Are we just being silly?

DarnIt_3

Not to be rude but it was free money, you don't need to be greedy, you could be debt free and have a hefty future nest egg.
The family who are buying your house and probably scraping together the money as it is, as we all know the economic times are hard, why quibble over what is deemed to be in the whole pot a small sum. That could be the extra few thousand which make or break them.

dreamdreamer

250k - 125k (debt)= 125k in the bank and peace of mind......No debt AND no mortgage...Wish I was in your boat !!!!

As I read it, the brother is getting half so they'll clear mortgage and debt but have none/little left over. Still wish I was in their boat though!

OP, I'd take the money and run, those vendors are in a great position for an easy sale for you and I doubt they'll go over the stamp duty threshold, I know I wouldn't.

dbt3mummy

dreamdreamer wrote: »

As I read it, the brother is getting half so they'll clear mortgage and debt but have none/little left over. Still wish I was in their boat though!
.

What you are forgetting though, even though it's "free" money, the poster has infact lost a loved one.

I doubt anyone would really want to be in that boat.

BeautyandtheBeast_3

take the money £250k.

Million_Percent

dbt3mummy wrote: »

What you are forgetting though, even though it's "free" money, the poster has infact lost a loved one.

I doubt anyone would really want to be in that boat.

Of course and I'm sure all the posters here extend their sympathies. However, this forum is about money so we are looking at it from a purely financial point of view. There is no room for sentiment when it comes to dealing with your finances.

It appears that the general consensus is that it is not worth the risk and hassle involved for the sake of an extra 4%. This is 'free' money in that it requires no risk on the part of the OP. There aren't people queing up to buy this house so, provided the offer is reasonable, the OP would be better to liquidate the asset sooner rather than later.

Let's not forget that the OP says this money would clear all their debt. The longer the delay, the more money the OP is paying in interest on their existing debt. It probably wouldn't take too many months of delay for that interest to wipe out any gains made by hanging on for a higher sale price.

Sell the house, take the money and celebrate being completely debt free :beer:

I'm sure the relative who has passed away would be delighted to know that they have helped secure the OP's future.

rising_from_the_ashes

Take it - as others have said, holding out for the extra £10k with stamp duty etc is going to put many people off.

I'm wanting to put my house on the market but there's 4 for sale in my street - I've been hanging off hoping a couple of them will shift but no joy and now someone else is putting their house on in the next couple of weeks. 2 are small (1 bed) and have been on for over a year: the other 2 are identical to mine - 1 has been on for 4 months (but is next to a house where there was unfortunately a fire which is obviously putting people off) and they've just reduced the price by £30k.

Those of us living here know why the price has gone down & why it's not selling but "outsiders" won't so it's bound to affect the price people will be willing to pay for the others.

It's looking increasingly likely that I'll have to stay put until next year and hope the market picks up by then as I certainly can't afford to lose £30k!

Take the offer, get rid of your debts, say a huge "thank you" to the dear relative who gave you this opportunity and remember the gift when you're enjoying the rest of your lives.

pleasedelete

The problem comes with the price of the house. Dropping from £340 to £275 was a big drop that took it close to £250. This made it likely to get offers at stamp duty level.

Did your estate agent advise you this? You will struggle to get more than £250 because of the price.

What do you think it's really worth? What do others sell for?

I personally would have dropped to 300 unless desperate to sell. Then more likely to get buyers not bothered by 250 k stamp duty limit and more likely to get the price you wanted. The 250k is an artificial barrier.

I dont think that your agent has done the best by you unless you stressed that you were desperate to sell or it was really 90k overpriced (in which case they were a poor agent to begin with),

Tebheag

pleasedelete wrote: »

The problem comes with the price of the house. Dropping from £340 to £275 was a big drop that took it close to £250. This made it likely to get offers at stamp duty level.

Did your estate agent advise you this? You will struggle to get more than £250 because of the price.

What do you think it's really worth? What do others sell for?

I personally would have dropped to 300 unless desperate to sell. Then more likely to get buyers not bothered by 250 k stamp duty limit and more likely to get the price you wanted. The 250k is an artificial barrier.

I dont think that your agent has done the best by you unless you stressed that you were desperate to sell or it was really 90k overpriced (in which case they were a poor agent to begin with),

Agree with pleasedelete you are going to struggle at the price you are at now to get anyone over the 250k mark. Seems a very large drop in price that you have already done ! Was house over priced or something !!!

pelirocco

moments_of_sanity wrote: »

DH and I have £27k worth of CC debt caused when he had to take unpaid leave from work to look after his terminally ill mum (household of 4, 2 adults and 2 teenagers) - things spiralled out of control and we are now desperately trying to cut costs.

DH inherted a property with his DB last year and it has been on the market, it started at £340,000 and is now down to £275,000. We have had an offer of £250,000 on the house but have said if they can get to £260,000 we will accept it. Are we just being silly in not accepting the £250,000? We are also in a position that the house was due to be rented out at £1000 per month from Wednesday!

Purchasers are in rented accommodation having sold their own property and can be ready to go. They are going to see their financial advisor asap and let us know by Monday lunch time what they can do.

Are we being silly in not acceting the offer of £250,000? Half of this would clear our mortgage and clear the credit cards -sounds like a no brainer even as it write this but opionions very very welcome! :j

Wont you have to pay tax on the amount you receive?

moments_of_sanity

All gone petetong now! :mad:

We accepted the £250k, they then retracted their offer and offered £260k on an indentical property 2 mins walk away!!!

You win some you lose some!!!