Help!!!!!! Received low offer

jonnyspendthrift

Hi All

My house is currently up for sale for offers over 65k. Now it has been up for sale since christmas weve had about 10 viewings and 1 offer (idiot dropped out as he, 'found a more suitable property after we'd paid solicitor fees). We've recently decorated the house and it looks radically different and as a result had two viewings within a week!!!! one gone ahead and one today. We've just received an offer as the house does look amazing in comparison. The only problem is that shes offered £62500, which is cheeky as it is offers over 65k. I want more as a house near us which is smaller, in worse condition has just gone for £63k. Now ours need little doing maybe besides a bit of glossing on the odd door. I feel like the estate agent is pushing me to accept when I want more. Our budget is tight and we paid 80k for the house and need about 66k to buy the house we want. Need some advice on how to get more money as the house is definitely worth it. As its got offers over 65k the estate agent says people will offer £65050 is this right?? Any advice would be appreciated. Thanks in advance

pinkshoes

Just decline it and stick to your guns. If they like it, they will offer more.

moneyistooshorttomention

Looks like quite well-presented to me.

The one thing that is putting me off is something you cant help - ie that "To let" sign on the next door house.

Wonder if you could have that photo re-taken to not show that sign?

Though - goodness knows home-owners can neglect their houses too - as I found in my last house (a starter terrace house not too dissimilar to yours - and the home-owner next door neighbours were busily neglecting their house).

jonnyspendthrift

Even reading this makes me feel better. Think it's the estate agent putting pressure on me to sell. She mentioned a few times that the house is cheap so obviously they think it is as £65. If you looked at a house of offers over amd amount. Would you put one in £50 more than £65k. Its a house not a piece of furniture!??

jonnyspendthrift

moneyistooshorttomention wrote: »

Looks like quite well-presented to me.

The one thing that is putting me off is something you cant help - ie that "To let" sign on the next door house.

Wonder if you could have that photo re-taken to not show that sign?

Though - goodness knows home-owners can neglect their houses too - as I found in my last house (a starter terrace house not too dissimilar to yours - and the home-owner next door neighbours were busily neglecting their house).

'Quite well presented' would you change anything? I don't mind the honest feedback. Thing is that they'll see the to let sign when they come to view. Think I'd rather filter them out before viewings to save the time wasted tidying.
You are definitley right re owners neglecting though. It's mainly investors looking at ours so hopefully they wont be too bothered about neighbours. Thanks so much for your reply

Davesnave

You've spent a lot of money, and if the house is in much better condition than similar ones near it, then it seems logical that the price ought to reflect that.

However, every road has a ceiling price beyond which many people will not go, because as you've found, prices do not always rise automatically and lenders won't value way above what's 'normal.'

So, when you have the best house in the street, it's often a matter of waiting for the person with enough money and an appreciation of your input to come along and spend extra. That won't be investors, who have little or no emotional commitment to the houses they purchase.

moneyistooshorttomention

Basically its personal tastes to some extent. I personally don't like such an open plan type layout (ie stairs in lounge and straight through to the kitchen).

However, some people will be okay with those things and might even like them.

Don't know if you might consider doing a bit of work on that bathroom? I would think a noticeable number of people would be put off by a shower curtain (instead of shower screen). I tend to look at shower curtains and think "they'll flop round everywhere and go manky". I couldn't quite make out whether the walls have the HUGE tiles on them that are currently "the" thing for bathrooms or whether the wall covering is something else?

That little courtyard garden is a nice little touch and caught on a sunny day.

When you say you are expecting investors - is that the type of buyer your area is basically getting now? Or do first time buyers also look? What sort of proportions do you think you are getting of both types of buyer?

As - investors will do their darndest to buy houses at "under value". A home-owner is more prepared to pay what they are worth. You've already got a bitter pill to swallow - with the way it seems to be that your house has lost value since you bought it - without an investor trying to knock an extra chunk off.

DandelionPatrol

jonnyspendthrift wrote: »

... We've just received an offer as the house does look amazing in comparison. The only problem is that shes offered £62500, which is cheeky as it is offers over 65k.

If it is cheeky of her to only offer £62500, then it is downright rude of me not to make an offer at all.

If you want £65000, you will have to put it on at £67000, because people nearly always offer less than the headline price, regardless of whether it is OIEO, OIRO, Guide Price or whatever. I am afraid the 'offers over' is meaningless. The standard advice here is to ignore 'offers over' and offer less if you feel it is worth less.

And of course, if you put it on at £67000, it may be just an ask too far and you get fewer viewers. But asking 'Offers Over' is not a way out of the difficulty of pricing a house to get the best price. It is just a big flag announcing the fact that you are intent on asking more than your agent thinks it is worth.

jonnyspendthrift wrote: »

'Quite well presented' would you change anything? I don't mind the honest feedback. Thing is that they'll see the to let sign when they come to view. Think I'd rather filter them out before viewings to save the time wasted tidying.

Seeing the 'To Let' sign in the details may just put some people off even looking any further at the details, never mind viewing. Whereas if they go on to look at the rest of the details, they may become partly sold on the place and ready to overlook the 'To Let' when they come to view.

Frankly, at kerb level the area looks bad. The weeds and leaves outside yours and against the neighbours' make the area look run down. I am with MITSTM, get the front picture retaken, to exclude the 'To Let'. But before you do, clear the weeds and leaves and sweep the pavement outside yours and the ones either side.

jonnyspendthrift wrote: »

You are definitley right re owners neglecting though. It's mainly investors looking at ours so hopefully they wont be too bothered about neighbours. Thanks so much for your reply

Investors will drive a hard bargain. If they buy a do-er upper, they won't be doing many of the things you have done, so the money and effort you have put in on those things is wasted as far as a sale to an investor is concerned.

Overall, nice though the property is inside, there is only the money in a property such as yours to do so much. If you do too much, then for the price you might want, people will probably choose a slightly less nice house on a better street. Remember the advice here is to buy the worst house on the best street rather than the best house on the worst street.

jonnyspendthrift

We so have, paid £80k spent about 8k on it. I'm not sure if she is trying to get us to accept less, as she is, ' thinking about it over the weekend' but really wants it, it's a guessing and waiting game!! estate agent said they may reduce their fee if this investor offers £64k. Suppose that's a compromise. Hate all this, want to fastforward time until ours is sold and we're in the one we want.

jonnyspendthrift

Thanks for your advice everyone. I will take some of the things on board

Kynthia

jonnyspendthrift wrote: »

'Quite well presented' would you change anything? I don't mind the honest feedback. Thing is that they'll see the to let sign when they come to view. Think I'd rather filter them out before viewings to save the time wasted tidying.
You are definitley right re owners neglecting though. It's mainly investors looking at ours so hopefully they wont be too bothered about neighbours. Thanks so much for your reply

The aim of your advertising is to get as many people to view your property. It's easy for someone to dismiss your property because of something they've seen in the photos, but they may decide to compromise on that issue if they've been round the house and loved it. I ended up buying a lovely flat above a commercial premises which I never would have even viewed if the advert had shown this.

Try not to be too influenced what what asking price others are putting their properties on for. Can you look at sold prices on Rightmove or the land registry site to see what prices similar properties are actually selling for? This will give you a better idea of what others might be willing to pay for your property.

A lot of people don't like 'offers over' as it feels like you are telling people what to offer. Also psychologically it feels like they are paying more than the asking price whereas if you put it on for £69,950 they might feel like they got a deal at £66,000. However maybe 'offer over' exists because it works sometimes.