Had a cash offer, what to do next?

bina72

Hi All,
If anyone has any advice/ experience/ thoughts they'd be gratefully received!
I put my flat on the market in June for £125,000. It's empty as I have moved in with my partner. After many viewings but no offers (all feedback said it was lovely but too small) I reduced the price last week to £119,950. Today I've had a cash offer of £109,000. I've said no as it's too low too early.
What are the advantages of a cash offer?
Ta!

Biggie

nothing much except for quicker pain free sale for you.

Also lower risk of sale falling through as the funds are already in place.

Depends how desperate you are to sell I guess !!!!

Debt_Free_Chick

I reckon it's a cheeky offer and I don't blame them (they didn't have Phil or Kirsty standing next to them, did they?)

What would you let it go for? Add £2k to that figure and go back to the EA. So, if you want £113k for it, tell the EA to let the buyer know that you are looking for an offer of around £115k. Sit back and wait and see

dolce_vita

DFC's advice is basically sound.

But don't get too greedy or you could end up chasing the market down and losing more money.

best wishes

delboypass

You reject the only offer you have received??

1/ Youve had your flat on the market for 4 months...
2/ youve had many viewings
3/ You had no offers
4/ A credit crunch is smashing into the UK
5/ The banks are all restricting new morgages due to the crunch
6/ Reported that house rices are likely to collapse under the credit cruch (and about time too)

Personally you are losing money with you house still on the market as no doubt you are still paying morgage etc.

Take the cash, bank it at 7% and you be making £7000 (gross) a year or there about.

Never chase a market downwards...

A cash offer is better than an offer from achain as they will be relying on selling their home to release the equity. Cash buyer means no chain involved so ready to move on the contracts.

Also no problem with morgage companies pulling deals on buyers as has been recently happening.

LandyAndy

A cash buyer?:j


Straight to the pub:beer: :beer: :beer: .

bina72

Thanks All, I promise I'm not trying to be greedy! I've just never sold before & I'm unsure after reading too many articles!

dannyboycey

I just came accross this!

bina72

Wow! Pardon me for being a 'dimwit'. Wouldn't it be nice if I knew everything? Oh wait then I wouldn't have asked the bl**dy question! What's the point?

I hope they never have to ask for help.

Curv

That's a touch harsh.

Cross-board slatings are generally distasteful affairs.

ETA: I meant the post on housepricecrash.co.uk, not bina's response (above)

iainkane

Talk of house price crashes make me laugh, aint never gonna happen. Unless you possibly live in central london. However if there is I'll be waiting, withy some buy to let mortgages and wait for it to go back up as it will do, and besides the outlook for interest rates in down in the short - medium term.

Ps sounds like it might have been on a bit high followed by a cheeky offer. I'd personally hang on but maybe check with your estate agent if there is anything that could be done to make it more sellable. Failing that if you have enough equity and the local market is right might be worth considering a buy to let mortgage, if you dont need the equity from it.