Got a (low-ish) offer out of the blue while in lockdown

GianBel

Someone who viewed our property months ago has just put down an offer on our property. Asking price was 315K and she's offered 290K. Our EA is saying that considering the circumstances we should go for it.
NOTE: we previously (before the lockdown) accepted 2 offers of 307, but both fell through. One because of a change in personal circumstances and one because of probate issues.

17K is a LOT of money for us, but if the whole market has gone down and we can get a similar discount on an onward purchase then I'd be willing to accept. But that is risky as we don't know what the market will do... .

I know nobody knows what the markets will do, just thought I'd check what others would do if they were in this position?

TripleH

Hard one, I'd  say accept but give a set (but reasonable/realistic) time frame before it goes back on the market and tell them that is what you're  doing. How urgently do you need to move or can you wait out this current period of uncertainty (of unknown lenght)?
If you accept a lower offer, there is the likelihood you can push for a lower offer along the line. If you'd already started with other buyers, that should also speed things up.

Arklight

They aren't going to go up from 290 to 307 (especially as you didn't sell at that amount when the market was higher), but they might well go up a bit. If they have been looking for months and are still interested, they are probably quite keen. 

It depends how urgent it is that you move. If it was me, and I wasn't desperate, I would instruct the agent to say I was expecting around 300, and see what they say. Remember the difference to the agent's commission is negligible, as long as they get a sale. They are not likely to be putting your interests first, so don't expect them to (even though you are paying them to).

steampowered

Where are you moving to? If you are getting a similar reduction on your next property you are in the same place.

tommyedinburgh

Eager to see the OP's update!

Good luck, my wife and I are watching closely as we have just made an offer on a property at lunchtime.

GianBel

We don't need to move. But we've saved a bit and would like to move to a detached property with a slightly bigger garden. We don't have anything in mind yet. We were thinking about renting, or saying with friends for a short amount of time. The big question is indeed: will we get a similar discount when we buy.

tommyedinburgh

GianBel said:

We don't need to move. But we've saved a bit and would like to move to a detached property with a slightly bigger garden. We don't have anything in mind yet. We were thinking about renting, or saying with friends for a short amount of time. The big question is indeed: will we get a similar discount when we buy.

Based on that, and I know not everyone will agree with me, I would accept the offer with a mindset of trying to secure a similar percentage off a prospective purchase.

If that fails or proves impossible, withdraw your property from the market and stay put - as you have stated, you don't need to move.

graphs

Fair offer. The offers will only go south from there trust me.

Crashy_Time

GianBel said:

We don't need to move. But we've saved a bit and would like to move to a detached property with a slightly bigger garden. We don't have anything in mind yet. We were thinking about renting, or saying with friends for a short amount of time. The big question is indeed: will we get a similar discount when we buy.

You can`t know yet, but the forecasts for the economy going forward say you will, however without a sale you won`t be buying I assume so why lose your buyer over 17k?

hazyjo

Have you gone back with a counter offer? Did they say it's a one time offer?

Personally, I'd say to the EA if they can make it much nearer £300k, you'll shake today. See what they say.

If they don't have a large deposit and need a mortgage, the chances are it won't be able to be valued so you'll be at a standstill anyway.

RelievedSheff

As a starting offer I wouldn't say it is a bad one. Push them for a bit more see where you go from there.