Hooray! We've got an offer!

[dilbertina]

House has been on market since mid-August ish. We've had an offer for just under 10% off asking price. Do you think most people expect you to bargain a bit? eg Reach agreement somewhere between initial offer and asking price? I would assume the first offer is a starting point, but also don't want to scare them off!

The potential buyers have only just put their own house on the market and purchase of ours is dependent on their sale. We're living abroad at the moment so any chain stops with us.

[SparklePrincess]

These people are tourists & time wasters. They are not in a position to make any offers, let alone proceed. Please do not take your property off the market or accept an offer from these people. Thank them politely for their offer, say you were hoping for something a bit higher, & you would be happy to hear from them again once they are in as position to proceed. Continue to market your property in the hope that they, or someone else can proceed soon. :)

[CaptainNancy]

I think that's a bit harsh actually- they may only just have decided to purchase and like the look of your house. I am house hunting, and don't even have my property on the market yet.
Maybe they'd previously discounted it as too high, but managed to svae more deposit, or come into some money?
If you're happy with the offer, tell them, but let them know you're not accepting it as a purchase until theirs is sstc (if that's what you want).
If you want more money tell them. No point in messing them around. If they're serious, they'll come back to you, and sort out selling theirs.

[SparklePrincess]

Its not at all harsh, its common sense. There's no harm in viewing properties & compiling a short list so you're ready to go with an offer as soon as you get one on your place, (I did that myself as I had limited time to view being an hours drive away from the new place) or even letting the agent know that you like the place & to keep you updated on any developments with the property. But to actually make an offer is completely pointless & wastes everyone's time.

You wouldn't go into a car showroom & say "I really like that BMW but ive got no money so can you keep it for me until I have enough?" It would be ridiculous. Why should buying a property differ?

[mollymole]

i would ask your estate agent to tell them ' we have passed on your offer and are keeping it on file - as soon as you are in a position to proceed come back to us and we will go from there, but we cannot take the house off the market until you are in a position to proceed'
they then know that you are aware of their interest, but have not accepted
it as yet - it also gives you time to find out, from any other viewers etc what the actual market value of your house is and from this, if and when they come back you will have a better idea of how valid their offer is

[CaptainNancy]

No Sparkle- but you would go into a car showroom and say 'I really like that car, what finance deals do you have atm?'

I agree taking it off the market for them isn't the right thing, but you do need to let them know if the price is acceptable or if they need to come back with a higher offer.

Mid-August is only 5 weeks or so- seem quite early to be accepting 10% below asking price, but how far over valuation was the asking price?

I am seeing properties stay on the market for months where the seller will not accept an offer lower than they've got it up for, and guess what, buyers aren't willing to pay full price for something that nobody else wants. Things that sell quickly are achieving full price as far as I can see.

[CaptainNancy]

Sorry- meant to give an example- 4 bed, victorian villa, on market with 2 different agencies at £400k, been on market for 13 months now, seller has just dropped price to... £390k.

I wonder why they're not shifting it?

[dilbertina]

Hmmm, thanks all! Absolutely will not be taking house off market until they are in a position to proceed, I agree that the offer means nothing until they actually can proceed.

I don't think they are just trying a punt though, They have visited several times and had an architect round to discuss possible improvements. I know where the house is they need to sell, and actually our asking price is less than they would probably hope to get for theirs (ours is rural, just outside city, theirs is in city).

I will talk to estate agent tomorrow and discuss the way forward! (But yes, I hear you, we won't be taking it off market on basis of unsubstantiated offer!)

[mylovelymonster]

Really positive that you have an offer - totally agree with mollymole Re: keeping them and their offer in mind for review/negotiation once they're in a procedable position, but maintaining your house on the market for the time being.
Best of luck.

[SparklePrincess]

I would go into a car showroom & do a test drive on a car I have no hope of ever buying actually CaptainNancy. LOL! I don't do finance!

Back to these fantasists!!! Why on earth are they spending so much time & money on a house they are most likely not ever going to buy? It makes no sense! Perhaps they have more money than sense?

[dilbertina]

I have a friend who took a VERY expensive car for a test drive "weekend". The wedding photos were great!

I won't dismiss them as fantasists just yet, but will insist that they show me the money!

[Northernlurker]

We made an offer when ours wasn't on the market - well we said 'we want to make an offer this is what it will be if we sell our house what do you think?' Got the message back that it would do, hurried to get the house on the market and got a buyer within a fortnight - then Northern Rock happened, our buyer freaked, we sat unable to proceed, the house got two other offers - neither of which proceeded (poor vendors) and finally 5 months later we got another buyer and moved in 6 weeks.

[SparklePrincess]

That's brilliant dilbertina!