Accept low offer now or hold firm? (house on market for 2 weeks)

MysteryMe

It may be that £145,000 was genuinely their max.  They don't know your circumstances so they have nothing to lose.  2 weeks is not long on the market.

Crashy_Time

kissprudence said:

numbercruncher8 said:

What are houses like yours being listed for? Is there any Land Registry data? If you put the Rightmove link maybe people would give more details.

By and large today's value does not really care what you paid for it a few years back, neither will people value cosmetic updates too highly if they are planning to make it how they want.

Two weeks is a bit soon so I'd be inclined to be patient and wait for a better offer. Although if there was a lot of competition it might be different.

You say that you wouldn't mind living there another year, but in the worst case scenario prices may drop quickly and take a while to come back. Would you feel the same living there if it was a longer period, like 4-5 years?

I don't think it would be wise to put the RightMove link on here because if these viewers or their families/friends (anyone they have sent to the link to) see me discussing it then I've given the game away! My house is on for the same price as others in the area with the same amount of bedrooms, standard of interior and outside space. My next door neighbours sold last summer for £160k and it's of a similar standard to mine. I wouldn't want to be here in five years time. I guess in that circumstance that there was a massive price crash then I would rent this house out and rent myself in the area I want to live. Done it before and it was a massive pain in the proverbial but needs must. 

Last summer is another dimension in terms of the economic outlook now, not remotely comparable.

D.L

kissprudence said:

I have already told them the offer is too low (via the agent). I thought they might make me sweat for a few days and then come back a bit higher. Nope. The agent had to chase them and then the response was "we can't go any higher". I wondered if it was a bluff but that was Monday and it's now Friday and nothing...

Have you considered the possibility that it's... actually what they think is fair and the max they want to pay? Not everyone plays games. Our initial offer was rejected and we then gave a small gesture and increased it by less 1%. We wouldn't have gone higher if that was rejected again. 

It sounds like you aren't in desperate need to move and your property has only been on the market for 2 weeks! In your situation I think I would wait it out.

nnewtoarea

Wait for some more time. Don't decline this offer. 

Crashy_Time

https://www.bbc.co.uk/news/business-53136807

Grab it, and run away before they change their minds.

GixerKate

Two weeks seems like ages when you have your house on the market doesn't it!

Do you have somewhere lined up to move to and if so, does this price allow you to do what you want?  If so then why not take it.

If you can't afford the offer then you'll need to practice that thing called 'patience' which I've heard other people have and hold on for more viewings.  Honestly, two weeks is very little time and you could have viewings come in at any time.

One thing to note however, haven't you already declined the offer to the EA so the potential buyers are now looking elsewhere?

Crashy_Time

MysteryMe said:

It may be that £145,000 was genuinely their max.  They don't know your circumstances so they have nothing to lose.  2 weeks is not long on the market.

More likely that the bank put the brakes on, for the buyers own good really.

kissprudence

Just to update everyone on what ended up happening. I got a viewer on week seven who offered nearly full asking price - no messing about! He was super keen, had a 40% deposit and we completed last week. I'm so happy that I didn't take the low offer on week two :-)

Salemicus

Congratulations!

rik111

Good on you, always get chancers trying to lowball, just got to stand strong !