Should we accept this offer...

getmore4less

What does your research say places are selling at?
Do a rightmove more like this with SSTC and see what is selling and look at sold through prices in the area

Depending on that research it would be snap their hand off or wait another week

The ball on the offer is in your hands and I would let them sweat a few days before throwing it back and see what else comes in

In the mean time the EA can qualify these FTB, given some that come here are fairly clueless and freak out when the place get valued and surveys come in some FTB can be more of a problem than a chain.
Is this their first offer have they lost a previous property or pulled out of one, what else have they seen etc.

warby68

Personally, I wouldn't go below my expected bottom line after only a matter of days especially with other viewings pending.

I'd task the agent with negotiating a better offer ( a second increased offer despite previously saying this is our max is far from unusual)

I'd play it straight with the FTBs - its simply too early for you to consider such a low offer and you will see what the other viewings bring. They are welcome to leave their offer on the table for you to consider if the position remains the same in a couple of weeks - tell them they have secured first position in the queue if that price does become something you will entertain. If they wish to secure the property immediately the minimum you will accept is £x.

At this stage I also wouldn't take too long thinking before responding either - you have to appear confident and not desperate.

lookstraightahead

Warby personally if I was given that advice I would probably use the time to find somewhere else. If you're 'ready to move' there's nothing stopping you just going to the next available property.

tlc678910

Hi,
I'd say it's human nature that others will be more interested in your flat because it already has an offer (so buyers know that someone else wants it) and as you are only a couple of days in I think there is a good chance of getting more.

New viewers should be told that an offer has already been made and is being considered.

If you got back to your first offer in a few weeks though they might think "no-one else wanted it" and get cold feet themselves.

If you are in a hurry perhaps you could frame it (to the offer) that as the flat is brand new on the market you would like to go ahead with the viewings booked (buy yourself a couple of weeks) then choose the best/most proceedable offer. You hope that is acceptable to them. "but you must forewarn them if you receive an offer near asking from a proceedable buyer you are likely to accept it straight away".

It is a risk as the people making the offer could come back with a higher offer, could be at the top of the budget/most they want to pay but want it and wait to hear or could move on and find something they like more and not be interested if you have to get back to them.

Purely as you have so much interest in first week I would be very tempted to at least go ahead with viewings and gather any other offers.

Tlc

warby68

lookstraightahead wrote: »

Warby personally if I was given that advice I would probably use the time to find somewhere else. If you're 'ready to move' there's nothing stopping you just going to the next available property.

Yes, its a risk but I'd rather sell to someone who actually wants my property more than others - less likely for it to fall through at a later more damaging stage. I too would advise the purchasers to keep looking also. I'd never advise anyone to burn their bridges though over a few days, either vendor or buyer.

2 weeks isn't long - FTB can have expectations slightly different than those who've bought and sold a few times. Someone living with parents is probably in one of the best positions to hang on for the best property for them and not strop off the minute their low offer is not accepted straight away.

FTB wants to rush the vendor into accepting their lowish offer, vendor wants a better price - 2 or 3 weeks to let market forces work isn't long at all.

Its a game of negotiation, who blinks first, but it seems to work best if you are a little open and honest too and that's after 5 or 6 moves over 25+ years and a variety of market conditions - my advice would be different if the vendor had been on the market for a while or needed an urgent sale.

getmore4less

I think the OP means it went on 31st Jan so on the second weekend another week to weed out offers is reasonable.

If they mean 7th then far to early to be accepting under offers and taking it off the market.

resilie

I would tell the FTB that there is a second viewing booked on Monday and that you want to let that go ahead as the party is clearly interested before you respond to their offer. With a bit of luck they might offer too (the EA should obviously tell them there is an offer received already to increase their interest and appeal to the competitive nature)... that in turn could prompt your FTB to re-think their best and final... we got 10k more than the initially offer this way!

Crashy_Time

robatwork wrote: »

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

No, I will be along to say that Brexit is uncharted waters and to take the 415, it is only 10k less than you expected after all? Whether it is over-priced or not you have someone who wants it, don`t scare them away for a few thousand quid!

Crashy_Time

warby68 wrote: »

Yes, its a risk but I'd rather sell to someone who actually wants my property more than others - less likely for it to fall through at a later more damaging stage. I too would advise the purchasers to keep looking also. I'd never advise anyone to burn their bridges though over a few days, either vendor or buyer.

2 weeks isn't long - FTB can have expectations slightly different than those who've bought and sold a few times. Someone living with parents is probably in one of the best positions to hang on for the best property for them and not strop off the minute their low offer is not accepted straight away.

FTB wants to rush the vendor into accepting their lowish offer, vendor wants a better price - 2 or 3 weeks to let market forces work isn't long at all.

Its a game of negotiation, who blinks first, but it seems to work best if you are a little open and honest too and that's after 5 or 6 moves over 25+ years and a variety of market conditions - my advice would be different if the vendor had been on the market for a while or needed an urgent sale.

Except in this instance the "Market Forces" might not be the one`s you want, because a few weeks takes us slap bang into the middle of the biggest political/economic upheaval the UK has seen in a long time?

PasturesNew

I am staggered it went on at £450k to accept £425k. RM's price banding is skewing the way the market works.... ideally, if you wanted £425k, it should've gone on at £430-435 in "the old days" ..... but agents seem to only price houses at the RM grouping prices...

It's all most bizarre and I don't think it helps anybody.

If I had £430-435 to spend, I'd not think that a new-to-market one at £450k would accept my offer of, say, £430k, for at least another 3-4 months.... if they hadn't sold it by then at about £445k.