Selling parents' house - how much to expect?'

observations_from_a_hill

Sorry to hear of your situation.

To be fair, £230k sounds to be a really good offer.

If you decide to accept but feel you should cover yourself, get the agents to advertise as they do for the best offer for repossessions.

G_M

Firefox raises a good point which may or may not be relevant.

Today we received an offer from another party - nothing to sell, small mortgage required - of £230k. The EA had apparently already declined an offer of £225k from this party who only viewed this morning.

This also appears fast. If they only viewed this morning and have already put in 2 offers, I'd be inclined against a straight acceptance.

I take the point others have made regarding 'just getting on with it', but why not put a counter-proposal. Say £237 (and then meet them at £235)? They are obviously keen.

You've had offers from two parties in a week, that's not bad.

CKhalvashi

G_M wrote: »

Firefox raises a good point which may or may not be relevant.

This also appears fast. If they only viewed this morning and have already put in 2 offers, I'd be inclined against a straight acceptance.

I take the point others have made regarding 'just getting on with it', but why not put a counter-proposal. Say £237 (and then meet them at £235)? They are obviously keen.

You've had offers from two parties in a week, that's not bad.

£230k + agents fees would have you closer the mark here, in this area close to £240k. I've done that one before on a buyer!

CK

AlexMac

I'm with those who urge a £10k drop to effect a quick sale- and from personal experience (of a solicitor with PoA who totally screwed up the timing of the sale of the home of an elderly person in care and consequently lost '000's, with absolutely no com-back) the likelihood of you being criticised, let alone being held culpapble, for such realism is scant

getmore4less

The £250k offer is irelevent when it come to responsibilities,

It was to buy a different property one with permission to have a droped curb.


Whats a typical rent for these properties?
That will give a way to determine a investment value.

I would probably hang on and try and get some more viewings offers and allow some more negotiation time by the EA get thn to chck thir status/ready to move, a first counter to say £245 (match their 5 up to 230 with a 5 down from 250).

more_money_for_me

You are clearly wholly realistic about the market, and have done your research. My personal feeling is that you have done right to refuse the offer. This is clearly somewhere people want to live, 7 viewings and 2 offers already, a lot of properties don't see that in a year. Your aim to achieve closer to 140k seems realistic with sold prices and interest so far. As others have said, go with a counter offer. Lets face it an extra 5k for your parents could make a real difference to them. I can of course see the other side of it as well, but there are areas where property continues to sell at a good price and in reasonable time, only you know what your local area is like. Good luck with whatever you decide. If you do go for a lower offer you can always say get a survey done and if you still want to proceed at that price then we will accept it, this is something we did recently when we accepted a low offer, it makes a renegotiation after survey much less likely.

phoebe1989seb

getmore4less wrote: »

The £250k offer is irelevent when it come to responsibilities,

It was to buy a different property one with permission to have a droped curb.


Whats a typical rent for these properties?
That will give a way to determine a investment value.

I would probably hang on and try and get some more viewings offers and allow some more negotiation time by the EA get thn to chck thir status/ready to move, a first counter to say £245 (match their 5 up to 230 with a 5 down from 250).

It's quite hard to determine what the typical rent would be as there's nothing similar available in the area - at least not on RM. However, nearby roads but with smaller 3 bed Victorian terraced houses (with no ORP/garage) are on for £1200 per month and student houses (small 3 bed terraces presented as 5 beds for letting purposes) can command as much as £1700 pm......not sure that my parents' house would make a good student house, although I do seem to remember one house a few doors away used to have students as tenants. I reckon investors would be looking more towards the family market though.

Thanks again guys for all your suggestions - lots to think about in order to make the right decision for my parents.

getmore4less

With rentals it is more No. of bedrooms for families, better place don't command a lot more unless very special. Student market becomes letting rooms.

£1.2kpm on £250k would be gross yield of 5.76%,
£1.2kpm on £240k would be 6%
£1.2kpm on £230k 6.2%

5%+ starts to get profitable. less not such a good investment.
looks to be priced correctly with a target of £140k

if you start to get serious about the offer see if the agent will have another go at the investor £15k-£20k less may make it attractive enough.

phoebe1989seb

Hi all,

Just a quick update. Before we had a chance to really decide what to do the EA came back saying that after us declining the offer of £230k the potential buyer wanted to go back for a second viewing in order to ascertain if he wanted to increase his offer.

The second viewing was on Saturday and this morning we had a call from the EA to say that he doesn't want to go any higher as although he has more cash available, he needs this for the work he wants to carry out on the house, so his offer of £230k still stands.

DH and I are inclined to say ok, but on the condition that he doesn't ask for any more off after the survey - the EA suggested this himself, saying he would stipulate that the offer was made/accepted on the grounds that any price reduction was included in said offer. I had already thought this might be an idea to try, but wasn't sure if it was feasible.....

What are peoples' thoughts on this idea please and how likely is it that anyone would accept this condition when purchasing a typical 1930s semi?

Thanks guys

suze200

phoebe1989seb wrote: »

Hi all,


DH and I are inclined to say ok, but on the condition that he doesn't ask for any more off after the survey - the EA suggested this himself, saying he would stipulate that the offer was made/accepted on the grounds that any price reduction was included in said offer.

Thanks guys

Hi. You can say whatever you want but your buyer is not
committed to buy at that price. If the survey throws up expensive issues and you wont reduce the price and he doesn't want to fund the repairs he can walk away.