you can afford to move grab the offer with both hands - if not hang on.

Ain't that the truth.

I sold my house a few weeks ago. It went on the market at its Home Report valuation of £600,000 and despite an initial flurry of interest didn't attract any offers.

I reduced the price after 3 months to £550,000 and eventually accepted an offer of £530,000 from a serious cash buyer - my reasoning being that a bird in the hand is worth two in the bush.

The difference here was that I HAD to sell and fortunately there was a large amount of equity in the house which has enabled me to move and downsize.

If you don't HAVE to move then perhaps you shouldn't. Also the couple may well love the house but selling a house is a business transaction. I love Rolls Royce cars but I can't afford them and the company wouldn't cut me a deal just because I love the product - they want me to pay the asking price.

Pumpkin7

cheap_charlie wrote: »

Also the couple may well love the house but selling a house is a business transaction. I love Rolls Royce cars but I can't afford them and the company wouldn't cut me a deal just because I love the product - they want me to pay the asking price.

Thanks Charlie. I see what you mean, but my reasoning behind it's bonus if someone loves the house they are far less likely to pull out or "cheat" on the house by still looking at others!

The first couple who put the 455k offer put the offer in 2 weeks after seeing it as the "got bored of looking and ours was the best".I never felt confident about those buyers- it felt like we would simply 'do'. If someone loves the house at least you feel a bit more confident the passion for it will carry the sale much better....

geoffky

This offer could be a massive offer when you look back in 12 months time..i bought recently and got 39% from peak asking price so your offer seems good but only you can decide.

completelyspent

I would take the offer. House prices have dropped two months running for the first time since the beginning of last year, and with the public sector spending review being announced in October more people could be losing their jobs=less buyers. I would move in with your dad and see how the land lies next year before buying again.

westlondonbuyer

Pumpkin7, I so understand where you're coming from as we sold before buying, thinking it would put us in a good position. It hasn't . The further up the price chain you go, the more reluctant people seem to be to accept their house is not worth what it was at peak, perhaps because they are older and don't realise that younger buyers are more likely to have researched on things like Zoopla. These houses don't seem to be selling or even attracting many viewings, because the vendor wants to wait and see. I think staying put and commuting to school sounds like a good option, although if you're actually unhappy in the area, perhaps selling and living with your Dad until you find your new house would be best?