Offer on our property head pickled

missma

We own a 2 bed terrace property in City in Northern Ireland, bought for 85k about nine year ago. Originally paid interest only and after couple of years borrowed more money and put in new kitchen, fixed damp etc etc. This house was never the long term plan. In the peak we had offers of over 185k on it. (I know we are in a massively different market now.)

Anyway, we put are property on the market end July for offers around 75k. We have at least 8-10 viewings, however there are now 5 properties on street for sale. About 10 days ago we were offered 68k cash, no survey. Today the estate agent rang me, saying they she had worked hard and the offer was now increased to 71k, still with no survey and cash ,she felt this was a good offer. As even if got higher offer it would probably be brought down by survey as we know there is bit of damp and probably other bits pieces as house 1920's.

We our basically in a situation where we owe about 77k on current mortgage and would really like to get more. We are in no rush as to be honest only looked at a few and may even consider renting short term.

We have about 27k in savings and with fees, solicitors etc money will be tight.

Hope this makes sense, Advice welcome

anselld

missma wrote: »

We own a 2 bed terrace property in City in Northern Ireland, bought for 85k about nine year ago. Originally paid interest only and after couple of years borrowed more money and put in new kitchen, fixed damp etc etc. This house was never the long term plan. In the peak we had offers of over 185k on it. (I know we are in a massively different market now.)

Anyway, we put are property on the market end July for offers around 75k. We have at least 8-10 viewings, however there are now 5 properties on street for sale. About 10 days ago we were offered 68k cash, no survey. Today the estate agent rang me, saying they she had worked hard and the offer was now increased to 71k, still with no survey and cash ,she felt this was a good offer. As even if got higher offer it would probably be brought down by survey as we know there is bit of damp and probably other bits pieces as house 1920's.

We our basically in a situation where we owe about 77k on current mortgage and would really like to get more. We are in no rush as to be honest only looked at a few and may even consider renting short term.

We have about 27k in savings and with fees, solicitors etc money will be tight.

Hope this makes sense, Advice welcome

What is the question exactly? 71k seems to fit the bill, as an "offer around 75k". Either accept for offer to split the difference at 73k.

thescouselander

If you're in no rush and you aren't happy with what you're being offered I don't see any reason to accept. You might even want to consider taking your house off the market and putting it back on when conditions are more favorable.

missma

Suppose just thinking out loud, I think it is a reasonable offer but just not sure if I feel estate agent is rushing us into it. Also not sure if it enough, they have siad is as high as they will go

[Deleted User]

Just wait, the bubble will really start in January.

Annisele

I think that if you're not prepared to accept £71k, it was a little strange to put it on the market for "offers around £75k" - it sounds like you actually meant "offers over£75k".

If you can get your new house for £4k less than you expected to pay for it, then £71k rather than £75k doesn't matter. If you can't get a new house for the amount left in your pocket after a £71k offer, then don't sell.

missma

Thanks guys, suppose when we think of money put into this house over the years and will still owe money. hard to know what to do feel being rushed by estate agent

[Deleted User]

Hi,

have you got your eye on another house, or just testing the market?

Do you need a bigger house for the the kids or need to move for the job?

If not, enjoy the improvements you've done, have a glass of wine, chill. :beer:

missma

Looked at a few, seen a possible. Do not need to move for work. No children at moment. In our mid thirties and kind of think we we do not at some point soon will we ever. Seems that three beds plus seem to be moving fairly well here. Also know there are other bits will need sorted in next while in this property.

ValHaller

missma wrote: »

Looked at a few, seen a possible. Do not need to move for work. No children at moment. In our mid thirties and kind of think we we do not at some point soon will we ever. Seems that three beds plus seem to be moving fairly well here. Also know there are other bits will need sorted in next while in this property.

Sounds to me like the NI housing market was really bombed out - other posts over the months support this. The consequence is that now the housing market is recovering, people are able to look past smaller properties and aspire to start off with a 3 bed.

So your dilemma is whether to liquidate now and buy a 3 bed before 3 bed prices zoom away or whether to wait for 2 beds to catch up and make your money back - by which time 3 beds may have moved on even more..

missma

Exactly are dilemma, we need to give a answer to estate agent tomorrow. Do we rent a while also in our head for not sell at all as feel like would be rushing buying or buy now before we can not.