Hope someone can give advice re negotiating selling price!

[oneofthosedays]

Our house has been on the market since the beginning of 2010 and only had 3 viewers in that time. Start price was £65k which we dropped to £60k due to lack of interest.

We had viewers last week who didn't seem too keen but did put an offer in the next day. Was only for £52k though and they said that was because they thought there were roof problems with the house. We had reassured them on viewing that there were no roof problems that we were aware of, but decoration was affected after gutter leak (was just blocked). We think it was because one of the bedrooms is still in the same decorative state as when we moved in (every other room in house done apart from this one, never got round to it) i.e old wallpaper peeling away from walls in parts (particularly on external wall after gutters leaked when blocked) and generally not looking modern/painted like the rest of house. We haven't got time or money to get this room bonded/skimmed up tho.

We went back to them same day with counter offer of £55k and said we would strip and skim bedrm and put new carpet in. Buyers came back next day via EA saying offer was still £52k due to roof concerns. I asked EA to reiterate that no roof probs but if anything came up on survey we would put right or renegotiate price as necessary.

It went backward and forward the same all this week until Friday when they suddenly told EA that they were cash buyers but only had £52k and couldn't go higher, they also want second viewing. We agreed to 2nd view but said we were firm on £55k (but are hoping to get £54k, but haven't told EA that as they are on a fixed fee from us and get the feeling they just want the house sold).

Never sold a house before so really don't know how to play this, surely if they were cash buyers they would have stated this originally? But at the same time, if you have £52k cash surely you can source another £2-3k if needed and they certainly seem keen on the house. We are desperate to get rid but really need £54-54k, could go to £52k but would have a knock on effect on renovations on our new prop. Prop we are selling is offered with vacant possession if that makes any difference.

That was a bit long, sorry! Any advice would be gratefully received!

[cleggy36]

In my experience nobody ever makes their highest offer first time. Given they're coming back for a second viewing I would have thought there must be a bit more to come, so stick to your guns for now. Also it depends how much of an issue timing is for you. If they aren't in any rush they might be happy to let you dangle while they look at other places and that might notwork for you.

[thatsnotmyGUNPOWDER]

Just let them sweat it out, the will have the 2nd viewing, and sound like they love the house.

I would not be "in" for the 2nd viewing, and let the agent field the questions. Make sure you have preppped the agent though and have a ladder/torch ready for them to go in and explore the attic.

Stand firm on £55K

[MaryBS]

They're telling you they're cash buyers to emphasise what a good position they're in,and they're using this as a bargaining tool. No reason to declare it up front at first, its part of negotiations. Cash buyers are best because chains can and do go wrong, and if they do go wrong, it causes problems for everyone. Its also a benefit for them that you are selling with vacant possession, but depends how keen they are.

You are handling it fine, as far as I can see, you have made a counter offer and stated where you stand, and also left yourself some 'wriggle' room. Hopefully they'll come back with an increased offer. It may be that 52K is all they can offer, but we'll see...

[lalalonglegs]

If they don't put in an offer that you want to accept, I think it would be a good idea to redecorate the second bedroom. Although you haven't had many viewers, I'm sure it has put those who have come round off.

[oneofthosedays]

We were going to to the bedroom after xmas after we saved enough for it and had moved out so there was little disruption for us. This offer came as a bolt out the blue as they played it quite cool on the first viewing. 2nd viewing is this morning so unfortunately we are all in (me, DH and 2 dcs), no chance of dumping it on the EA unfortunately! . I'll just have to do the best I can today and see what happens via the EA tomorrow.

If it comes to the crunch and they really haven't got any more to offer then we will probably take the £52k as we need the sale. I'm presuming we can ask for some sort of proof that they are cash buyers?

Thanks for all the advice.

[Vine]

Hope it went well!

Good EA do usually check evidence of cash/mortgage after an offer is accepted, before procedures start. If your property is one of many similar ones that is on the market (or may come on after Christmas) then you may not get a better offer. Let us know how it went.

[Fiddledee]

If you have only had 3 viewings all year I would take the £52k to be honest and get rid of the property. I would suggest meeting halfway between £52 and £55 as a first shot. They need to prove to the EA that they are cash buyers.

[oneofthosedays]

Well it seemed to go well, I highly overestimated how good their english was on the first viewing, they brought someone today who knew a bit about property and could translate for us and we managed to answer all their questions. We had a bit of a haggle and stayed firm on the £55k, so I'll see what they come back to the EA with tomorrow hopefully and go from there.

Unfortunately, and I really don't know why I didn't see this before, they are also looking at another property which is on our street for sale and has been up for about 18months longer than ours has so I think they're going to play one off against the other to get the lowest price. Even more incentive for us to take the lower offer unfortunately

[mumzy]

could I ask whereabouts you are I'm shocked that you can still buy a house these days for £55K?

[thatsnotmyGUNPOWDER]

oh god, I hope it all works out for you.

[oneofthosedays]

we're up North in terraced property, that kind of price is not uncommon round here

[thatsnotmyGUNPOWDER]

BTW I would be a bit annoyed with the EA not knowing about this other property they are interested in and not letting me know sooner.

[oneofthosedays]

I'm going to mention that tomorrow to the EA when I ring and give them the lowdown from todays viewing. It's on with another EA.

[neverquitesure]

Did you hear anything back from them? The chap who's buying our house left it almost a week between his second and final (1.5% below asking price) offer. I think he was hoping that if he left it a little while we might cave and accept his lower offer.

Incidentally 'cash' buyer generally means a buyer who has their finances in place (e.g. deposit and mortgage offer and not dependant on the sale of another property). It does not usually mean they have all £52k sitting in the bank so that might be genuinely all they are able to borrow based on their deposit and/or earnings.

However, based on what you have said I would be inclined to think they are letting you sweat it a bit knowing that your house has been on the market for sometime (and therefore less likely to be snapped up by someone else in the meantime). You said you'd be happy to reduce by £1k so you could offer to reduce it by this amount on account of the fact they are cash buyers. That way they would feel they are getting a good deal and you would hopefully be able to move on (quite literally!) with your lives.

Good luck!

[oneofthosedays]

Yes, the EA rang them today and they're having a think for a couple of days and the EA will be ringing them back Weds, so should hear something then. Money is coming from family abroad apparently, so no mortgage at all going off what they have said. Fingers crossed!!

[neverquitesure]

Crikey, wish I had family like that! Good luck, sounds like they really want it so probably no harm standing firm for a little while longer.

[oneofthosedays]

Update: The buyers went to the EA today and offered £55k!! We accepted of course! Thanks for all the advice!

[artyjools]

Brilliant. Nice to hear a happy ending!