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What would you do given these sale options?
One_Fine_Day_2
Posts: 38 Forumite
Hello, I'm an avid lurker and am hoping you'll be able to help.
We out our flat up for sale in January, having fallen in love with a new-build which will be ready at the end of this month. We had three estate agents round, with valuations between 85000 and 95000, with recent local sales suggesting to us that 90000 was about the right price. We put it on for 88000, hoping for a swift(ish) sale but then, as you all know, prices plumetted...
We've had two good offers made to us (for 85000 and 82000) but both were from first time buyers who were then unable to get a mortgage. All the while our dream new home has looked to be slipping away (a very popular development where things are still selling well) so we knocked the price down to 80000 to see if that would help. We've had plenty of viewings (at both prices) and good feedback from everyone, but the jist is that they're anticipating a further slump and so biding their time. Fair enough, we'd be doing the same in their shoes, but it doesn't really help us.
As a last-ditch attempt I contacted a few of these 'Fast Sale' companies on the net - most, as I expected, offered us 80% of the value which wouldn't leave us enough to buy our new one, but we've struck lucky with one company who will give us 76000 for it, minus their fee of 1400, which just gives us enough to go for it.
I've given the estate agent their notice, which expires on Tuesday, and the suggestion of the buyers is to tell them that we've simply changed our minds about moving and to process it as a private sale. All well and good - except that our mortgage broker is based within the estate agents, so she'll have to be told that there has been a sale after all, and soon.
Am I entitled to simply say "We're our of contract, no money for you." or are they likely to get a bit heavy and try to squeeze the money out of us? To be fair to them, it's utterly not their fault that it hasn't sold sooner, but the offer of 76000 is only possible for us if we don't have to pay another 1200 out to them.
Oh, and to complicate things further, they've currently found us someone who's offered 77000 which, after their fee, works out about the same - their mortgage isn't agreed yet though, they'd need to have their survey done etc etc and I see it all going tits up again, and then we'd definatley lose the new place.
So, after lots of rambling:
1. Would you accept the offer of 76000 from the quick sale company over the 77000 from the estate agent's lead?
2. If yes, how would you tackle the situation with the estate agent?
Thank you if you've made it this far! :beer:
We out our flat up for sale in January, having fallen in love with a new-build which will be ready at the end of this month. We had three estate agents round, with valuations between 85000 and 95000, with recent local sales suggesting to us that 90000 was about the right price. We put it on for 88000, hoping for a swift(ish) sale but then, as you all know, prices plumetted...
We've had two good offers made to us (for 85000 and 82000) but both were from first time buyers who were then unable to get a mortgage. All the while our dream new home has looked to be slipping away (a very popular development where things are still selling well) so we knocked the price down to 80000 to see if that would help. We've had plenty of viewings (at both prices) and good feedback from everyone, but the jist is that they're anticipating a further slump and so biding their time. Fair enough, we'd be doing the same in their shoes, but it doesn't really help us.
As a last-ditch attempt I contacted a few of these 'Fast Sale' companies on the net - most, as I expected, offered us 80% of the value which wouldn't leave us enough to buy our new one, but we've struck lucky with one company who will give us 76000 for it, minus their fee of 1400, which just gives us enough to go for it.
I've given the estate agent their notice, which expires on Tuesday, and the suggestion of the buyers is to tell them that we've simply changed our minds about moving and to process it as a private sale. All well and good - except that our mortgage broker is based within the estate agents, so she'll have to be told that there has been a sale after all, and soon.
Am I entitled to simply say "We're our of contract, no money for you." or are they likely to get a bit heavy and try to squeeze the money out of us? To be fair to them, it's utterly not their fault that it hasn't sold sooner, but the offer of 76000 is only possible for us if we don't have to pay another 1200 out to them.
Oh, and to complicate things further, they've currently found us someone who's offered 77000 which, after their fee, works out about the same - their mortgage isn't agreed yet though, they'd need to have their survey done etc etc and I see it all going tits up again, and then we'd definatley lose the new place.
So, after lots of rambling:
1. Would you accept the offer of 76000 from the quick sale company over the 77000 from the estate agent's lead?
2. If yes, how would you tackle the situation with the estate agent?
Thank you if you've made it this far! :beer:
0
Comments
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Haggle up the quick sale co. Tell em you've been offered a better price, and see what they can do. Also speak to the developers, and see if they will hold the property for longer.0
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Thank you Lawrie - I've tried to squeeze some moremoney out of the quick sale people but they're not moving. The developer has been incredibly patient, but I feel we have probably reached their limits as to how long they can stall the purchase for.0
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