Advice on buyers? Which offer to accept?

Wkmg

We put our house on the market on Saturday. We got an offer at asking price on day 1 then another offer the same day at 6000 over asking price on the condition we take the house straight off the market. We had lots of viewings booked for today and tomorrow so said we weren’t taking it off the market and were going to wait until Thursday morning then decide. I don’t think we’ve underpriced our house, I think we’ve priced it realistically and we are keen to sell quickly so happy with the price. However, I would have thought good buyers wouldn’t be scared off by having to wait 5 days. The buyer who offered asking price has sent their proof of deposit and mortgage in principal through to the estate agent straight away. The people who have offered 6000 over have refused to send any proof that they are proceedable until we accept their offer as they say they don’t want their credit score to be affected by an AIP. Both are first time buyers. Assuming we don’t get any other offers what are your thoughts? I’m thinking the people who are offereing over asking price smell like trouble. The demanding we take the house off the market on day 1 irritated me but I could understand where they were coming from as they were offering over asking price but now the refusing to send their AIP is setting off alarm bells. I know an AIP is just a soft credit check so shouldn’t cause them any problems and I’m really concerned that they may be very awkward buyers if we accept their offer. They are only offering 1.7% over asking price and it is only 0.7% of the price we will be paying for our next home. I’m thinking just go with the compliant helpful buyers who are offering slightly less. Does anyone have any experience of buyers like this. Am I overreacting?

Mutton_Geoff

Wkmg wrote: »

We put our house on the market on Saturday. We got an offer at asking price on day 1 then another offer the same day at 6000 over asking price on the condition we take the house straight off the market. We had lots of viewings booked for today and tomorrow so said we weren’t taking it off the market and were going to wait until Thursday morning then decide. I don’t think we’ve underpriced our house, I think we’ve priced it realistically and we are keen to sell quickly so happy with the price. However, I would have thought good buyers wouldn’t be scared off by having to wait 5 days. The buyer who offered asking price has sent their proof of deposit and mortgage in principal through to the estate agent straight away. The people who have offered 6000 over have refused to send any proof that they are proceedable until we accept their offer as they say they don’t want their credit score to be affected by an AIP. Both are first time buyers. Assuming we don’t get any other offers what are your thoughts? I’m thinking the people who are offereing over asking price smell like trouble. The demanding we take the house off the market on day 1 irritated me but I could understand where they were coming from as they were offering over asking price but now the refusing to send their AIP is setting off alarm bells. I know an AIP is just a soft credit check so shouldn’t cause them any problems and I’m really concerned that they may be very awkward buyers if we accept their offer. They are only offering 1.7% over asking price and it is only 0.7% of the price we will be paying for our next home. I’m thinking just go with the compliant helpful buyers who are offering slightly less. Does anyone have any experience of buyers like this. Am I overreacting?

I think the agents have underpriced it. Be straight with everyone, tell the agents to continue marketing then in two weeks from now, take best and final offers then sift through them to choose someone who is proceedable.

Why throw money away by accepting immediate offers?

zagubov

Wkmg wrote: »

We put our house on the market on Saturday. We got an offer at asking price on day 1 then another offer the same day at 6000 over asking price on the condition we take the house straight off the market.

We had lots of viewings booked for today and tomorrow so said we weren’t taking it off the market and were going to wait until Thursday morning then decide.

I don’t think we’ve underpriced our house, I think we’ve priced it realistically and we are keen to sell quickly so happy with the price. However, I would have thought good buyers wouldn’t be scared off by having to wait 5 days.

The buyer who offered asking price has sent their proof of deposit and mortgage in principal through to the estate agent straight away. The people who have offered 6000 over have refused to send any proof that they are proceedable until we accept their offer as they say they don’t want their credit score to be affected by an AIP.

Both are first time buyers. Assuming we don’t get any other offers what are your thoughts? I’m thinking the people who are offereing over asking price smell like trouble. The demanding we take the house off the market on day 1 irritated me but I could understand where they were coming from as they were offering over asking price but now the refusing to send their AIP is setting off alarm bells.

I know an AIP is just a soft credit check so shouldn’t cause them any problems and I’m really concerned that they may be very awkward buyers if we accept their offer. They are only offering 1.7% over asking price and it is only 0.7% of the price we will be paying for our next home.

I’m thinking just go with the compliant helpful buyers who are offering slightly less. Does anyone have any experience of buyers like this. Am I overreacting?

Just making it easier for people to read and reply.

Wkmg

It hasn’t been underpriced. I know the sold prices for all the similar properties on our estate. The reason ours has sold quickly is because the asking price is the same as sold prices in the area, not 25000 or 50000 over as most people seem to put their houses on for. I’m not interested in waiting 3 months to maybe make £10,000 if I’m really lucky.

eddddy

Are you selling using a traditional high street EA?

If so, ask them their opinion of each of the prospective buyers. The EA will have had lots of experience of 'Good buyers', as well as 'Time wasters', 'Dreamers' etc, so they might be able to judge better than you.


And, assuming the EA gets paid on completion, they have a vested interest in helping you to find a 'Good buyer' - who is unlikely to cause problems or drop-out etc.

Socajam

I would go with the first buyer, obviously they were upfront with you from the start.
As you said, the second buyer is giving off vibes, so follow your instinct.

kinger101

I'd ask buyer 2 to confirm which lender they're using, so you can determine if it's a hard or soft check.

If it's soft, I'd tell them you're not going to accept their offer until they lay their cards face up on the table.

Mutton_Geoff

Wkmg wrote: »

It hasn’t been underpriced. I know the sold prices for all the similar properties on our estate. The reason ours has sold quickly is because the asking price is the same as sold prices in the area, not 25000 or 50000 over as most people seem to put their houses on for. I’m not interested in waiting 3 months to maybe make £10,000 if I’m really lucky.

The problem is people lose sight of what real money looks like when it's wrapped up in a house sale/purchase. Imagine £10,000 tax free stacked up on your kitchen table. How long would it take you to earn that spare cash?


If you've got more than one offer, you've got yourself an opportunity to let your buyers decide the price they will pay. It's exactly the way an auction works and is a perfectly legitimate way of doing business. Of course, the agent will want you wrapped up and signed as soon as possible because they won't believe their luck and won't want to see their commission evaporate, but never forget, it's your money. Every pound of it.

Skiddaw1

If you're happy with the offer and are wanting to get on with the process of selling I'd go with the first potential buyers. I agree the second ones sound potentially 'difficult'.



For what it is worth, we were in a similar position when we sold our previous house (though both offers were below the headline asking price). We really wanted to progress things quickly (a previous attempt to sell had fallen through and we had a new house in our sights) so we went with our gut feeling (which worked out well for all parties as it turned out).

AdrianC

Wkmg wrote: »

The people who have offered 6000 over have refused to send any proof that they are proceedable until we accept their offer as they say they don’t want their credit score to be affected by an AIP.

I don't think they understand what an AIP is, and I don't think they're proceedable yet.

AIP is "Yep, we're happy with the concept of lending you the money", and is totally property-independent.

Full application is "Yep, we're happy with that property as security for the money" on top.

If they don't even have an AIP, you have no idea whether they're just dreaming about being able to afford your place.

I’m thinking just go with the compliant helpful buyers who are offering slightly less. Does anyone have any experience of buyers like this. Am I overreacting?

No, I don't think you are. I suspect that the over-offer people will get uppity if their valuation comes in below offer.

Yes, it's six grand. But, as you point out, it's not a big percentage. Having a hassle-free sale is far better.

robatwork

Are you using a high st EA or Burple Bricks?

I'd expect a decent EA to be giving you really good guidance on this as they will know the prospective buyers much better than you or internet weirdos.

It's what you're paying them for.