Offer of 92k on a 115k house?

Purple_Hearts_3

Hi all.

Our house has been on the market for a year. It originally went on for 130k, we then reduced it to 120k, and finally 115k. House over the road from us (same house as ours) sold the other week for 149k so I dont think we are over priced although Im no expert.

We have just had an offer for 92k.

My question is, in this market would you accept that if you could?

Up to now we have only had two viewers so its not like people are banging our door down to buy it off us.

We need to move asap for a new job, and if we dont sell before we move away we will have to leave it empty.

The guy told our EA that its the highest he can offer and he cannot go any higher.

Is that a good offer in this market? I dont want to turn him down and then regret it in a few weeks

somethingcorporate

Opening offers are very rarely best offers so if it is their first then it sounds like they are trying to bag a bargain. I'd expect closer to £100k but not knowing the property / area etc can only speculate based on the general market. If you need to go then losing the sale for the sake of £5-10k does seem foolish. If you can afford to move on at that selling price and believe it is his final offer and cannot afford to wait for another then take it.

Personally I'd reject but again can only base on personal perception of the situation you have described.

poppysarah

Can you afford council tax, insurance etc on an empty house as well as the mortgage whilst living somewhere else?

shirlgirl2004

It sounds like a huge %age drop but I don't know if your house is overpriced. I'd be inclined to decline the offer but then I don't need to move desperately.

Purple_Hearts_3

poppysarah wrote: »

Can you afford council tax, insurance etc on an empty house as well as the mortgage whilst living somewhere else?

Yes, We are moving to the same area as my parents and they said we can stay with them until we get something else sorted out.

We have both secured full time jobs in the new area, and living with my parents for a while will help us a lot, we will pay them for staying there.

hcb42

I would have said reject too.

But, you have only had 2 viewings in a whole year, I know the market is slow, but is anything putting people off?

erdd2

There can be no clear answer, you could hold on and never sell, sell for 92 and see a similar go for much more. I accepted 90 when told could get 120...sold in 6 days after putting it on market however I was keen to "move on" for many reasons and weighed up the costs of running 2 properties, the condition of property as it had lain empty for 1 year (too complicated to explain!) etc....it's a tough call but one you have to live with....good luck!

m00m00

2 viewers in a year, with only 1 offer ? you are unlikely to get another offer any time soon.
A lot will depend on how much equity you have in the property, as to whether you can afford to accept the offer.

I would certainly try and get the buyer to increase slightly, but I doubt the buyer will go much above 95k

a buyer in a position to proceed is a rare beast in the current market, particularly if they have no chain involved.

brit1234

See if you can haggle up a bit but I wouldn't reject in this market.

usa1

I would reject. Its a bit too low..

antenna

You must put the house with every agent,if you have an exclusive low commision arrangment with a sole agent now is the time to cancel this.