Should we accept this offer...

rachel896

We put our flat on the market last Thursday - we put it on for £450,000 with the hope of achieving £425,000 (on the estate agents advice).

We live in Greater London - right next to the highstreet and station. We have had 4 viewings since the advert went live one offered straight away and one has had a secound vieiwing and the estate agent thinks they will offer on Monday - however they are part of a chain.

The people that offered initially offered £405,000 - we rejected this and they came back at £415,000 saying this is there maximum - they are first time buyers currently living at home with parents. We have said we need the weekend to think about it. £415,000 is doable for us but it makes finances for our move tight. Should we push for more? Accept the offer in case we don’t get any others in an uncertain Brexit market? Or wait for someone else?

Any advice welcomed! Thank you?

Bossypants

How badly do you want your prospective forward purchase and how keen are you to just get it done and over with? I accepted an offer of some £10k less than I was hoping to achieve on my place. It did tighten my finances more than I would have liked, but I had found a great place ticking almost all my boxes and I was generally very stressed about the whole move thing, so I considered £10k to be a price I was willing to pay to be able to get on with it. I might have been able to get more had I held out, I don't know. I do know that nowhere else as suitable has come on the market within my price range since I started looking in early November, so I am comfortable with my decision to proceed on those terms and now looking eagerly forward to exchange/completion.

hazyjo

Personally I'd be tempted to risk it and hang on for other interest. Quite a low offer considering it's so new to the market.

Have you found somewhere to buy? If not, I'd wait a bit longer.

Do you know what % deposit they have?

jonnygee2

I guess its rare to find the perfect buyer. This buyer offers a lot - first time buyers, no chain, very quick offer.

But, the offer is short 10k, and it sounds like you might well be able to get more than their offer. Is time and convenience worth £10,000 to you?

Accept the offer in case we don’t get any others in an uncertain Brexit market?


You already have an offer, after just a week. I'd go with what the facts are telling you, rather than what the tabloids are telling you.

Bossypants

jonnygee2 wrote: »

You already have an offer, after just a week. I'd go with what the facts are telling you, rather than what the tabloids are telling you.

I agree to an extent, but OP should also beware of getting too cocky. I also had an offer in the first week, which unfortunately fell through. After that, it took 15 weeks for the next offer to come in. Sometimes these things are indicative of a trend, sometimes you just get lucky (or not).

On a more positive note, those 15 weeks allowed me to totally rethink my moving plans and wind up in what is likely to be a much better position for me all round.

robatwork

rachel896 wrote: »

We put our flat on the market last Thursday

I would:
1) Consider the FTBs aren't necessarily being truthful and say sorry but no thanks
2) Keep it on the market

If you're in the same position in 8 weeks time however, my advice would be the opposite.

Crashy will be along in a moment to tell you you'll be lucky to get £100k

somethingcorporate

i'd hold for a better offer. It's only been on a couple of days!

Mutton_Geoff

rachel896 wrote: »

We put our flat on the market last Thursday - we put it on for £450,000 with the hope of achieving £425,000 (on the estate agents advice) ....


they came back at £415,000 saying this is there maximum

Then bounce it back to the shiny suited agents and tell them to achieve the £425k they advised you on. It is their job to talk up the buyer since they already promised a bottom line.


I would also do your own research on achieved prices and make a decision based on reality on sold prices locally, not the hype of the agent.

gardner1

Same as above bounce it back for £425k

Thrugelmir

Allow more time for viewings. The market will pick up as spring approaches.

Brexit or no Brexit. People need to live somewhere.

Buying a property is for many people a long term decision.

lookstraightahead

I would bite their hand off. No chain! Nothing to sell. I wouldn't pay more than 90% of asking price ever anyway. Well done you