selling a house

jackyann

I wasn't sure where to put this - but as my concern is more about relationships than house sales, I've put it here!
Last year an elderly relative died & left her house to my brother & me. It is an unusual house, in an area that has become rather run-down in the last 25 years.
By co-incidence I was due to start a job nearby and needed somewhere to live, so we agreed that I would live in it over the winter, rent free (but paying all bills) and market it in the spring.
We had a valuation for probate, and the estate agents have said that is a reasonable asking price, but warn that sales are stagnant in the area, and it may not sell easily.
A neighbour has approached me (it is not yet on the market) wanting the house for her son. She has offered just over 90% of the asking price (and obviously no estate agents' bills)
Having lived in the area for 6 months, seen the boards remaining resolutely up outside houses, and getting to know the problems of the area, I am inclined to accept.
My brother has the "business man" ethos of "never accept the first offer". My gut feeling, knowing the family & their issues (there is of course, a family reason for wanting son next door!), is that this is their only offer.
I shall be moving on in the autumn and we don't want the house empty in winter (estate agents advise it's an unlikely candidate for renting)
I think that I have developed a feel for the area that my brother does not. If all were equal between us, I would argue resolutely for accepting this offer. But I am aware that I have saved a great deal in rent.
I did suggest to him that I could chuck the "rent I would have paid" into the pot; but for him this is about "the deal" and "getting a fair price".
Advice welcomed

the_cat

Why not go for the middle ground.

Tell them that you were hoping more for a figure of £XXXX but that if this is their full and final offer you will have to put it on the market for 6 weeks to try and get your price. If there is no luck, you will give them first refusal at their offer price

If they are bluffing, they will up their offer. If not, no boats are burnt.

Jinx

Well when you consider an estate agent will take between 1 and 2% of the sale price to sell the property and any associated marketing fees which will reduce the amount of the sale to go into the pot plus lets estimate a cost for heating and insurance for the next 6 months; how does that reflect against selling the house at the 90%?

An empty house is not cost free and it has to be maintained, garden, insurances etc so even if you and your brother are not in any hurry for the cash; do you really want to have the responsibility side of it, leaving aside the state of the housing market!

Of course you could just stick it in the local paper (cost about 100 quid) and put a big sign in the window for an agreed period....see if you get any interest without any extra costs and contracts.

Mojisola

Do all the sums with your brother and look at the money you won't have to spend if you sell it to the neighbour. We've just done this with a property left in a will and it was all so easy - no EA involved, no viewings, no chains to worry about collapsing. One straightforward, easy sale - well worth doing.

jackyann

Thank you all. Will discuss with brother - I'll let you know if I can, but good heavens this site moves fast!

mountainofdebt

I would also mention to your brother that given we are in a buyer's market, it may be that any offers made through the EA will be lower than the asking price anyway.

flora48

I would grab their hand off, selling is so difficult at the moment. The offer is in reality -8%, after 6 months there will be Council Tax to pay, along with utilities and empty houses have a knack of deteriorating rapidly when you least expect it. Hope you can get your brother to see sense.

Savvy_Sue

I wouldn't normally advise this kind of thing, but sometimes brothers can be a bit stubborn, so have you got a 'friend' who would be prepared to make an 80% offer?

McKneff

Savvy_Sue wrote: »

I wouldn't normally advise this kind of thing, but sometimes brothers can be a bit stubborn, so have you got a 'friend' who would be prepared to make an 80% offer?

ooooh SS, that is devious:D

Annie

ailuro2

I agree, you could see if the neighbours will squeak a bit more on the price, perhaps by hinting there's a bloke round the pub interested in it for his gang of working girls...;)

But first, sit down with your brother and work out -

interest on the sale for the next six months, if the money's in your bank it can earn interest

how much the house price will drop in the next six months

extate agency fees

time spent tidying up the garden etc, hourly rate for that

the risk of squatter's moving in and the legal fees trying to get rid of them, followed by the cost of the heavy squad to extract them


In short, I'd bite their hand off.:)

themull1

I would take their hands off as well, its a good offer and will save fee's in the long run.