Is this a good offer...advice needed?

Becks045

I had a post on here a while ago as we were having problems selling an investment property which we purchased a few years ago.

Its unusual in that its a 3 bedroom house and has a seperate self-contained 1 bedroom detached cottage in the grounds. Obv this only appeals to a small percentage of the market and we were getting no viewings.

Having had 4 EA round all coming in at around £290k for an avergae we put it on for £300k. Within a week, no interest we reduced and over 6 weeks reduced to £275k and we would pay stamp duty. Still no interest (not even any viewings, so to speak) and the EA said, we were wrong, actually its only worth £250k if you are lucky!!!!!

Quite surprised but after all, a house is only worth what someone will pay. We took it off with that EA as they were useless. I've spoken to other EA and they seem to think £250k would be a good starting point.

I'm happy with this however need advice as a company who buy houses quickly are interested and have made an offer of £239k. Is this good, should we just go for it? They can complete within 28 days so no hassle.

If we wait for £250k, I don't think anyone in this current market will pay asking price and given how unusal the property is should we just cut our losses and take the £239k?

ADVICE, PLEASE, as we need to make a decision today.

sham63

Sounds like a good offer to me - it's less than 5% off your asking price which is only to be expected in the current market.

Perhaps they see a profit in splitting the two and selling them on as separate dwellings?

Canucklehead

Good morning: As you already know the market in Thanet has hit the skids...if you have a solid buyer who can complete quickly (can you check this out yourself as your agents are a bit carp;)) then take the money if you really need to sell asap....prices are dropping and we've even had a Margate estate agent admit to us that the market is flat!

Good luck.

Canucklehead

Becks045

We dropped the rubbish estate agents so this is someone direct that we've found so we won't have to pay any EA fees either.

I figure, with the market, we could be waiting 6 months plus to get an extra few thousand pounds which doesn't seem like the hassle.

sham63

Sounds like you've made your mind up.............

pinkshoes

You're selling a very unusual property, so have a VERY limited market, hence the EAs probably valued it wrongly in the first place!

If you had several buyers who all wanted it, I'm sure it would sell for alot more, but because it's not really what many people want, then it's probably best to sell at that price.

I'm guessing the person buying will split it into 2 properties and re-sell it to make a profit!

Don't know what prices are like in your area, but BBC announced rises of over 2% last month across the UK.

I guess it's up to you on how badly you want to move, and whether you think the lack of buyers is just due to a market jitter...

pamaris

Cut your losses and run. The market is spotty and you have a unique but not necessarily sought after property.

PasturesNew

Go for it. The amount offered is not far off what you were asking for it.
Once it's sold you can move on with your plans and intentions.
If you let this buyer go, then it sits on the market for as long again ... what are the chances of you cutting the price again... and probably to £235k next time.

Good luck. Sounds like you hit it lucky there with a buyer who can proceed quickly.

Canucklehead

Becks045 wrote: »

We dropped the rubbish estate agents so this is someone direct that we've found so we won't have to pay any EA fees either.

I figure, with the market, we could be waiting 6 months plus to get an extra few thousand pounds which doesn't seem like the hassle.

Happy to hear you've binned the agents (our experiences with them as buyers were extremely poor)...hate to see them getting any commission and softens the blow a bit for you financially.
Here is to a speedy, trouble-free completion.:beer:
Let us know how it plays out.

Canucklehead