Will I STR?

Gorgeous_George

I had an offer that was very close to asking price just a couple of months ago. The sale fell through (after the survey) due to mortgage problems further down the chain.

Just heard that my potential buyers have found a new buyer and my EA wants to know my position (with regards to lowering my asking price). The answer is that I am open to offers and if my property sells within the next week or two, I'll STR. If not, I'm happy to stay put. The potential buyer can make an offer lower than before but I may not sell if it is too far away from the original offer.

How much lower (as a percentage) do you expect the new offer to be (if it materialises)?

GG

Kez100

I suspect it is going to depend on what he has agreed. If he knows you might stay if he doesn't offer enough then he will go for the % drop he agreed on his sale. If he doesn't know you are happy to stay and thinks you really need him then I bet it'll be a good 10-15% less.

Personally, even if you do agree, I reckon your problem (and everyone elses) is going to be valuation - especially if the bottom of the chain has a minimum deposit. Have to cross fingers and hope they are loaded and there is plenty of equity sloshing around the rest of the chain.

brit1234

Just drop 5-10% below equivalent properties on the market however its now getting far more difficult to STR.

Good luck

Gorgeous_George

There isn't much around like mine to be honest. The nearest is 15% cheaper than mine but mine is much nicer - honest. I certainly wouldn't swap my home for that one plus the difference in cash.

Hopefully I will get an offer tomorrow.

GG

mr.broderick

Gorgeous_George wrote: »

I had an offer that was very close to asking price just a couple of months ago. The sale fell through (after the survey) due to mortgage problems further down the chain.

Just heard that my potential buyers have found a new buyer and my EA wants to know my position (with regards to lowering my asking price). The answer is that I am open to offers and if my property sells within the next week or two, I'll STR. If not, I'm happy to stay put. The potential buyer can make an offer lower than before but I may not sell if it is too far away from the original offer.

How much lower (as a percentage) do you expect the new offer to be (if it materialises)?

GG

Probably 50% ish GG...Cut your losses and run

PasturesNew

It's hard to say like that. People work in numbers, not percentages, so they'd offer you a sum under the last offer without any thought whatsoever for what percentage that is. Without knowing the first thing about your house, it's price, your previous offer, the location, might as well just say Mr Broderick was spot on but optimistic

pickles110564

brit1234 wrote: »

Just drop 5-10% below equivalent properties on the market however its now getting far more difficult to STR.

Good luck

?
In what way?
If your home is up for sale at its true value then you still can get buyers and then according to several dubious sources on here you can now rent for very little outlay as the rental market has been flooded.

pickles110564

mr.broderick wrote: »

Probably 50% ish GG...Cut your losses and run

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
You have been reading to many of Brit's, !!!!!!?, Carolt's posts.
Its OK you will come back to reality later tonight.

Gorgeous_George

Well, the answer is no, I will not STR.

I was offered £280K in March - only for it to fall through due to (credit crunch) problems further down the chain. No further offers have been forthcoming and my March buyer has decided to buy a smaller property (and semi-detached) in the £220K area. I may have considered an offer in the area of £250K + F&F but the house is now off the market and we are likely to stay here forever (as originally planned).



GG

mr.broderick

Gorgeous_George wrote: »

Well, the answer is no, I will not STR.

I was offered £280K in March - only for it to fall through due to (credit crunch) problems further down the chain. No further offers have been forthcoming and my March buyer has decided to buy a smaller property (and semi-detached) in the £220K area. I may have considered an offer in the area of £250K + F&F but the house is now off the market and we are likely to stay here forever (as originally planned).



GG

And why not ?

Alan_M_2

I was going to suggest 10%, which I would consider reasonable, and that about ties in with what you've had accepted.

The thing is, you're not desperate to sell as you're not a johnny come lately. Plus judging by all your previous posts, you have a vested interested but coupled with a realistic outlook.

If the intention is indefinite habitation of the house you're in (and I guess with little or no mortgage) then good call.

If you had a £220,000 mortgage the outcome would be very different.