Possibility? Or hoping for a miracle? Making an offer

mummybaker

We have a buyer very interested in our house, he's a cash buyer and the EA has told us we are likely to get an offer next week. We need the asking price so have said if he does the full asking price we would include all white goods from the kitchen and the wadrobes which are partially fitted in our room. They have said it should encourage him as he is very keen but it's his first investment so he's looking at how to afford to buy the furniture too.

Ok then we have found our house, We have been told the very top and i mean limit we can do is £205 as a purchase price. they want £218. It's in lovely condition and to us will be the forever home. We will be stretching ourselves so far with it to get the payments made each month because its perfect for us.
They have found their chosen house, bigger but they have masses of equity and are looking at a tiddly mortgage they have told us. they even commented if the right buyer came along and could move quickly we may take a hit.
They said the house theyre buying has no chain. So its just 2 houses and 4 groups of people, Do you tihnk its likely our offer would be acepted if we had the confirmed offer on ours of a cash buyer, able to move swiftly and the mortgage offer secured?
To let you in on more info another house sold in the same street same size , needed some freshening up but literally a lick of paint nothing more. Plus it the addition of an ensuite and utility room and it went for £198k in Nov 2011.

I know theres apparently an offer on the table from someone who has had zero viewings on their property so far and been on the market for 3mths. They have kept it on the market as they are keen to move swiftly on it in order to secure the house they want which also needs to move swiftly as its a divorcing couple looking to sell up ASAP.

What do you reckon? I'm sitting here praying you all think it's a good offer. The EA has said they will call the buyer first thing monday to say we have now found a property and would be able to move swiftly plus if he offers the full asking price of £140k we will throw in the washing machine, dishwasher, fridge freezer and tumble dryer plus the oven and hob are built in and the wadrobes in the main bedroom.

anselld

I hope you are fortunate, but Im afraid it seems unlikely that a cash buyer would consider paying full asking price for your property. EAs are often somewhat "optimistic" with the truth!

mummybaker

Really do you think so? Weve dropped £5k off what we were asking plus were taking a hit of £28k on what we bought for and have invested in renovating it. It's ready to be let out as it is. :-( Lets hope he is as keen as they say. I will have to leave it in the hands of the gods I guess.

SG27

You will only accept asking price for your house but are expecting a discount on the one you are buying? I think you will need to be lucky on both counts!

mummybaker

Well we priced ours a lot lower than we wanted to hopefully get more people interested and save sitting there for months. We can off for 3 months and have dropped it by 5k too so its realistically priced where as theirs isn't and in comparison to the others locally is much higher.
We can go lower by £1500 on ours if we had to but it would be the very lowest to achieve the amount we'd need for that offer.

SG27

mummybaker wrote: »

Well we priced ours a lot lower than we wanted to hopefully get more people interested and save sitting there for months. We can off for 3 months and have dropped it by 5k too so its realistically priced where as theirs isn't and in comparison to the others locally is much higher.
We can go lower by £1500 on ours if we had to but it would be the very lowest to achieve the amount we'd need for that offer.

That sounds sensible. I don't often see realistically priced properties around here but when they do come on they sell within a month or two so it's definitely they way to go IMO. Good luck with it.

cattie

What I don't understand is the ea saying you're likely to get an offer next week. If the 'buyer' is so interested, why are they waiting and not making their offer now? When I find a property I want, my offer goes in straight away to try to secure the place as quickly as possible.

mikey_bach

Dont know if this helps or not,
had a viewer on the Wednesday, were told they were cash buyers,
came for the viewing, are buying it for the rental market,
offered the next day 5k under the asking price,
accepted the offer....
Hope OP you have some luck

mummybaker

Well We're told he has a list of properties to view, my EA caught sight of the majority of them and as they are sorting out his other finances for him he's been getting advice from them, he sounds a bit naieve on it all so i guess he's being thorough.

I have since found only one alternative so if we have to wait theres a 5 bed which needs totally updating and the kitchen and bathroom redoing and a total redo on the garden but it's 189k so possibly if we could get it to £180 we could lower our deposit and keep some back to do it up. It'd end up worth much more i think.

We will go and see it before we offer anything on the other house.

zaksmum

SG27 wrote: »

You will only accept asking price for your house but are expecting a discount on the one you are buying? I think you will need to be lucky on both counts!

This is part of the problem with the market at the moment, vendors "needing" full asking price but expecting to have a low offer accepted on the one they're buying.

Then a price drop of a couple of grand after months on the market - in one case a vendor wanted 400K and dropped to 398K after nearly a year on the market.

People need to get real.

mummybaker

Well I think the £5k weve dropped by is a good amount seeing as though we are only on for £140k If it was a £250k house yes its a drop in the ocean but for us it makes our deposit on the next place worth so much less.

The issue lays with those like us who need to move but brought at the wrong time.