Offers made on my flat

unsurewhichway

Hi all,

Just looking for a bit of advice really. I have recently put my flat up for sale that I rent out to a great tenant. After 3 different market appraisals I decided on the figure I would like for the flat @ £130k and to save money used an online agent who are doing a great job.

I received an offer last week £4k under the asking price but decided to stick to my guns as the appraisals all said it should command more so I rebuffed it. I had a call at the weekend from the agent saying another offer had been made at the same amount but it was a cash buyer so they recommended i think hard on it...

Now I am not currently looking to purchase from the sale of this flat, as I am renting myself. I want to bank the money for now until I can raise a larger amount so technically I am in no hurry to sell. Am i right to be sticking to my guns anyway over the pricing? Having been valued at between £128-140k - big difference I know - in a fairly good market place, because it's only been up for sale a couple of weeks, my gut instinct is to hold out. But as I am on my own I am unable really to seek advice on this and £4k is a lot of money to quibble on. I did originally ask the agent to market 'from £130k' but it is £130k on the ad....if that makes sense. But I don't really want to budge under that price

Hoploz

If it is let and covering costs then why accept less that you think it's worth? We are coming into mad season right now so there will be more buyers out there and Easter is usually the beginning of the rush. Don't feel pressured by the agent. True to say they have done their job so they probably feel a bit irritated that they have got you willing buyers and you are refusing them, but each case is different so I would say hold out for a little while. It is likely that for a flat at that value it will mostly be either FTBs or BTLs - you are unlikely to be bothered by a huge chain, so whoever buys it is probably going to be a reasonable bet as long as they have seen a broker/have a DIP etc.

I sold a flat I'd had let for years last year. I told the agent I wasn't looking for a quick sell but the best price, said I would prefer to wait and would not be accepting any low offers. He got me asking price from an investor already on his books, within a week or two, and it was re-let immediately after completion with the same agent I sold with. I would suggest this is a useful way of doing it, but if you prefer an online agent then that's fine for you. But YOU set the selling price you are willing to accept, not them, if you are in no hurry and it is the right season for a fast market approaching.

KiKi

Unless you get a bidding war between two buyers you're not going to achieve more than £130k. So if it's not wildly out of kilter with the area, why not put it on for £140k, then you stand a much better chance of getting the £130k.

KiKi