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Lowish house offer, whether to push for more?
blueskyrooftop
Posts: 20 Forumite
Thanks for your wisdom in advance!
I own a 4-bed house in a popular area. Housing market has been steady despite the downturn.
Back at the beginning of October, crappy EA advised me to put the house on at OEIO £450k - a sum I thought was pushing it considering there were nicer houses on for a similar price. Thirty viewings and eight weeks later, one solitary non-proceedable offer of £440k from a couple who'd yet to sell their house in the Home Counties. Heard nothing from these people since mid-October.
Last week, I switched to jolly EA, nicer photos, better customer service - house now more realistically priced at £425k-£450k guide. The day we went live on Rightmove, Mr and Mrs X called and asked to see the house and we managed to squeeze in the viewing that evening.
On Monday, they offered £415k on the basis that they were putting their flat up for sale that day with jolly EA. As they were not proceedable, I didn't respond to their offer, except to say that it was low.
On Tuesday, they offered £425k on the same basis, saying that they were putting their flat on for £10k under the recommended price to sell quickly. Again, I didn't respond as they were still unproceedable.
Today they've come back with the same offer of £425k, but apparently have been able to raise finance to be able to buy the house without selling their current property by raising money against their BTL portfolio and with funds from family.
I spoke to the estate agent (unfortunately not the one who took the offer) and he seemed to think that the chap had the air of final offer about him. However, I'm keenly aware that this jolly EA has very little on the books at the moment and would love to wrap this up quickly.
Bearing the above and the following in mind, what would you do?
* Estate agent and Zoopla both estimate the house to be worth £435k.
* Four viewings are booked in on Saturday coming.
* The previous estate agent is sending someone round for a second viewing on 17th December.
* The offer of £440k is still on the table.
* I can't see anything on Rightmove that I'm wild about and the houses I liked back in October have been sold.
* £10k would make a big difference to me in terms of the next place I can get, e.g. the difference between a house and a flat. I'm planning to downsize and pay off my mortgage and I don't have anything in savings currently.
Thanks very much! Do ask any questions if there's anything I've missed out.
I own a 4-bed house in a popular area. Housing market has been steady despite the downturn.
Back at the beginning of October, crappy EA advised me to put the house on at OEIO £450k - a sum I thought was pushing it considering there were nicer houses on for a similar price. Thirty viewings and eight weeks later, one solitary non-proceedable offer of £440k from a couple who'd yet to sell their house in the Home Counties. Heard nothing from these people since mid-October.
Last week, I switched to jolly EA, nicer photos, better customer service - house now more realistically priced at £425k-£450k guide. The day we went live on Rightmove, Mr and Mrs X called and asked to see the house and we managed to squeeze in the viewing that evening.
On Monday, they offered £415k on the basis that they were putting their flat up for sale that day with jolly EA. As they were not proceedable, I didn't respond to their offer, except to say that it was low.
On Tuesday, they offered £425k on the same basis, saying that they were putting their flat on for £10k under the recommended price to sell quickly. Again, I didn't respond as they were still unproceedable.
Today they've come back with the same offer of £425k, but apparently have been able to raise finance to be able to buy the house without selling their current property by raising money against their BTL portfolio and with funds from family.
I spoke to the estate agent (unfortunately not the one who took the offer) and he seemed to think that the chap had the air of final offer about him. However, I'm keenly aware that this jolly EA has very little on the books at the moment and would love to wrap this up quickly.
Bearing the above and the following in mind, what would you do?
* Estate agent and Zoopla both estimate the house to be worth £435k.
* Four viewings are booked in on Saturday coming.
* The previous estate agent is sending someone round for a second viewing on 17th December.
* The offer of £440k is still on the table.
* I can't see anything on Rightmove that I'm wild about and the houses I liked back in October have been sold.
* £10k would make a big difference to me in terms of the next place I can get, e.g. the difference between a house and a flat. I'm planning to downsize and pay off my mortgage and I don't have anything in savings currently.
Thanks very much! Do ask any questions if there's anything I've missed out.
0
Comments
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Never believe anything an EA says. He may work for you, but his main focus is on his bottom line.
A sale to this couple helps him to also sell their property, so double commission if he brings it off.
You have an ofer of £440 and you're considering one of £415 from someone who is not proceedable?
What is the debate about?0 -
Hi G_M, I'm considering a proceedable offer of £425k from the same people who originally offered £415k. The offer of £440k remains unproceedable. Sorry if it wasn't clear.0
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I'd be suspicious of how they're financing it from what you describe...
And who trusts a jolly EA!?0 -
The jolly EA has spoken to their mortgage broker and apparently the finances are in place.0
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Wait for the weekend viewings. I don't think I'd want to sell for less than 435k given the info above. Popular areas will sell.0
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I'd actually probably counter offer 435 to the 425 crew0
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Wait, and have the other viewings.
It's all very well saying they'll proceed before selling, but if their ultimate plan was to sell to buy then the likelihood is they will test the market with their flat before raising the other finance. You're not in a hurry as you haven't found, so leave them until you know whether anything is going to come of the other viewings.
Then if nothing better comes along then have a look around and see whether their offer is enough for you to make your next purchase. If not then think about asking them to split the difference or whatever but no point at this stage until you find something you can buy anyway.0 -
You dropped the price to £425k and now have a full asking price offer.0
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blueskyrooftop wrote: »house now more realistically priced at £425k-£450k guide.
How does this actually work?
Isn't this even more confusing than "offers in excess of"?
Surely a buyer is only going to be interested in the lower figure.0 -
Take what you can get before Trump gets interest rates jacked up.0
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