First Time Seller

larachrissi

Looking for some advice, I am selling my house, its my first house and I have lived there 20 years so I have no idea what I am doing. I have it up for offers in excess of £290k It has been on the market one day and I have been offered £290k from a cash buyer - am I being too quick accepting? I have 4 other viewings booked, it was only first view has offered. I just dont know what to do and I have noone to discuss this with apart from the estate agent

pooch

What does your estate agent advise?

larachrissi

they didnt, they just told me the offer, is it usual for them to advise? They just said have a think.

pooch

Well they are your agent and you are paying for their services.

Mrs36

If you are considering accepting I would ask the EA to confirm that they are definitely, actually a cash buyer - there have been numerous threads on here where people have accepted cash offers which later down the line transpire to need a mortgage.

I would keep the 4 booked in viewings before making a decision, purely out of politeness but it is up to you. In saying that though, if you do have a genuine cash offer, at the asking price then what more are you hoping for? A bidding war, a higher offer? Viewings don't necessarily mean offers - one in the hand two in the bush etc.

larachrissi

its advertised at offers in excess of, so not the asking price. I didnt know what I was hoping for, I am just new to this and was asking for advice from peoples own experiences as I have none to draw upon and no family to ask, but thank you anyway.

davidmcn

Somebody offering on the first day will probably still be around after the booked viewers have had a chance to look - I wouldn't be rushed into accepting the first offer.

The early offer and other interest might indicate the asking price is a bit too attractive? Presumably you were hoping for something above the asking price anyway? Best result would be if you can get buyers bidding against each other.

larachrissi

thank you, I fully intend to let the booked viewers look. I have 5 now over the next 2 days. I felt like the EA was pushing me to accept as it is a cash buyer and I am already in my new home. I just feel a bit lost in all this.

cloo

I think an offer for the named price is not a bad one in the current market, but echo checking buyer's status. Also be aware cash buyers might have a higher instance of lowering offer at the last minute. That said, we vacillated about about a cash buyer for our place on account of possibly being messed around, and thanks to advice on these boards, decided to proceed - which was a great decision and he was no trouble at all, in fact a real godsend given how hard everything else had been up until that point!

Jox

Good luck with the sale, it's not easy if you've been in your house for a long time and don't have anyone to talk to about this.

I bought my house 2 years ago from an elderly lady whose husband had died and she was downsizing, her first buyer fell through for some reason so it was dragging on a bit for her and in the end I think I paid a little bit over the odds as I really liked the house, it was on the market for between £425 - £450k (3 bed house in north London) and I got it for £432k.

Can you look on Rightmove to see what other houses in your area and in your condition have gone for?

Exodi

Cash Buyer
(/kaʃ/ /ˈbʌɪə/)
noun
a person who is able to buy something, especially a property, without needing to take out a loan or a mortgage to do so.
"cash buyers and buy-to-let investors have done well because they've been able to pick up cheap homes"

NOT TO BE CONFUSED WITH:

Cash Buyer
(/kaʃ/ /ˈbʌɪə/)
noun
a person who is able to buy something, especially a property, but needing to take out a loan or a mortgage to do so.
"cash buyers and buy-to-let investors have done well because they've been able to pick up cheap homes"