low offer. should i accept??

nathc0607

hi

i bought my house 6 years ago and paid £114k. in that time we have spent somewhere around 25-30k doing it up.

no sooner had we finished getting it done just how we wanted it and the wife decided she wanted to move. the valuations came in at an average of 120k. the EA recommended putting it on in a price bracket of 115-125k (they all seem to like doing this now)

it has been on for 3 weeks now and i have just received an offer of 112k saying that it is the final max offer.

i have accepted that times have changed from 6 years ago and im not going to be getting the money i have put in, back out. but the offer i have been given seems like it might be that little bit low. just wanted your opinions on the situation

cheers!

BitterAndTwisted

Tell the wife that you're not moving until the house increases in value so that you can recoup some that eye-watering sum you've invested in the place.

B_Blank

House prices are going to fall probably in the next 2-3 years.

more_money_for_me

Guess it depends on whether you need to move or you think you might like to. There are few proceedable buyers out there, so if you must move negotiate hard on your next property. There are lots of people on the market who don't have to move, and won't budge on price. Have recently had two offers rejected, 205 against 220 for a place needing work, where done up properties go for 250. Also 205 against a surveyors valuation of 200. I would suggest that if it is near what you want you can always say the least I will accept is... It doesn't seem hugely low to me in a market with few buyers. What have properties sold for locally, as opposed to being put on the books for?

nathc0607

i was thinking the same as the EA, the value being around the 120k mark i would definitely accept 115k for a quick sale. so we are not to far apart from each other. similar houses were selling a year ago for 130k, more recently only the serious renovation projects have been moving off the market, due to there extremely low prices. a pretty good sigh that now is not the time to be selling a renovated house.

nathc0607

BitterAndTwisted wrote: »

Tell the wife that you're not moving until the house increases in value so that you can recoup some that eye-watering sum you've invested in the place.

sounds like a great idea. but trust me ive tried! lol

grimsalve

If the house has only been on the market for 3 weeks then you could possibly hold out for a better offer (some houses don't even get their first viewing in that time!). It depends on your circumstances though, have you found another property? If so, have you considered making an equally low offer on that? Do you really need to move now?

nathc0607

im going to buy my parents house so the price has already been agreed on that. they have had an offer accepted on the one they are looking to buy. so just waiting for me now. in reality there's not really a need to move other than waiting to keep the family home. and being family we have come to a very fair price, that said i still need to get as much out of mine as i can.

they EA has basicly said that the best time to sell in the first 3 weeks after that it gets more and more unlikley to sell.

ladymarmalade1970

If they can proceed i would take it! In this market that is a damn good offer.

nathc0607

thanks for all your help

daisymay2008

it is a buyers market....we found a house we loved ticked all the right boxes...it was on for £169500 and needs new kitchen bathroom windows and redecorating prob around 10k of work

we offered 153 155 then 157500 i was told he wanted 160k....

we thought about it and knew if we spent 10k it would be worth 170k so i offered the 160 today.....

and he declined:rotfl:

so time to move on, he can obviousy afford to leave it on for another 12 months:rotfl: