Question about offers

Sammydog

Our house is about to go on the market (photos taken but not on the website) but already there is a fair bit of interest generated by the agent to the point where the EA has arranged an open day for later in the month rather than having 12 (so far) viewings over a week.
The EA asked if we'd make an exception for one viewer who was very, very keen so we let them view the house in advance of the open day. They have subsequently put in an offer 15K under our asking price (5% which we have refused). This was the first offer made on the day of the viewing so I suspect they are testing the water.


The question is, what if they come back with an offer nearer to the asking price? We'd be tempted to take it and cancel the open day but are worried that if the sale falls through the people who weren't given a chance to look and offer this time might not be so keen to bother arranging to see it second time round. Then again, if we don't accept their offer (assuming they offer something nearer to what we want) and let the open day go ahead, will we run the risk of losing a keen buyer?


There's not much else around here in our price bracket (we're cheapest) but I don't want to get complacent because of that.


We're quite inexperienced in the housing market as we've lived in this house for at least a couple of decades so any advice from the worldly wise will be appreciated!

G_M

Why cancel the open day?

If the OD produces no offers, you go back and accept the 1st offer.
If the OD produces a higher offer, you will have a better understanding of the true market value.

The only reason to cancel would be if you are totally desperate and in a hurry, and want to get on with a sale at any cost.

Sedge123

Reject their offer, they are being cheeky. Let the open day go ahead as you have lots of interest, if they come back with another offer which is better you can decide whether or not to accept.

nubbins

I would be telling the EA unless they come up with the full ask then you will go ahead with the open day. Make sure the EA tells all the other potentials you have already turned down an offer of 5% under the ask. Who told you to put it on at that price (the cheapest) the EA?

JencParker

Sammydog wrote: »

Our house is about to go on the market (photos taken but not on the website) but already there is a fair bit of interest generated by the agent to the point where the EA has arranged an open day for later in the month rather than having 12 (so far) viewings over a week.
The EA asked if we'd make an exception for one viewer who was very, very keen so we let them view the house in advance of the open day. They have subsequently put in an offer 15K under our asking price (5% which we have refused). This was the first offer made on the day of the viewing so I suspect they are testing the water.


The question is, what if they come back with an offer nearer to the asking price? We'd be tempted to take it and cancel the open day but are worried that if the sale falls through the people who weren't given a chance to look and offer this time might not be so keen to bother arranging to see it second time round. Then again, if we don't accept their offer (assuming they offer something nearer to what we want) and let the open day go ahead, will we run the risk of losing a keen buyer?


There's not much else around here in our price bracket (we're cheapest) but I don't want to get complacent because of that.


We're quite inexperienced in the housing market as we've lived in this house for at least a couple of decades so any advice from the worldly wise will be appreciated!

Very, very keen? Well they clearly weren't keen enough to offer you the asking price - cheeky.


I would still go ahead with the Open Day.

Sammydog

The EA did suggest the price but it is in line with what similar houses have gone for nearby so we are happy with it (not too many terraced houses here hence it being cheaper than the 'posh folks' houses who don't share walls ). The EA hasn't suggested cancelling the open day to be fair.


I guess I was just thinking if they come back with a decent offer they might get the hump if we don't accept right away and I don't want to scare them off .. bird in the hand and all that!


We're not in a massive rush to move - we've had our offer accepted on our new home but the vendor can't complete until September anyway so we have a bit of wiggle room time-wise but I think I'll be happier once we've got our ducks lined up then just hope nothing happens until we can exchange. I don't know how anyone can do this every few years!

Sammydog

JencParker wrote: »

Very, very keen? Well they clearly weren't keen enough to offer you the asking price - cheeky.


I would still go ahead with the Open Day.

I just assumed everyone went in a bit low on the first offer (apart from us ... we're such amateurs )


All things considered, I think you're all right and it should go ahead .... think I just needed a sanity check!

ellie27

Did you know before speaking to any estate agents how much you could get for your house?

If there really is this much interest in your house perhaps the asking price is very low? Was the price recommended by the estate agent?

You said the agents is suggesting an open day at end of the month?....we are only on the 8th of June! You mean in a few weeks time - with no viewings until then? Seems stupid to me! I would be wanting these 12 interested parties to view my house sooner (rather than later!) 2 or 3 weeks time is a long time for a possible buyer to wait just to view the house - most might have found something else to buy in that time!

Your agent could be talking nonsense about all these interested folk.... just like when they tell you there are many folk on their books who are suitable buyers (before they get you to sign up with them!)

Sammydog

@ ellie27 the open day is in just under 2wks and the house will be listed on Rightmove and the EAs website in the next couple of days. We had an issue with some work in the house which will be completed by then but is still ongoing at the moment - I'd prefer it was complete before viewings rather than relying on the EA to explain that it will all be finished but we made an exception for this potential buyer.


We had arrived at the figure before hand from looking at local house sales over the past few months and the EA came up with the same price so I think it is a fair one for the property.


I'm not sure how much bluffing is being done reference the number of people wanting to view though to be fair to the EA, he didn't come up with this number until after we'd signed with them so I'm hoping it's legit rather than hype - time will tell.