House offer cash sale

pineapple

Hi all
Would be interested in your opinions.
My house has been on the market for just one month for circa £148,000.
From the start I had a potential buyer but no price discussed as she still has to sell her house.
Have had a cash offer for £125,000 which the estate agents and I agree is silly money. My house was priced with a reduction in mind but £140,000 was the lowest I was thinking of and that would be slightly lower than what seems to be the typical selling price for similar properties here.
How low would you go? :eek:

lee111s

It all depends on how much you need for your next property purchase and how desperate you are to sell/make an offer on your next house really.

My house is worth around the same amount (based on a few similar sized properties going for £140-150k in the last 4-5 months). If I was selling and had mine up for £145k then I'd be looking for somewhere in the region of £137k+ but as mentioned before, depends on how much you need really. If you have savings and can take the hit, or can borrow more and are prepared for higher mortgage payments for your next house...it's totally individual.

jonathanrolande

Hey Pineapple,

The buyer is possibly trying to avoid paying Stamp Duty which kicks in at £125,000. It seems very low to me if the agent was correct suggesting £140,000.

Try to do your own research - look at local sold prices on a site such as nethouseprices and see for yourself.

G_M

pineapple wrote: »

Hi all

How low would you go? :eek:

I don't understand the question. You said:

My house was priced with a reduction in mind but £140,000 was the lowest I was thinking of

Why does it matter how low I would go? Especially as my finances are not the same as yours, my motivation for moving is different and may be more/less urgent, and I've never seen your house or other similar local properties.

agrinnall

It's not clear if the low offer is from the potential buyer still to sell or someone else. If it's someone else, can you wait until the other interested party is in a position to make an offer?

pineapple

Hi agrinall
The first potential buyer has been on the scene since mine went on the market. She immediately put hers up and has now reduced her price to try to shift it. She is very keen and a lovely person - fairly local and already known to the neighbours.
The cash buyer who turned up at the weekend with an offer £23,000 below the asking price has all sorts of incredible grandiose plans and I suspect would like my price reduction to fund them. I think even £140,000 would be below the price of comparable properties. Plus properties in this location/setting hardly ever come on the market.
So I think that offer was taking the p. So much so that even if they up the offer substantially I would be tempted to refuse it. Though no doubt the estate agent would advise to go for it. I also feel loyalty to the first person - though I know that's silly. Sigh...

martin.cat

Personally the cash buyer is a chancer
We'd all love to get a house for silly money and I guess if you have cash you can try your luck
If you sell you'd be mad
Why take a hit when you've barely tested the market

pineapple

Thank you. I know my original question was a bit 'how long is a piece of string' but this has helped clear my feelings about it.