What constitutes a 'realistic' offer?

happinessfactory

Sorry, forgot to add, when your agent shows the new viewer round, instruct them to say that you "need" rather than "want" offers in the region of £265k in order to proceed with the sale.

"Want" makes you sound greedy and a lot of hard-pressed FTBs will take exception to that, but "need" makes you sound genuine and there's no shame in "needing" money (and thanks to Mr Brown, we're all in the same boat there);)

Sisyphus

happinessfactory wrote: »

What Rach29 said:D

But if your new viewer doesn't come in with an offer, SELL SELL SELL. You've done exceptionally well to get shot of your house in this market at a price above the SDT, so son't lose them for the sake of £5k :T

Quite right, if I were the potential buyer, I would not leave my offer open with the estate agent at all. Obviously they'll use it to try and lean on other prospective buyers.

Doozergirl

It's worth leaving a couple of days, but you really need to consider this offer. Even if the loans are secured against the property, you can ask for the required amount to be an unsecured loan to take with you.

Do the moving yourselves, use a cheap conveyancer, even try to get these buyers up another £2000 or so if you explain that you really need it to be able to move. These people are in a super position and those mortgage repayments will add up quickly if you don't find another buyer straight away. Chain free is valuable where you need a quick sale!

SuzySu

Oh thank you all so much for your wonderful positive replies. You lot are FAB!!

Jorgan - the offer as it stands will clear our mortgage and secured debt, it will also allow us to pay 1% fees, our HIP and allows us about £1000 for our solicitor but we are left with absolutely nothing to move with. We also have about £15,000 in other loans/overdrafts.

Rach29 - I did ask about letting the new viewer know about this offer but the EA said not to. Any reason why? If I liked a property and there was an offer on the table it would certainly spur me on!

Is it worth trying to find £5000 worth of fixtures and fittings to sell? I don't think we can come anywhere close as they have all their own stuff anyway, but they did like our American style fridge/freezer. It might be that they can only get a mortgage for £260,000 but could they give us the extra £5000 in cash (or is that illegal?).

I am trying to stay positive as I believe what will be will be. We really love our house and don't want to move, but we have little choice.

I think we will just let the dust settle for a couple of days and see what the weekend brings......but that's easier to type than it is to do.

Thanks again for all your support.

happinessfactory

I'd steer well clear of trying to get more money for fixtures and fittings - you really don't want to mess with the Inland Revenue.

My Dad was investigated by the Inland Revenue a while ago (they have lovely "random audits" of self-employed people) and although he and his accountant were completely legit (my Dad's a doctor and the accountant's a born again Christian - I can think of few people less likely to commit tax fraud ) neither of them slept well for months.

If you're short of cash, think about selling bits and pieces on Ebay in the run-up to the move. The less you move with, the cheaper and easier it will be. Also, second-hand furniture does really well on Ebay, particularly Ikea stuff - people will actually pay a premium over new to avoid having to assemble it themselves:eek:

Jorgan_2

SuzySu wrote: »

Rach29 - I did ask about letting the new viewer know about this offer but the EA said not to. Any reason why? If I liked a property and there was an offer on the table it would certainly spur me on!

If the agent tells the new viewer that you have had an offer of £260k, they may come back with £261k, which still isn't enough for you. If they offer £255k, the agent will tell them that you have had a higher offer than that. The second person to offer then has to work out what they want to offer if they need to secure it.


As per Doozergirls suggestion, try & see if one of the loan companies will make £5k of the loan unsecured, so that you can accept the £260k.

Raggie

Have you thought about telling the agent that you NEED £265K, but will consider the offer on the table if they split their 1% + Hip fee with you..

at least they then get 0.5% of something rather than 1% of nothing?

rach29

Can't see why the EA wouldn't want you to mention the other offer. There is no harm in a potential purchaser knowing there is other interest as far as I can see. However, as others have said have a good look at your finances again over the next few days & see if you could drop to £260,000 if absolutely neccessary. Don't forget that your potential purchasers are in a good position to move quickly & for every month your mortgage goes unpaid your debt is increasing.

Please forgive me if I am preaching to the converted, I just want you to make the right decision for you in the long run.

All the Best

strongboes

I would beg the money you need to sell off of relatives. I believe that this could be the last time you will be able to sell for that price for many many years.

SuzySu

Thanks for all your continued advice. We have one viewing this Sat and another for Sunday so people are still interested in seeing the property which can only be good. We will wait until after the weekend and see whether the offer is increased - they might be testing our resolve, or they might genuinely not be able to raise the money. All I know is we can't budge from £265,000 and if I were buying a house I would not want to lose it for the sake of £5,000.

I think if we don't hear anything next Monday then we can assume it's back to square one - ho hum....