Full and Final Offer

opinions4u

Thanks for all the points made.

I fully appreciate that it's a buyer's market. I fully appreciate that nobody's going to come up with the asking price. The current (and only) offer is well below previous expectations though.

I am in the not so fortunate position of being executor for an estate, but not a beneficiary. I do have a legal duty to get the best possible price for the multiple beneficiaries. £144k now is better than £144k in 6 months time with more council tax etc having been paid by the estate.

Equally, patience can often be a virtue for the seller.

Biggles calls it well in the post above. That doesn't mean I know any better what to do!

No need for the EA to make any other contact unless the situation changes ... they are acting on your behalf as Vendor.

The agent has two commissions resting on this. There is an incentive for them to achieve a sale that is not necessarily in the best interest of the beneficiaries. They have failed to return calls and emails today which doesn't suggest that they're trying to broker a deal.

BizzleBozzle

I'm on the other side of this - I'm a cash buyer and feel like I'm looking for a needle in a haystack! Out of probably 100 properties for sale in my town (I have to stay local for various reasons) there are only about 5 in my price bracket and I've looked at them all. I will say though, that when I look at the price, I don't ever expect to pay the asking price in the current market. However, I agree that if you're sensibly priced (which I hope since you've reduced by so much that you are) 16k at that level is quite a big drop. You do sound like you're considering it though. I put in an offer on a house this week which I know was on the market for 335k 6-7 months ago, sold for less than this and the vendor pulled out the day before exchange. They're now on the market for 360k and when I put in my 'punt' offer of 335 this week, the EA said they wouldn't bother telling the vendor as she'd laughed at an offer of 350k the other day! I'm assuming he's being honest (every time we show an interest in the property, so does someone else!) but I find it surprising that anyone expects to get their asking price at the mo unless they're in London. I suppose what I'm trying to say is, I always read asking price as 'offers below'! Even the ones who say OIEO.

I'm surprised your EA hasn't at least come back to you and said they'd explained the situation and either had no response or the response had been to forget about it. I do sympathise as all the stuff you read on here makes you realise how many dodgy characters there are around and how hard it is to make sure you don't feel like you've been a mug or ripped off.

Good luck and hope you get a sale soon at a level you're comfortable with.

Andystriker

opinions4u wrote: »

They have failed to return calls and emails today which doesn't suggest that they're trying to broker a deal.

This is very poor.

I would be ringing them tomorrow and telling the manager that there are other Estate Agents around, and if he ignores me again, he can take his For Sale sign elsewhere.

You have to weigh up how much you want it sold. It would go against my grain to give it away and I would probably go down to £155,000 as my final offer to get rid of it if I was in your situation.

But there is a chance that the buyer has already withdrawn.

If you do reach a deal, would it be an idea to say it was on condition that they complete as soon as possible, which if they have funds in place should be within 6 weeks to allow for searches etc.

I do wish you good luck

Biggles

opinions4u wrote: »

I am in the not so fortunate position of being executor for an estate, but not a beneficiary. I do have a legal duty to get the best possible price for the multiple beneficiaries. £144k now is better than £144k in 6 months time with more council tax etc having been paid by the estate.

True, but when you're talking about a difference of £16k, another £500 or so in Council Tax might be worth paying. I take it you're nearing the end of your six months exemption?

Equally, patience can often be a virtue for the seller.

Indeed. Despite it admittedly being a buyer's market, you do have less pressure than most to close a deal at a disadvantageous price.

pleasedelete

If someone is stretching themselves to the limit to buy a house likely to be more problems. Will they actually get the mortgage? What happens if survey has minor issues etc etc?

If the most they can get a mortgage for is £144 k and so that is why they are offering that then expect a bumpy ride. Buyers who are stretching themselves often fall quickly at hurdles which those more comfortably within their range can get over. Legal fees add up on lost sales.

If you are considering taking the offer then insist on seeing that all finances are really in place.

Check sold prices of local houses on houseprices.co.uk or similar. Did you get several valuations? Why not get another agent to give a current market view?

Jessikita1983

Besides council tax are you having to pay other amounts, like a standing charge on gas and electricity and water?

Admittedly this does not add up to £16k though.

Have you researched the local market and check what other houses have sold for locally?

Is the property in good nick? Decent boiler, windows etc, or does the £160k already reflect this.

Are the beneficiaries in a rush for their payouts?

Jessikita1983

If you are honestly looking for opinions on what to do, here is mine:

Take the offer of £144k, providing you see prove they already have the mortgage in place.

My theory is, a bird in the hand is better than two in the bush.

But I am impatience and would not be able to resist.

Jessikita1983

pleasedelete wrote: »

If someone is stretching themselves to the limit to buy a house likely to be more problems. Will they actually get the mortgage? What happens if survey has minor issues etc etc?

If the most they can get a mortgage for is £144 k and so that is why they are offering that then expect a bumpy ride. Buyers who are stretching themselves often fall quickly at hurdles which those more comfortably within their range can get over. Legal fees add up on lost sales.

If you are considering taking the offer then insist on seeing that all finances are really in place.

Check sold prices of local houses on houseprices.co.uk or similar. Did you get several valuations? Why not get another agent to give a current market view?

How about a hometrack report? (I have read mixed reviews about their worth) but I found it useful.

bristol_pilot

Just out of interest, why on earth did you take on the executor role without being a beneficiary? It seems to me that there is nothing in it for you other than risk.

new_home_owner_3

if you can accept 144000, why dont you advertise it at this amount? and see what offers you get, the seller always as the final say.

My friends are selling their house and if you look at my selling house diary you will see, hes had multiple viewing and ridiculous offers, they have even had offers of renting it out for 6 months before they buy, he has had a offer, but they have some more viewings this week.

The way i see it you may aswell let everyone else know your willing to accept a low offer with the asking price, this will generate more interest and hopefully you will get higher offers.

Another thing if the offer is too low for you to be able to move on i would just turn it down flat.