What would you do?

silvercar

satchef1 wrote: »

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.

Could be 20k if a bidding war develops after Saturday!

I would say you feel obliged to continue with the open day, but you will make a decision by close Monday and if they are the best offer you will take your property off the market.

Lungboy

marsman802 wrote: »

The first £535k was a little insulting

It's slightly less than 3% under your asking price, that doesn't seem insulting to me.

brodawel

We are house hunting at the moment. As a potential buyer this is how I would see it

a) If I'd made the offer of £545. If you have the open day and no more offers come forward, I'd be thinking I have offered too much and perhaps have second thoughts.

b) If I was booked for the open day and it gets cancelled because you have already accepted an offer. If it then falls through, I'd be thinking something is wrong with the property and would offer much less.

silvercar

brodawel wrote: »

We are house hunting at the moment. As a potential buyer this is how I would see it

a) If I'd made the offer of £545. If you have the open day and no more offers come forward, I'd be thinking I have offered too much and perhaps have second thoughts.

b) If I was booked for the open day and it gets cancelled because you have already accepted an offer. If it then falls through, I'd be thinking something is wrong with the property and would offer much less.

I wouldn't have either of those thoughts.

I would think that going ahead with the open day is a reasonable thing for the seller to do, but I would be looking for an honest yes/no answer Monday and for the seller to be true to it.

Hoploz

brodawel wrote: »

We are house hunting at the moment. As a potential buyer this is how I would see it

a) If I'd made the offer of £545. If you have the open day and no more offers come forward, I'd be thinking I have offered too much and perhaps have second thoughts.
.

The buyer won't know how many other offers we're received. A seller does not need to accept the highest offer.
"After reviewing all offers the seller has decided that they accept your offer, due to your strong position of having nothing to sell, a large deposit and mortgage in principle already in place"

The current potential buyers themselves may decide to up their 545k a bit to ensure they are still in the running with lots of viewings taking place. Or indeed they might in between offer asking price to see if that swings it to cancel the other viewings.

marsman802

Lungboy wrote: »

It's slightly less than 3% under your asking price, that doesn't seem insulting to me.

Given they were first through the door and knew we had 8 appts (it's now 12...) and had exclusivity i would have thought they'd be making a statement.

It's £535 per sq ft at that price and that is very cheap compared to everything else. Even £545k is cheap but whilst this is a house sale it's also securing a property that is potentially liveable for the rest of our lives so i'm trying to remain objective on this

marksoton

Open day Saturday. Best and final offers by Monday lunchtime.Decision on preferred buyer by end of play Monday.Job done.

DaftyDuck

Go through with the Open Day. No question in my mind. Inform the viewers then that there is an offer on the table already, and you are looking for high offers for a quick closure.

Your current buyers are unlikely to take the huff and run. If they do, then they would probably be nightmare buyers who'd want the curtains in the loo left (but dry-cleaned first), want you to pay for a gas safety cert, make five more drawn-out viewings, then pull out at the last minute.

penguingirl

In this situation I would do best and final offers Monday lunchtime as well. That way your buyers won't know whether anyone else offers. You can pick the buyer in the best position to proceed with an offer you'd be happy with e.g. You would likely prefer your current buyers even if someone in a large chain offered a few K more.

missbiggles1

silvercar wrote: »

Could be 20k if a bidding war develops after Saturday!

I would say you feel obliged to continue with the open day, but you will make a decision by close Monday and if they are the best offer you will take your property off the market.

You could put that point to them to show that you're a person of integrity who isn't going to mess a buyer around once an offer has been accepted.