Low Offer

medical

Low Offer How do i go about this low amount i have been offered on my house , already lowered by £10,000 after being on sale fpr a few months an no offers. Now the offer i just got is really ridiculous ie £5000 less than my asking price
what do i do ? i am desperate to sell as i have a new house on hold and will loose it in another 2 weeks if i dont get a buyer

pls help all you money experts
medical

virgin_moneysaver

I know you say the offer is ridiculous, but a house is only worth what a buyer is willing to pay for it - as you say, you've already lowered the price,presumably because the buyers around thought it was too high - I suppose what you've got to way up is the risk of losing your new house against dropping your price - what about meeting them halfway & splitting the difference, accept £2500 less than the asking price

good luck & let us know how you get on

rrwfotr

In this highly competative market you need to market your home at the "going rate", what I suggest is get a local paper and see what houses like your are selling for in your area. You can then best judge if the offers you getting are the going rate for your house. You will only sell your home if it matches the market equilibrium for buyers to sellers.

zzzLazyDaisy

It is a buyer's market. Our house has been up for sale for just over a year a year. The price has been lowered once, but we are still willing to consider reasonable offers. Someone recently made an offer of £20,000 below the asking price! We refused it but as a gesture, offered to come down a bit. The prospective buyer said he was not willing to negotiate, and we could take it or leave it. We refused to budge any further and he went away. Obviously just trying it on.

Sadly there are no easy answers to this. The best advice is to get the estate agent to try and negotiate an better offer, but that may mean you being willing to come down a bit more. It depends how badly you want/need the new house. Is there any chance of negotiating a reduction in the price of the new house? After all, if there is a chain, it is in everyone's interests to get things moving.

Good Luck!

loanranger_4

What position is the buyer in ? If they are proceedable and likely to complete then I would be flexible and negotiate, and if they are not then I would still negotiate ! I assume this is not their 'best and final offer' ?

Do your research (nethouseprices.com), find justification for your asking price (unique features and how it is better than other properties on the market!), and tell the agent to get you more money (YOU have to pay them from this sale remember!)

Bonne chance!

Lemoncurd

From a buyers point of view (we just had an offer accepted on a house today) I assumed that nearly all buyers offered below the asking price to start with.

According to the Hometrack monthly report in Feb 2005 : "The average sale price as a percentage of asking price rose to 93.3%, the first rise since April 2004."
That is quite a big difference between the average asking price and sale price!

I looked up prices on nethouseprices.com before putting in our offer and found that an almost identical house (but in better condition, with bigger garden and more windows) 2 doors down sold 3 months ago for £5000 less than the asking price of the house we were looking at. Our first offer was £18,000 (6%) less than they were asking but we eventually settled on a figure halfway between the two. The seller had also just dropped the asking price by £10,000.

deemy2004

In a bear market it is nearly always better not to wait to long for the unrealistic prices to be met... Six months down the road you may need to cut the asking price by far more than the offer onthe table today and even then the offer may be less than the askign price.

Better to take what the markets offering.

Jacster_2

Another site to try is https://www.ourproperty.co.uk which lists property prices and gives you 20 free searches a week if you register your details.

(I found this website only recently, so can't formally vouch for it!)

Like the other advice above, I would negotiate with the person interested in your property. The market is a nightmare just now. Don't get hung up on what you would have got a year ago - negotiate as objectively as you can.

Good luck.

bert

If you receive an offer for anything 10% or less what you're asking - grab it! That is a fair offer in todays market Leave it on the market for another year and you will be lucky to get 85% of what you're asking for it now

dougk_2

bert - that is not an accurate statement to make (as usual).

You don't know how the house is priced - i.e. whether it is already cheap compared to ither properties.

Some sellers still get 100% of the asking price and others may only get 90%.... thats how averages are worked out - some higher some lower.

Much of selling a house is down to presentation and sales technique - just like any other goods or services you buy.

mrcow

Hi medical,

As others have suggested, it's worth doing some local research into current house prices in the area.

It would concern me that you've not had an offer in the past five months (until you dropped the price).

I guess that in the end only you can answer your question, as only you know how much moving to this new house means to you. If you're prepared to let it go and hold out for a higher offer, then good luck.

Is your new house in a development? If so, do you know if they have other properties that will be coming up if you do end up losing this one? If they have a few to sell and they aren't being snapped up, then there may be some leverage on price?

Just a thought......