To sell or not?? HELP!!

sept2012bride

Looking for some advise.

I bought my 2 bed period conversion garden flat 3 years ago for 250k. I've since redone the garden/kitchen/bathroom/floor and put carpet down on 2 bedrooms, basically it's now in excellent condition. Prices in my area have soared & it's currently on sale for 450k with the hope of getting 420k. Other similar flats in area a bit bigger or a lot bigger with no garden.

We have found a house that we love and have had an offer accepted. We had to go 17k over the asking price to secure house, we did this as the estate agent was confident that we would get offers on our flat. We have only had 1 offer at 400k which would enable us to move but I can't help feel that we're giving ours away. Husband wants to accept 400k offer so we don't lose house, his reasoning is that although we are losing 25k on sale we are saving because new house is very good value for what/where it is.... I want to hold out... Arghhhh what to do!!!

onlyroz

I'm surprised that your offer on the house was accepted as you're not currently "proceedable". As for what your flat is worth, you need to go on actual sold prices rather than the inflated estimates given to you by estate agents.

Pixie5740

How long has your flat been on the market? How many viewings have you had? How proceed-able is the buyer offering £400k?

How much are the larger properties actually selling for? Not the advertised price on RightMove but actual sold prices.

caprikid1

"although we are losing 25k "

You are not loosing anything, Flat is on the market and it has not sold. Flats are very restricted in terms of the potential buyers so this may never have been achieveable.

Sounds like you have a made an amazing profit, lock it in and get yourself a home.

duchy

You are only losing £25K if you can find another buyer prepared to pay your asking price.

If the new house is a good buy then it all balances out .

You have made a good profit without any major expenditure - you can cash in on this and move forward or hold fast and risk losing the house you like and that fits your needs -and hope that if you do achieve your wanted sale amount that a similar good deal is available on another house you want as much. It is a gamble.

How gutted would you be if you held firm and no better offers were forthcoming and you ended up paying more for a similar house in six months time ?

Or maybe you just don't really like the new house as much as your husband does and want an excuse not to buy it ?

sept2012bride

The 400k offer is from a first time buyer. We had our offer accepted based on that offer on ours but estate agent seems to think we could get a lot more. House on market for about 9 days, we had 8 viewings on Saturday & have a second viewing tonight and another tomorrow, we are in a desirable area in North london.

Sorry to sound so silly but where do I see sold prices??

japmis

sept2012bride wrote: »

Sorry to sound so silly but where do I see sold prices??

Zoopla or Land Registry

pinkteapot

sept2012bride wrote: »

The 400k offer is from a first time buyer. We had our offer accepted based on that offer on ours but estate agent seems to think we could get a lot more. House on market for about 9 days, we had 8 viewings on Saturday & have a second viewing tonight and another tomorrow, we are in a desirable area in North london.

Sorry to sound so silly but where do I see sold prices??

If you hadn't already found a house you love (that's a good price), I'd say hold on as you've not been on the market long and in that area, you may well get a higher offer.

How patient will the vendor of the house you've chosen be? Can you wait a few more days? How much pressure are you under to get the chain formed?

If you wait a few days to see the outcomes of all the initial viewings, you'll risk losing the FTB who has offered if they get annoyed and find somewhere else, but with that much interest you may well get another £400k offer and be able to replace that buyer anyway.

How upset would you be if you lost the house you've found?

sept2012bride

Hi all,

Thanks for the advice, I have been looking at similar properties on the market and ours is deffo in higher price bracket. Now to look at sold prices.

I would be gutted to lose new house and those vendors are in a rush. I think we'll wait to hear feedback from open day, have the viewings tonight and tomorrow & then make a decision.

Thanks a lot for your advise, I think I let the estate agent talk go to my head!

neneromanova

don't think of it as losing £25k, think of it as getting £150k more than what you bought it for

gerkin

250K to 400K in 3 years! :eek:

It would take a life time to save 150K and yet people are offering such silly prices on houses.