25 viewings is the game up?

loanranger_4

We've had the property on the market with sole agent in London with a 'For Sale' board for 12 weeks. We'd had 25 viewings and 3 offers ( 2 are still on the table ). The highest is 20k shy of the asking price (290k) and still 5k short of our budget needed for the next property.

We're in no rush to sell, but do you reckon it's time to accept the highest offer and call it a day ?

trickster

If my calcs are correct, that is around 7% less than asking price. I would seriously consider it. Remember, you can also offer less than the asking price for your dream home. You may even get 10% off it!!!

meanmachine_2

loanranger wrote:

We've had the property on the market with sole agent in London with a 'For Sale' board for 12 weeks. We'd had 25 viewings and 3 offers ( 2 are still on the table ). The highest is 20k shy of the asking price (290k) and still 5k short of our budget needed for the next property.

We're in no rush to sell, but do you reckon it's time to accept the highest offer and call it a day ?

It's up to you. If you're in no rush....

But yes, see if you can send the reductions up the chain.

To be honest, I think a 20K reduction is a fair price on a £290K property, particularly if you've got some stingy beggar like me at the bottom of the chain who's also trying to blag a 7% reduction.

Can I ask what the property you have your eye on is worth? I'm just interested on what people up the chain are having to pay, and how they're stretching themselves. It's all very well me pleading poverty, but I guess everyone along the chain becomes stretched as well.

theGrinch

25 viewings is a considerable number and I doubt whether you will get a higher offer in the very near future if you keep the same routine.

I would be keen to advise the estate agent for best anfd final offers and then wrap it up.

bridiej

if I was in your shoes I'd take the offer!

zag2me

Yeh ask for final offers and try and get the 2 parties into a bidding war. It also depends on the property you want to buy, and I would only consider accepting the lower offers if you can replicate the saving up the chain.

meanmachine_2

zag2me wrote:

Yeh ask for final offers and try and get the 2 parties into a bidding war. It also depends on the property you want to buy, and I would only consider accepting the lower offers if you can replicate the saving up the chain.

And this attitude is exactly why the market is dead.

Hopeless.


If any seller tried to involve me in a bidding "war" I think I'd contact my rival and ask them to bid *downwards* with me, price drop style.

bridiej

I know what you mean, cant stand all that bidding war nonsense, if I was one of the potential buyers I'd walk away.

I still say take the offer but of course, it's your property and your call.....

theGrinch

its up to the buyers if they are foolish enough to undertake a bidding war.

I would do nothing more than ask for best and final offers and then wrap it up. I should point out this is not a bidding war, but a way to conclude.

loanranger_4

Many Thanks all.

I been thinking that 25 viewings is more than enough, I reckon we aint going to get much more ( and prices are hardly going to increase in the next month or two). Though it might change if we get the olympics !

The agent has indeed been trying to instigate a bidding war, how they elicit the highest offer is their perogative just as long as I get me the highest price! However it infuriates me from a buyers point of view, but having missed out on a couple of properties because of it I would put my best offer forward and hope for the best.

The best and final offers suggestion is a an excellent way to wrap this up. Thanks!