Reduce by 10k but OIEO?

GrumpyTeacher

Hi everyone,

We marketed our property last Tuesday and have since had 5 viewings (due to EA calling people, not them calling EA). We had one offer for £25k under asking price and they then couldn't raise it as we're looking well out of their price range. Annoying.

We have one other interested couple from the viewing who are looking at a house in a less desirable area for £235k. Ours is £250k but I know its overvalued, should be around £245k IMO. Their budget is £240k.

To buy the house we want we need £240k and will then have just under £20k from equity to do a basic refurb.

Thing is we've had no other enquires since and I think it's to do with the price. Ive told the EA we can negotiate as the potential buyer said they'd not put in an offer as they knew they couldn't go to asking price. We are, basically, desperate to sell because the house we like is perfect and we have a little one now so need the space.

Do I ask to re market in a weeks time for offer in excess of £240k? I feel it would bring in a new set of viewers who are discounting it as it's hit the £250k bracket.

I'm aware I'll apear desperate, but quite frankly I am as I don't want to lose this house. And we can, in theory afford to.

What to do?!

greatgimpo

In excess means it's your bottom price - I would push you to accept lower.

ellie27

How do you know that potential buyers budget is £240k? Did they make the £240k offer and you rejected?

Would you be happy if you didnt get the house that you have saw? How often do houses come up that you really like?

We were in a similar situation. We saw a house we loved and it had just came back on the market as a sale fell through. In order to get that house we dropped the price of our house and within 24 hours accepted £4k less than we thought we would originally accept. Then offered on the house we wanted. 9 weeks later we are in our dream home!

If I were you I would accept the offer.

If you advertise at £240k you will get offers less than £240k!

GrumpyTeacher

Thanks greatgimbo

I'm confused by what you're saying though, are you saying remarket at say £245k without the OIEO?

GrumpyTeacher

ellie27 wrote: »

How do you know that potential buyers budget is £240k? Did they make the £240k offer and you rejected?

Would you be happy if you didnt get the house that you have saw? How often do houses come up that you really like?

We were in a similar situation. We saw a house we loved and it had just came back on the market as a sale fell through. In order to get that house we dropped the price of our house and within 24 hours accepted £4k less than we thought we would originally accept. Then offered on the house we wanted. 9 weeks later we are in our dream home!

If I were you I would accept the offer.

If you advertise at £240k you will get offers less than £240k!

Hi Ellie,

No the offer was for £225k and tbh from the impression the EA got (offering on houses way over their AIP (EA should've spotted this)) I reckon they'd have messed us about long term.

£240k is the least we could accept to then be able to turn the new house liveable. It's superficially neglected due to I'll health on the vendors part.

The new potential buyer told the EA that because they could only go to £240k they'd not put an offer in so are looking at a cheaper property today. I told EA that we could negatiate as as log as we clear the 80% LTV for new mortgage etc we could accept lower.

Tomorrow will tell on that one. Sorry should've made it clear that we've had one offer and now a seperate couple are interested.

ellie27

emmajanekitchen wrote: »

The new potential buyer told the EA that because they could only go to £240k they'd not put an offer

I wouldnt believe the EA here. If they were interested in the house and could only afford £240k then they would at least offer on it. Just my thoughts.

Thrugelmir

If you need to obtain a selling price of £240k. Then you appear to have little option than to wait for the right buyer to come along.

somethingcorporate

OIEO is meaningless, people will always try and haggle you down from the screen price.

GrumpyTeacher

Hmm I do wonder how trustworthy they are.

Worried we will lose our dream home!

lee111s

Why not market it at £240k if you're desperate to sell and that's what you need? You don't have to accept anything lower.

DaftyDuck

Avoid "Guide Price", OIEO, or any of the equally irritating variations. Choose a price to market at, and sound confident {even if you are not.... }

If you have a dream home to buy, have the agent follow up any offers that could conceivably be chased high enough to grab the house you want. Faffing over five thousand that might be left in the bank is not worth it, under those circumstances.

If the possible buyer could stretch to £240k, and you could bottom out at £240k.... I'd get your agent busy right away, and see if the deal can be done.