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Choosing a buyer who went way over the asking price?
FuffyCat
Posts: 42 Forumite
I've been lucky enough to have a few offers on my home that I am selling. I had 6 offers in total all FTB or no chain. 3 were the asking price but 3 were significantly over by + £6,100, +£8,000 and £13,000.
Say my house had an asking price of £x, the most expensive house on my street (100 houses - all 1900s terraces) went for £x-5000.
The +£8,000 offer isa FTB couple. The +£13,000 is a no-chain male.
I feel I'm being consciously biased and very sceptical of the + £13000 offer - when the most expensive house was -£18,000 that 12 months ago. My first thoughts when told of this offer was that he may be a developer that might try and haggle me later in the sale. The house is a large 3 bed house with an attic room, two toilets and a utility room - it is definitely big enough to convert into flats.
Can anyone give me any advise? Or am I being sexist and biased?
Say my house had an asking price of £x, the most expensive house on my street (100 houses - all 1900s terraces) went for £x-5000.
The +£8,000 offer isa FTB couple. The +£13,000 is a no-chain male.
I feel I'm being consciously biased and very sceptical of the + £13000 offer - when the most expensive house was -£18,000 that 12 months ago. My first thoughts when told of this offer was that he may be a developer that might try and haggle me later in the sale. The house is a large 3 bed house with an attic room, two toilets and a utility room - it is definitely big enough to convert into flats.
Can anyone give me any advise? Or am I being sexist and biased?
0
Comments
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Sexist how?
Your property is in demand, so is worth more than you expected. Obviously you want as much as possible for it. However you also want a straight-forward sale.
So long as you are confident the highest buyer is genuine, and in a good position (minimal chain, mortgage in principle or cash available etc - go for it0 -
Ultimately of them may decide to renegotiate, may as well start the negotiations in the best (highest) position0
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Sexist how?
Your property is in demand, so is worth more than you expected. Obviously you want as much as possible for it. However you also want a straight-forward sale.
So long as you are confident the highest buyer is genuine, and in a good position (minimal chain, mortgage in principle or cash available etc - go for it
Every offer is no chain or FTB which is good! My estate who has in their best interest to get the most money (more commission for them) has said to be sceptical of the highest bidder.0 -
I would be asking each buyer for details of their proposed solicitor, their lender and their timescale. If i accepted an offer it would be conditional on the solicitor confirming to mine withing 48 hours that they were instructed and had sent off searches (me having ensured that they had the details in order to achieve that). No chain is typically the best option because they ought to be able to move as quickly as you want them to.0
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Are any of them mortgage-free? If so, go for them, and remove the risk of renegotiation following a downvaluation.
Or simply accept whichever offer on the basis that there will be no post-downvaluation renegotiation.0 -
Are any of them mortgage-free? If so, go for them, and remove the risk of renegotiation following a downvaluation.
Or simply accept whichever offer on the basis that there will be no post-downvaluation renegotiation.
None are mortgage free but all of them are no chain (4/6 FTB)
Surely if I ask for no renegotiation following a down-valuation then they'll know its not worth what they asked? What if they don't have the extra cash if they can only borrow x but the house is y? I go to another buyer?0 -
No, you're simply saying "You've offered that, in the full knowledge it's above asking price, so don't try playing silly beggars..."Surely if I ask for no renegotiation following a down-valuation then they'll know its not worth what they asked?
Remember - they volunteered that amount...
If they're right at their maximum affordability, then they may have an issue. If they aren't, then the LTV on their mortgage will simply change - which may put their interest rate up slightly.What if they don't have the extra cash if they can only borrow x but the house is y? I go to another buyer?0 -
No, you're simply saying "You've offered that, in the full knowledge it's above asking price, so don't try playing silly beggars..."
Remember - they volunteered that amount...
If they're right at their maximum affordability, then they may have an issue. If they aren't, then the LTV on their mortgage will simply change - which may put their interest rate up slightly.
The estate agent said that he has a 50,000 deposit - so this might be alright?
I would just like to have a guarantee that I'm not going to be messed around - that he didn't just get the highest bid to then just negotiate and me just take a lower offer because I don't want it back on the market.0 -
There is no guarantee with any buyer that you won't be messed about!0
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I'd not rule out gut feeling either. It may not be logical but it sometimes pays to trust your instincts. I get the impression that there's something about the +13k buyer that just doesn't sit right with you. Did you meet him?0
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