Advice on buyers? Which offer to accept?

hazyjo

I don't think it's that unusual to get an over asking price offer - and anyone making an offer should be asking for it to be taken off the market. If it was going to an open day, I would DEFINITELY be asking for it to be taken off the market before the open day, or my offer would be withdrawn until after. Offering over before open days is normal.

What would worry me would be that it would be down-valued after valuation/survey and they'd drop down to that. Any FTB (especially) offering on or over asking price risks a down-valuation as they have no borrowing/lending history when it comes to mortgages. You're adamant it's fairly priced and not overpriced, so a surveyor is likely to draw the same conclusion.

So I suppose with me, it'd be the person offering who has the biggest deposit. If a FTB with a 5% deposit and looking to borrow 95%, I'd opt for someone else.


PS Realise it's not an open day - but with lots of viewings booked in over a day or two, it might as well be. Same principles apply.

Comms69

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.

But you will still be in the process of selling in 3 months time?


I mean £10k for doing nothing in three months - yes please

kinger101

Comms69 wrote: »

But you will still be in the process of selling in 3 months time?


I mean £10k for doing nothing in three months - yes please

In the real world, your house is priced in (1) static, (2) rising or (3) falling market.

Situation (1) rarely happens as markets are dynamic beasts, but if it does, there's no guarantee someone will pay the extra £10K within three months. Most likely, after one month on the market, potential buyers will conclude it's overpriced or there's something wrong with it. Your property is a whole lot less attractive than the first day it was marketed.

Situation (2) often happens. Either you price it correctly and get a reasonably quick buyer lined up. Or you're a greedy git, and the market eventually catches up. Fine. You get your extra £10K. But if you're moving up the ladder, your next property now costs proportionately more too. So you've made a net loss.

Situation (3) happens less frequently....but we're already there in some parts of the country. People see your overpriced house and don't view it. You drop the price, and your move is delayed. Maybe your next purchase has fallen proportionately in value too, but possibly at the expense of prolonged tenure in an unsuitable home.

The efficient and cost-effective option is pricing correctly.

nik_k

Think it's been mentioned further up the thread, but AIP isn't necessarily a soft check, it can be a hard check.

ethank

Your gut is telling you something, and it's right.

Always go with the proceedable offer.

Thrugelmir

Wkmg wrote: »

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?

Wait and see what comes of the other viewings. Personally I'd be nervous of buyers that aren't willing to show their hand. Anybody can bid high to secure the property before finding reasons to reduce the offer made.

zagubov

Thrugelmir wrote: »

Anybody can bid high to secure the property before finding reasons to reduce the offer made.

This is something to be wary of. Next thing you know they could be coming back with all sorts of little problems justifying money off the original price.