What would you do?

marsman802

We found a place we love last Monday and decided to put our house on sale at the weekend.

We had a viewing and they loved it and sent their parents round at 5pm last night for a second opinion.

Today they have made an offer of £535k although asking price is £550k and asked we avoid an open day this Saturday. The open day currently has 8 viewings booked and I rejected the £535k.
They then came back with £545k on the same condition.

I've negotiated £5k off the place we want to buy and have that agreed pending our place selling.

The people who offered on our place have almost exchanged on their sale (they were planning on moving in with parents) and their buyers have nothing to sell.

Do we go with £545k and not quibble (or even gamble) on an open day?

Hoploz

If theyre that keen and you've got all those viewings booked I'd say you'll cancel the open day if they offer full asking price.
They sound like good buyers if it's all true.
What position is the one you're buying - do they have something lined up?

eddddy

I'm not sure what you would have to lose by doing the open day.

They've seen your house, they like it, they've offered £545k. Would it suddenly be less desirable to them or worth less to them after an open day?

I guess there's a remote possibility that they see something else they like more before Saturday - and change their mind.

Presumably, their real concern is that you will get a higher offer than theirs on Saturday - and they will either have to match it or walk away.

marsman802

Thanks for the comments.

My fear is losing the house we want. I know they have interested parties and it seems silly to chance it...

ThePants999

If they love the place, they're still going to love it after your open day - it's unlikely they'll withdraw the offer just because you refused to cancel the open day. You can tell the vendors that you have an offer you'd be willing to accept, but you're just waiting for the open day to see if you get a better one.

Innys1

You're firmly in the driving seat.

Your potential buyers have raised their offer by £10k in the space of a few hours. What makes you think any of the eight parties looking round your place at the weekend wouldn't be as keen?

Personally, I'd go ahead with the open day. If they offer the asking price before then, I may consider withdrawing from the open day but certainly not now.

I can understand you don't want to lose the house you have your eye on - but clearly your potential buyers feel the same. Time they put their money where their mouth is.

Hoploz

You can offer on the new house - you have a firm offer on the table.

If it is refused then you may be in a position to increase it following your open day. Whether you are really dependent on the few grand extra you might get or not, it's a way of declaring your intent/interest, yet giving a good reason they should wait till after the open day before accepting anyone else's offer which may (or may not) come forward.

ANGLICANPAT

Before cancelling Sat's viewings, Id be wanting proof the young couple have their mortgage sorted out .sufficiently to cover the increased offer they made . If theres no proof, I think Id want to continue with Sat 's viewings to maximize my chances of having a back up to go back to, if the first couple fail to proceed for whatever reason.

pollydollydoodah

As others have said, I'd want to see proof (or EA see proof!) That they are as they said...eg mortgage in place, no chain.
For the sake of a few days, I'd still do the open day.
They obviously don't want to lose the house or have competition....But competition would mean more money for you so you wouldn't lose out.
It's a guessing game as to whether they'd walk away if you refused to cancel the open day.
What's the area like? Are things selling fast or is this rare....As that would influence my decisions.

No one can tell you, only advise given the info you've given us.

marsman802

All your comments, as well as a good nights sleep have helped me work this through.

The area is hot which is why we should have many people booked for Saturday.

The people who have offered have essentially had exclusivity on the property and I think a price comes with that.

My big worry was getting knocked out on the other place but I do wonder what can happen between a Wednesday and a Saturday with it.

The first £535k was a little insulting but they do check out with the EA as honest with money to back it up re mortgage.

I think I'm going to go back and not refuse the offer but say thank you we will wait for the open day. Unless they hit £550k in which case I will sell - if they want it THAT much it does feel like the right thing to do.

I do appreciate all your thoughts....it's such a game this thing

satchef1

I would have taken the offer TBH.

While you're unlikely to lose the other house between now and Saturday, you'll be kicking yourself if you do for the sake of £5k on a £550k house.