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  • FIRST POST
    • ShelboBaggins
    • By ShelboBaggins 14th Jun 19, 11:29 AM
    • 14Posts
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    ShelboBaggins
    Accept offer?
    • #1
    • 14th Jun 19, 11:29 AM
    Accept offer? 14th Jun 19 at 11:29 AM
    We put our house on the market 9 weeks ago and in the first 7 weeks had 7 viewings but no offers despite good feedback from all viewers. We initially marketed at OIEO 160k which was midpoint of our 3 valuations, lowest was 155k and highest 165k. We reduced price last week to OIEO 156.75k to drum up more interest as felt it was getting a little stale and we had to go just over 2% to refresh our Rightmove listing. I'm currently 35 weeks pregnant which is the reason for the move as it's a 2 bed Victorian property but a little too small for us with baby, our initial hopes were that we'd sell quickly and be able to move before baby arrives but that's obviously not going to happen now with 5 weeks until I'm due.

    We had a viewing yesterday from a buy-to-let investor and he initially came in with a low ball offer of 145k but EA has since negotiated with him and now he says the most he can go to is 153k. I commented to EA that this was lower than our lowest valuation (EA were the highest at 165k) and I'd need a couple of hours to think about it. From what I can see the market in my area has been slower than usual and EA thinks it's a good offer and we might not get another anytime soon - but is he just saying that with commission in mind?

    I'm torn as we're eager to move and find our new property but I had in mind 157k would be the lowest we'd go to. Not sure if potential buyer would negotiate further if I went back to EA and said 155k would be our minimum. To be honest am a little stressed about whole selling situation which isn't ideal for my pregnancy as was getting a little upset and worried about not even having any offers on table yet.

    In my situation would you hold out a little longer, accept offer or negotiate for a little more?
Page 1
    • Exodi
    • By Exodi 14th Jun 19, 11:47 AM
    • 852 Posts
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    Exodi
    • #2
    • 14th Jun 19, 11:47 AM
    • #2
    • 14th Jun 19, 11:47 AM
    I've got to get it off my chest it as I've seen this suggestion a few times now;

    In what world is OIEO 160k the midpoint of 155k and 165k?

    You seem to base your impressions of what your house is worth based purely on the estate agents valuations and views - what have houses of similar style and location to yours sold for recently?

    I personally would accept the offer, nitpicking over 2,000 is a dangerous game to play baring in mind you've had no other offers and the prospective buyer has raised his bid by 8,000 and said it's as high as he will go, so for once I'd agree with the estate agents comments.

    It may help people advice if you post a link to the property on rightmove.

    Ultimately though, this is purely a personal decision. If you are pregnant and stressed, drawing this out longer than it needs to be over 2,000 may lead to the house being on the market for another few months.
    Know what you don't
    • gwynlas
    • By gwynlas 14th Jun 19, 12:15 PM
    • 287 Posts
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    gwynlas
    • #3
    • 14th Jun 19, 12:15 PM
    Accept offer?
    • #3
    • 14th Jun 19, 12:15 PM
    Like it or not you are going to have the baby in this house as due in 5 weeks. Personally I would take the house off the market for as long as it takes to see how baby is ie settles quickly etc as this will affect your stress levels. Baby can easily be in cot in your room for months.Victorians raised large families in 2 bedroomed houses.
    Investor might reduce offer close to exchange or pull out for some reason.
    Personally I would give myself some breathing space and research where to buy next property
    • babyblade41
    • By babyblade41 14th Jun 19, 12:37 PM
    • 1,240 Posts
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    babyblade41
    • #4
    • 14th Jun 19, 12:37 PM
    • #4
    • 14th Jun 19, 12:37 PM
    Personally I wouldn't be moving for the next 12 months at that far into the pregnancy .. The stress, frustration and tiredness and that's just getting the house to exchange , never mind baby thrown into the mix (not literally before anyone reports me)

    I'd get all the rest from now until delivery and then enjoy your baby .. I think you will find the alternative will be tough and unnecessary and your stress will rub off which could end up with a fractious baby .

    Trust me I had one of those 34 years ago and I'm still freaked by it now .. and she still hasn't stopped whinging
    • OldMusicGuy
    • By OldMusicGuy 14th Jun 19, 12:51 PM
    • 1,080 Posts
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    OldMusicGuy
    • #5
    • 14th Jun 19, 12:51 PM
    • #5
    • 14th Jun 19, 12:51 PM
    You're crazy not to go for it if you genuinely want to sell. If 2K makes a huge difference to you, you probably shouldn't be moving as it implies your finance are too tight.

    It sounds like this person will be an ideal buyer as they will have no chain, so the sale will be simple. For 2K, do you want risking not getting a higher offer, or getting stuck in a complicated chain?

    EA valuations are guesses about what the market will bear, they are not what the property is "worth". If you want to move quickly, you need to accept what the market is telling you.

    We are in a very similar situation by the way. We had accepted an offer that was below any EA valuations, that buyer pulled out two weeks ago and we are already looking at a price 10 to 20K below that now we are back in the market. The issue we have in this area is that there are quite a lot of properties on the market and a lot of competition from new builds.
    • ShelboBaggins
    • By ShelboBaggins 14th Jun 19, 12:53 PM
    • 14 Posts
    • 15 Thanks
    ShelboBaggins
    • #6
    • 14th Jun 19, 12:53 PM
    • #6
    • 14th Jun 19, 12:53 PM
    I've got to get it off my chest it as I've seen this suggestion a few times now;

    In what world is OIEO 160k the midpoint of 155k and 165k?

    You seem to base your impressions of what your house is worth based purely on the estate agents valuations and views - what have houses of similar style and location to yours sold for recently?

    I personally would accept the offer, nitpicking over 2,000 is a dangerous game to play baring in mind you've had no other offers and the prospective buyer has raised his bid by 8,000 and said it's as high as he will go, so for once I'd agree with the estate agents comments.

    It may help people advice if you post a link to the property on rightmove.

    Ultimately though, this is purely a personal decision. If you are pregnant and stressed, drawing this out longer than it needs to be over 2,000 may lead to the house being on the market for another few months.
    Originally posted by Exodi
    Thanks for your honest response.
    Sorry - probably not the best way to phrase your first point (don't shoot me down I'm a property newbie!), what I meant is that the 160k (ignoring the OIEO) was midpoint of 3 valuations, we were hoping to get somewhere between 160-165k initially based on similar properties on the market at the time.

    Market has been ridiculously slow in our area despite being in suburbs of Birmingham, it's quite popular for FTBs and investors and rail and bus links are within walking distance. It's difficult as there are very few properties on the market currently to compare against or even for sold house prices, sold houses have been between 150 and 160 in the last 2 years for similar 2 up/2 down traditional victorians. The nearest sales were 2 properties in our row of terraces 2 years ago, one went for 155k and the other for 125k (but this was a quick sale after a prolonged period on market and seller's terminal illness) so we felt that asking around 160k compared to similar houses within 1 mile radius was fair, we felt our current EA's valuation was a little too high.

    This is the link to Rightmove listing: property-61534473.html

    We're obviously are very keen to move as this was my first house I purchased 16 years ago and the house we buy will be both mine and partner's so it's a big step for us especially with baby on the way and we'll be getting married next year. I just feel a little nervous accepting the first offer, but the buyer is in a good position as doesn't have a property to sell. As we're looking to buy a property for 350-375k I just needed to go back to my calculations to see how low we could go so their offer is still within our budget but when you compare to our initial hopes of achieving 160k+ psychologically it feels a little low but I have to accept that if we want to move within the next few months we'll need to adjust our expectations to reflect the reality of the current market rather than think we should try and achieve as much as we can. You're right, in the grand scheme of things 2k is hardly anything to quibble over. Thanks for putting it into perspective - growing a little human inside you doesn't help with rational thinking!
    • billy2shots
    • By billy2shots 14th Jun 19, 1:03 PM
    • 316 Posts
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    billy2shots
    • #7
    • 14th Jun 19, 1:03 PM
    • #7
    • 14th Jun 19, 1:03 PM
    So much wrong with this. OIEO is absolute junk. Price a house properly and don’t accept stupid EA games thinking they have a clever marketing tool.

    ‘The EA negotiated’. No no no. The EA passes on offers to you. You negotiate via the EA.

    Sounds like you haven’t much experience in buying and selling, especially as you allude to the fact you think you will be all sorted in a few short weeks.

    Probably best to read up a bit more so you are prepared for when even a straight forward sale gets stressful.
    Last edited by billy2shots; 14-06-2019 at 1:10 PM.
    • Davesnave
    • By Davesnave 14th Jun 19, 1:08 PM
    • 29,505 Posts
    • 102,334 Thanks
    Davesnave
    • #8
    • 14th Jun 19, 1:08 PM
    • #8
    • 14th Jun 19, 1:08 PM
    I'd stay put for now, especially bearing in mind that an investor has no emotional attachment and may well gazunder you later, when you're fully committed to something else.


    What would that do to your stress levels?
    Opportunities may be missed, especially when they arrive disguised as hard work.

    • lookstraightahead
    • By lookstraightahead 14th Jun 19, 1:45 PM
    • 1,380 Posts
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    lookstraightahead
    • #9
    • 14th Jun 19, 1:45 PM
    • #9
    • 14th Jun 19, 1:45 PM
    That's so close to asking price I would jump at it
    • oystercatcher
    • By oystercatcher 14th Jun 19, 2:02 PM
    • 1,937 Posts
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    oystercatcher
    Do the sums and see if you can still afford what you want for the next property. If you can still afford something reasonable I would go for it.

    People are saying don't move yet because of the pregnancy but to my mind (mother of three) it is easier to move with a tiny baby than an awkward toddler , it's never going to be easy but just grit your teeth, plan and do it ! I once moved with a three week old baby plus two toddlers ! We survived
    • Smellyonion
    • By Smellyonion 14th Jun 19, 2:24 PM
    • 247 Posts
    • 184 Thanks
    Smellyonion
    You're crazy not to go for it if you genuinely want to sell. If 2K makes a huge difference to you, you probably shouldn't be moving as it implies your finance are too tight.

    It sounds like this person will be an ideal buyer as they will have no chain, so the sale will be simple. For 2K, do you want risking not getting a higher offer, or getting stuck in a complicated chain?

    EA valuations are guesses about what the market will bear, they are not what the property is "worth". If you want to move quickly, you need to accept what the market is telling you.

    We are in a very similar situation by the way. We had accepted an offer that was below any EA valuations, that buyer pulled out two weeks ago and we are already looking at a price 10 to 20K below that now we are back in the market. The issue we have in this area is that there are quite a lot of properties on the market and a lot of competition from new builds.
    Originally posted by OldMusicGuy

    What price is your property selling at?


    2k is a lot of money. It may seem insignificant in the context of a house but it is 2k.
    • steampowered
    • By steampowered 14th Jun 19, 3:41 PM
    • 3,636 Posts
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    steampowered
    Another vote to go ahead with this buyer. Especially if the buyer is prepared to wait around given that you haven't found a property to buy yet.

    2k is not much in the scheme of the 350-375k you are paying.

    Of course, you now need to find a property to purchase, and get your offer accepted. Easier said then done !
    • Crashy Time
    • By Crashy Time 14th Jun 19, 4:22 PM
    • 8,414 Posts
    • 2,977 Thanks
    Crashy Time
    You're crazy not to go for it if you genuinely want to sell. If 2K makes a huge difference to you, you probably shouldn't be moving as it implies your finance are too tight.

    It sounds like this person will be an ideal buyer as they will have no chain, so the sale will be simple. For 2K, do you want risking not getting a higher offer, or getting stuck in a complicated chain?

    EA valuations are guesses about what the market will bear, they are not what the property is "worth". If you want to move quickly, you need to accept what the market is telling you.

    We are in a very similar situation by the way. We had accepted an offer that was below any EA valuations, that buyer pulled out two weeks ago and we are already looking at a price 10 to 20K below that now we are back in the market. The issue we have in this area is that there are quite a lot of properties on the market and a lot of competition from new builds.
    Originally posted by OldMusicGuy
    Sizeable drop for two weeks?
    • Cakeguts
    • By Cakeguts 14th Jun 19, 5:27 PM
    • 6,660 Posts
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    Cakeguts
    My personal feeling is that you should go with this offer and see where it leads. I don't think your house is going to be very easy to sell.
    • OldMusicGuy
    • By OldMusicGuy 14th Jun 19, 5:39 PM
    • 1,080 Posts
    • 2,262 Thanks
    OldMusicGuy
    Sizeable drop for two weeks?
    Originally posted by Crashy Time
    No, just optimistic initial pricing. There's also a lot of new builds coming on the market and we can see how our house is looking a little dated in terms of layout compared to them (it's 20 years old). It's definitely a buyers market here - there is a lot of activity but a lot of choice for the buyers.

    We could probably get more if we held out for it but for a number of reasons we want to sell, hence the drop to make us attractively priced compared to the competition. As we are downsizing and taking equity out of the property we don't need to hold out for every penny we could get.

    No property crash I am afraid.......
    • OldMusicGuy
    • By OldMusicGuy 14th Jun 19, 6:08 PM
    • 1,080 Posts
    • 2,262 Thanks
    OldMusicGuy
    What price is your property selling at?


    2k is a lot of money. It may seem insignificant in the context of a house but it is 2k.
    Originally posted by Smellyonion
    Our property is selling in the 750 to 800K range. We could try and hang on for a similar price to what we previously had, but have dropped the price by 10K so that we can sell rather than keep the property hanging around. And if we got a good buyer we would take another 10K or possibly more off the price.

    2K is nothing in the context of the house prices the OP is talking about. However, if the 2K is crucial to them, then it matters.
    • ShelboBaggins
    • By ShelboBaggins 14th Jun 19, 8:22 PM
    • 14 Posts
    • 15 Thanks
    ShelboBaggins
    Just to update that I accepted the offer this afternoon. Estate agents feel confident buyer is serious as he's bought a few buy-to-let properties from them before. They had commented how slow market currently is and they're not selling as well as they had been this time last year, wish they'd mentioned that sooner rather than later but that's estate agents for you.

    Thanks for your responses, I was just a little nervous accepting an offer lower than we had hoped for but having done the maths we could afford it and didn't want to risk being stuck on market for much longer. Now looking forward to finally looking for our new home and hoping we'll be moving by end of September.
    • Davesnave
    • By Davesnave 14th Jun 19, 9:53 PM
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    Davesnave
    Estate agents feel buyer is serious as he's bought a few buy-to-let properties from them before..
    Originally posted by ShelboBaggins
    If the purchaser has a good track record with the agent, then the risk of him gazundering you is much less..
    Opportunities may be missed, especially when they arrive disguised as hard work.

    • AnotherJoe
    • By AnotherJoe 15th Jun 19, 6:28 AM
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    AnotherJoe
    What price is your property selling at?
    2k is a lot of money. It may seem insignificant in the context of a house but it is 2k.
    Originally posted by Smellyonion
    2k is indeed a fair bit of money. It is however a wholly theoretical 2k. You and OP are assuming that the higher price can be achieved but there's no evidence to back that up. There's been one offer from 7 viewings.
    Take it.
    I also don't understand all these posters saying dont move with a little baby. As said it's easier than with a toddler and anyway what difference does it make, the baby doesn't know what house it's in. Removal services will pack and shift and f you wait until kids aren't an issue, what's the plan leave it til they are away at university ?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Davesnave
    • By Davesnave 15th Jun 19, 7:26 AM
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    Davesnave
    I also don't understand all these posters saying dont move with a little baby. As said it's easier than with a toddler and anyway what difference does it make, the baby doesn't know what house it's in.
    Originally posted by AnotherJoe
    It's more about the adult, their stress levels and their reaction to the inevitable problems that come with moving; the baby senses those and the first month or two is most important for all sorts of stuff.

    Only the OP and their partner know how to put a weighting on this. Some people sail through pregnancy and/or buying/selling houses. Others certainly don't.

    FWIW I think the offer is fine.
    Opportunities may be missed, especially when they arrive disguised as hard work.

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