Selling house, getting low offers

moneyistooshorttomention

Update - think/pretty darn likely in fact that I have my buyer now:D:rotfl:

Thanks for your...errrr....."good wishes" anyway:rotfl:

...and its all fallen into place absolutely perfectly....:T

ValHaller

MrsRobbo17 wrote: »

.... House is on for OIRO £105000. The offers we have had were £97.5k rising to £99k

.....

What does anyone suggest? Just keep waiting or should we change how we market it to Offers in Excess of £100k?

How much do you expect, hope or need to get? Because if you are asking 105. you will be unlikely to get a final offer far above 100.

If you change from OiRo 105 to OiEo 100, you will have dropped the asking price by 5. Many posters - myself included - will tell buyers to treat OiEo as OiRo

shortchanged_2

moneyistooshorttomention wrote: »

If I were in a slower part of the country, however, I may have taken that percentage - but in my part of the country I should be able to get a more realistic offer than that.

Didn't you start a thread in January about selling a house in a 'static' part of the country?

In which case you are unlikely to get offers of less than 5% of your asking price, unless it was very keenly priced in the first place.

sinbad182

moneyistooshorttomention wrote: »

Update - think/pretty darn likely in fact that I have my buyer now:D:rotfl:

Thanks for your...errrr....."good wishes" anyway:rotfl:

...and its all fallen into place absolutely perfectly....:T

I think we'll have to withhold congratulations on this one - given your past 'tall tales' :rotfl:

phoebe1989seb

moneyistooshorttomention wrote: »

Update - think/pretty darn likely in fact that I have my buyer now:D:rotfl:

Thanks for your...errrr....."good wishes" anyway:rotfl:

...and its all fallen into place absolutely perfectly....:T

You've received an acceptable offer? Great news money - well done :D

Look forward to you updating your thread & telling us all about it........

mummyroysof3

I think 99 is a good offer if up for 105, how much do you think is lowest you would take? Ours is up for 100 but accepted 94 as we had 2 houses to offer on....that didn't work out as planned though :rotfl:

MrsRobbo17

moneyistooshorttomention wrote: »

That did rather leave it open to people to interpret whichever way they wanted...

I'm not a buyer interpreting it in a way that would suit me personally (ie a very "generous" interpretation of "in the region of"). Hence my objective outsider take of "in the region of £105k" is £103k-£107k. I would say that if OP was prepared to consider less than £100k then she would have said "in the region of £95,000" or "in the region of £100,000".

Thanks MoneyIsTooShortToMention! To us, OIRO £105k is above £100k but not necessarily as much as £105k. If we were going to accept in the £90000s We'd say OIRO £100k.

MrsRobbo17

Thanks for all the feedback.

To give a little more detail... we're in Birmingham.

Other houses in the area have sold for about £100k, but require modernisation in terms of kitchen and bathroom - our kitchen and bathroom are relatively new and dont require any immediate attention. There is one other house for sale in the area, similar to ours, but requires new kitchen and bathroom and that's on for £99k.

Our EA has said we wont get masses of viewings, but the viewings we will get will be buyers with genuine interest and we should get close to our asking price within 6-8weeks. Originally they said if we were in a rush and wanted to sell within 2 weeks, they would look at marketing the property at £99k.

The £99k offer was put in after just 2 weeks on the market and the buyer was looking to Buy to Let. A house 5 doors down and very similar has just gone up for rent at £650pm.

When I say we've made improvements to the house I mean things like plastering the living room, moving the bathroom from a little box just off the kitchen barely big enough to fit a bath to it's new location upstairs.

To reiterate, whilst we do not expect to get £105k, we do hope to get above the £100k mark.

Ignoring the improvements made, Zoopla estimates the house at £103k so I dont think we're being unrealistic. What do people think of these online house valuation tools?

We both just found today's £90k offer crazily low.

We have tried to find out why the first 2 didnt show but from the seems of things our EA havent managed to find out.

Like has already been mentioned, 66% of our viewings have put offers in which is great, but without having any constructive feedback we dont know what we can do to get offers over the £100k mark.

mummyroysof3

Unless you are in a rush then continue to market at what you are and see what happens. Good luck

lessonlearned

Winkle1908 wrote: »

The following week some ftb put an offer in 5k below, which was a bit low for us, we got around it by agreeing to leave some furniture and that brought the offer up by 3.5k. The new furniture wouldn't fit in the house that we wanted so it worked for both them and us because they didn't need to buy things so could up the asking price. When they viewed I said that we would chuck in stuff if they put an offer in near asking price. There were loads of other houses like ours in the price bracket but none that offered furniture and I personally think that swayed it!

Winkle - Well Done. A master class in how to negotiate a deal;).

Your furniture was useless to you, if you had tried to sell it you would never have got what is was "worth". Your buyer was pleased with the furniture and got something nice they could afford. The "chucking in extra stuff" if they gave you a good offer is also a nice touch. A generous gesture like this will often help to swing the deal.

This is exactly what I did.

I accepted a 7% reduction, replaced some fencing, allowing them to chose what height they wanted, style of gate etc. Then the icing on the cake - I threw in some extra goodies, a dishwasher (no room for it in my new property), blinds and curtains, light fittings, a few bits and bobs - all worthless to me but of value to my purchasers.

The package, including the fencing, was worth £1500 to them although it cost me nowhere near that amount.

Packaging the deal in this way delighted my purchasers and made my property an even more attractive proposition.

I sold my property in 3 weeks (in a slow market). This was way back in October. Most of my competitors are still on the market. One has dropped their asking price by £25K - still no takers.

£99K offer on an asking price of £105 is fair and reasonable, especially if the purchasers were chain free and able to proceed without complications.