what do you think of this offer?

Jon211

Prosaic wrote:

It gets better...first-time buyer is going for 100% mortgage! on 255k!! :eek:

That just seems crazy.
To be able to get a 100% mortgage for £255K they must be on a reasonable salary so that screams that they can't manage finances properly if they have no deposit.

tigerminxy

I'd have been tempted to push the offer higher just to move it away from the stamp duty boundary. My thinking is that if someone tells this buyer that they could save a shed load of stamp duty by getting you to accept £5k less then he may try it. On the other hand, if they needed to get you to accept £15k less to push it under the threshold, they'd be less likely to ask (or expect you to accept that).

Re: the 100% mortgage - a FTB will have lots of home set up costs, plus if the home needs work doing to it, perhaps they're keeping the money aside for that instead.

lush_walrus

Tallymanjohn wrote:

Remember, the estate agent also gets a higher fee if the price is higher, & as estate agents have been one of the driving forces behind the current state of the property market, then it's almost certainly their 'greed instinct' which is driving things. If you're happy with the offer then take it - better than pushing the buyer & possibly creating an air of distrust before completion.

What a world where £250k is FTB-land!!

Hate to say it, but I think you are a little bit off the mark in thinking that £50 - £100 extra fees (which is what the difference would be) will be the driving force behind the EAs comment to push the buyers up a bit. Really it isnt worth it, it will cost far far more than that in advertising, staffing costs etc to keep the property unsold! And with values EAs can only value things at the price people are willing to pay and able to afford....So are you really sure about them being the driving force?

Anyway, back to the point...Your move as a vendor is just very unusual, most will hold out for the last bean. The EA is working for you, and so really wouldnt be doing their job if they didnt tell you what their feelings were about your potential buyer. Now the potential buyers are expecting to pay that price then you really should leave be, it will only make them mistrust you for you to change this now. If on the other hand the EA hasnt told them you are happy to accept that price, then its worth a try, whats the worst that can happen you end up accepting the price you have already.

cattie

You mentioned that the ea overvalues as a matter of course & it's quite probable that surveyors are aware of this & will give a valuation that reflects the true market price, taking into consideration the work & improvements need doing.

If the sale does go ahead at this price, just consider yourself lucky to have achieved a higher than expected price without there having been a bidding war scenario.

Poppy9

Did you sell?