Accept offer?

steampowered

Another vote to go ahead with this buyer. Especially if the buyer is prepared to wait around given that you haven't found a property to buy yet.

£2k is not much in the scheme of the £350-375k you are paying.

Of course, you now need to find a property to purchase, and get your offer accepted. Easier said then done !

Crashy_Time

OldMusicGuy wrote: »

You're crazy not to go for it if you genuinely want to sell. If 2K makes a huge difference to you, you probably shouldn't be moving as it implies your finance are too tight.

It sounds like this person will be an ideal buyer as they will have no chain, so the sale will be simple. For 2K, do you want risking not getting a higher offer, or getting stuck in a complicated chain?

EA valuations are guesses about what the market will bear, they are not what the property is "worth". If you want to move quickly, you need to accept what the market is telling you.

We are in a very similar situation by the way. We had accepted an offer that was below any EA valuations, that buyer pulled out two weeks ago and we are already looking at a price 10 to 20K below that now we are back in the market. The issue we have in this area is that there are quite a lot of properties on the market and a lot of competition from new builds.

Sizeable drop for two weeks?

Cakeguts

My personal feeling is that you should go with this offer and see where it leads. I don't think your house is going to be very easy to sell.

OldMusicGuy

Crashy_Time wrote: »

Sizeable drop for two weeks?

No, just optimistic initial pricing. There's also a lot of new builds coming on the market and we can see how our house is looking a little dated in terms of layout compared to them (it's 20 years old). It's definitely a buyers market here - there is a lot of activity but a lot of choice for the buyers.

We could probably get more if we held out for it but for a number of reasons we want to sell, hence the drop to make us attractively priced compared to the competition. As we are downsizing and taking equity out of the property we don't need to hold out for every penny we could get.

No property crash I am afraid.......

OldMusicGuy

Smellyonion wrote: »

What price is your property selling at?


2k is a lot of money. It may seem insignificant in the context of a house but it is 2k.

Our property is selling in the 750 to 800K range. We could try and hang on for a similar price to what we previously had, but have dropped the price by 10K so that we can sell rather than keep the property hanging around. And if we got a good buyer we would take another 10K or possibly more off the price.

2K is nothing in the context of the house prices the OP is talking about. However, if the 2K is crucial to them, then it matters.

ShelboBaggins

Just to update that I accepted the offer this afternoon. Estate agents feel confident buyer is serious as he's bought a few buy-to-let properties from them before. They had commented how slow market currently is and they're not selling as well as they had been this time last year, wish they'd mentioned that sooner rather than later but that's estate agents for you.

Thanks for your responses, I was just a little nervous accepting an offer lower than we had hoped for but having done the maths we could afford it and didn't want to risk being stuck on market for much longer. Now looking forward to finally looking for our new home and hoping we'll be moving by end of September.

Davesnave

ShelboBaggins wrote: »

Estate agents feel buyer is serious as he's bought a few buy-to-let properties from them before..

If the purchaser has a good track record with the agent, then the risk of him gazundering you is much less..

AnotherJoe

Smellyonion wrote: »

What price is your property selling at?
2k is a lot of money. It may seem insignificant in the context of a house but it is 2k.

£2k is indeed a fair bit of money. It is however a wholly theoretical £2k. You and OP are assuming that the higher price can be achieved but there's no evidence to back that up. There's been one offer from 7 viewings.
Take it.
I also don't understand all these posters saying dont move with a little baby. As said it's easier than with a toddler and anyway what difference does it make, the baby doesn't know what house it's in. Removal services will pack and shift and f you wait until kids aren't an issue, what's the plan leave it til they are away at university ?

Davesnave

AnotherJoe wrote: »

I also don't understand all these posters saying dont move with a little baby. As said it's easier than with a toddler and anyway what difference does it make, the baby doesn't know what house it's in.

It's more about the adult, their stress levels and their reaction to the inevitable problems that come with moving; the baby senses those and the first month or two is most important for all sorts of stuff.

Only the OP and their partner know how to put a weighting on this. Some people sail through pregnancy and/or buying/selling houses. Others certainly don't.

FWIW I think the offer is fine.

martinbuckley

The OP may have "lost" £2K on her house, but when her and her husband buy a property for £375K, there's far more scope to get that £2K back with their offer, as £2K is a smaller fraction of the price