Perils of rejecting a good offer

Gorgeous_George

I won't be going back.



GG

lkalka

GG,

Can I ask a question. This is not meant to offend....I'm just interested.

On 1 of my threads you mentioned you expect the market to fall 30%. Which is what a lot of people are saying. So you could imagine my surprise when I read that you've offered almost asking price on a 350k property.

If you believe the market will fall 30% are you not better going into rented like you mention you are considering and ride it out for a while?

Like I said I'm just curious.

Gorgeous_George

Yes, selling to rent makes a lot of sense to me now.

I set my sights on a new property/business and it seemed good value for £350K. Selling my home would raise most of the £350K and I thought I'd get it for slightly less than asking. It wasn't to be, I guess.

I have a buyer after less than a week on the market and, despite loving my home, the temptation of a quarter of a million pounds in the bank is looming large.

Looking for somewhere to rent is quite nice. I sort in 'Highest price first' order and they are nearly all covered by interest on savings. If the market falls by 30%, I should be in a great position to buy that business I want in the next year or two.

Not sure what I will say to the EA tomorrow. Edging towards a sale at the moment.

GG

geoffky

i got knocked back last week for 20k and i am cash no house to sell and can move in weeks months or years.......they are trying to emigrate to canada,looks like they will be waiting a long time ,house has been on the markets for 332 days..

Bf109

oh noes!!1!! u shud offer asking plus £1billion for fixtures and fittigns!

IMO, the OP is spam.

Gorgeous_George

Bf109 wrote: »

oh noes!!1!! u shud offer asking plus £1billion for fixtures and fittigns!

IMO, the OP is spam.

May I ask why?

or is it

Mae eye asque y?

GG

neas

I think you did the best thing lol, If they want to be greedy and not negotiate then their loss... they will prob loose alot more when this HPC comes along... so they were silly to be greedy over 3-5k gain... I mean they have to expect some negotiation when selling a house.

jonesMUFCforever

geoffky wrote: »

i got knocked back last week for 20k and i am cash no house to sell and can move in weeks months or years.......they are trying to emigrate to canada,looks like they will be waiting a long time ,house has been on the markets for 332 days..

The other side of the coin is where like a friend of mine on day of exchange got told to accept £20k less or they would pull out.
He pulled the plug on the deal and cancelled his new life in Canada (for now!)

Bf109

Gorgeous_George wrote: »

May I ask why?

or is it

Mae eye asque y?

GG

Because your stated position is that houses will fall 30% but yet you offer 345 on a 350 house and then consider offering full ask.

That doesnt add up pal.

vetfred

In the instance where it's been on the market for a year, I think they were stupid rejecting it as the market had time to view and value it itself and clearly there couldn't have been a rush of offers at 350k! I can only assume (perhaps incorrectly!) that they've come down in price already and decided another 5k was just too much of a drop which seems quite common to those who have reduced when they didn't really want to.

Even if the market doesn't fall 30% or much at all, wield that stick of power with "cash buyer" written on it to get a better deal. The EAs will tip you off on anything first if you get in touch with them as you're hot property, so to speak, when you're not in a chain. We just landed a house originally on at 290k (end of last year) then down to 260k for 235k beating out higher offers because we were chain free and all the interest from selling up earlier has paid the rent on this house. It's a good position to get yourself in at the moment I think.

Good luck in your search.