Offer is 14% less than listing price - is this reasonable?

markin

Hold for 3 months at least, I see no reason it shouldn't get 700k unless you think London has crashed, and most say it hasn't

Albermarle

The two other houses mentioned for sale at £700k and £678K in similar condition, have approx 20/25% more floor space, according to the floor plans, so difficult to see how £725K can be a fair asking price.

RelievedSheff

I would personally hold out a while longer for a better offer.

Nothing stopping your FIL going back with a counter offer though at a price he would find acceptable. 

Smalltownhypocrite

If multiple offers keep coming in at that price thats probably the market telling you its worth that price.

You can try for higher if you want, you don't 'have' to sell it too anyone but honestly from what PPs have share in similar properties I do not think you'll get £700k+. I really think you would be very lucky to get £675k at top end.

Maybe try and counter offer with £650k etc... and see what the buyers say.

thegreenone

Buyers are probably looking at next door and pricing up to extend in the loft to add a third bedroom with bathroom and make the rear bedroom a family bathroom.  A ground floor bathroom is not considered very family friendly these days (I certainly wouldn't).  Plus the other renovations required.  Or developers are eyeing up to convert into two flats and make a profit.

Tooting is a popular area for families.  The schools all seem good with the secondary school rated Outstanding.  Near to Tooting Bec Common and the fabulous Lido.  Wandsworth has one of, if not the, lowest Council Tax charges in the UK.  I think your FiL would be paying about £921 per year.  Green-eye'd-wateringly LOW!  Very attractive for families who may push themselves on a mortgage knowing the CT is very low.  With several stations a stone's throw away there is easy access into London.

Perhaps your FiL would be willing to drop to £685k and test the market again?

amandaleeds

Albermarle said:

The two other houses mentioned for sale at £700k and £678K in similar condition, have approx 20/25% more floor space, according to the floor plans, so difficult to see how £725K can be a fair asking price.

And if they've been on the market a while, they're possibly overpriced too?

junebug87

Thanks for all the advice and comments. He's accepted an offer of £680k today, cash buyer, and is really pleased with that.