What constitutes a 'realistic' offer?

Commonsensesearcher

SuzySu wrote: »

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....

The market is what is called a BUYERS market at the moment - I am looking for a house with nothing to sell and with a large deposit and my view is that the seller should not be prepared to lose a sale for £5,000. You are being greedy over this - only takes a few more days listening to yet more bleak reports coming out and your £260k offer may be pulled. You may regret this standing in front the repo judge...

beecher

SuzySu wrote: »

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.

If I was selling a house, I wouldn't want to lose it for the sake of £5,000. Particularly with the prospect of house prices falling. In my opinion, you'd be making a very bad decision if you let these sellers go.

SuzySu

I take on board what you are both saying and thank you for your honesty. We really can't take less than £265 as it would not cover our secured loans, EA fees, HIP as well as solicitors fees. I don't want to come across as greedy and am sorry that you feel I am being.

glen8

Take the £260k and get a loan for 5k

would that work?

beecher

SuzySu wrote: »

I take on board what you are both saying and thank you for your honesty. We really can't take less than £265 as it would not cover our secured loans, EA fees, HIP as well as solicitors fees. I don't want to come across as greedy and am sorry that you feel I am being.

It is just that you can't really judge what the house is worth by what you need to clear your costs. You might be lucky and they might come back with the £5k, but I think you need to be clear on how risky it is if you decide to reject their bid for the sake of £5k. You could end with a lot less. Hope it all goes well for you though.

SuzySu

Thanks Beecher - I'm not judging what the house is worth by what we need - I know it's only worth what someone will pay for it, regardless of what it is on the market for.

Glen8 - We are maxed out on our loans so I don't think it's an option getting a loan of £5000 from somewhere else. I think we will see what happens with these two prospective buyers at the weekend and then take it from there.

Doozergirl

Any update?

SuzySu

Thanks for your interest Doozergirl. No good news I'm afraid. Viewer on Sat was a complete waste of time - 'window shopper' according to the EA despite him looking everywhere at least twice and got me to open the loft so he could look up there. Why do they bother wasting everyone's time??

Viewers on Sun were nice but ours is obviously outside their price range (they told me what they had offered on nearby property that went for £242,000).

News today makes grim reading and I really hope we have not shot ourselves in the foot turning down the offer of £260,000. As well as paying our mortgage and secured loan, EA fees, sols fees and HIP I forgot we need to have at least a month and a half's rent for our next property.

All in all a tad down at the moment.

EA has not mentioned reducing the price yet - do any of you have any comments on whether we should? It has been on the market for about 6 weeks with regular viewings?

SuzySu

Sorry this thread has gone a bit cold, but just logging on to say there have been no developments. Luckily the secured loan company have given us next month off for good behaviour (well, coz I asked them to really) so that will give us a bit of breathing space. Who knows.....we might actually be able to pay our bills in May :T .

In all seriousness I'm getting really concerned now with more doom and gloom each time I put the TV on. Still, from reading lots of threads on here things could be a lot worse for us.

Stevie1

Have you considered asking the EA to go back to them and accept their £260K offer?

I know you said you really really need the £5K, but I am sure you can find a way around that, even if it is more inconvenient than "can't".