We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Accept offer?

2

Comments

  • steampowered
    steampowered Posts: 6,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    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
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    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
    OldMusicGuy Posts: 1,768 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    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
    OldMusicGuy Posts: 1,768 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    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.
  • 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
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    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
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    martinbuckley Posts: 1,725 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.