Selling - cash offer - WWYD(16 Posts)
OK - maybe the answer is straightforward, but would value fresh insight:
We've had our tiny flat on market for about 6 weeks [we live in Scotland, and went with a "big" EA]. The visits have been very sporadic, and the EA has not been very good in term of communication (we only seem to be able to speak to secretaries).
The flat is in good condition, in a popular area. We half use it ourselves as a base for work in the city, half rent it on AirBnB. The mortgage is tiny.
Equivalent or smaller flats were valued at similar level (£100k) or slightly above. These flats were marketed at higher price than ours by other EAs (offers over system) and went under offer quite fast. Typical offers are 5 to 15% over valuation where we are. In the meantime, we did further work on the property, based on buyer feedback, like repainting a ceiling, removing a large cupboard.
We have received an offer from a foreign buyer, which is on valuation, with demand for an entry date in 4 weeks, not hugely convenient as we are away abroad at that time. We got back to the EA with our response - that we were looking at 10% over valuation, ideally with an entry in September, but were ready to discuss / negotiate.
The EA (after 2 days and some chasing) got back to us that the buyer won't budge, and that we should just take the offer. We just have this feeling that they are not working for us and pushing for a quick sale to get the property off their book, regardless of the price outcome. They also tried the scaremongering tactic that we should be grateful for any offer.
What would you do? should we just go with it, accepting that times may get tougher, or stand our grounds?
We are not desperate to sell, but have got a giant mortgage on the new property we've moved to, and we'd feel better with a little bit of cash to cushion us from any mortgage rate hike or unforeseen employment dramas.
ask for proof reg genuine cash offer and take it.
Your agent should qualify the offer as a matter of course.
If you were in England I would urge caution as a cash buyer might well drop the price at the last minute (as they don't have to fanny about with mortgage arrangements) but IIRC in Scotland it is legally binding from acceptance so less pitfalls I think.
Cash offer is legit as offered via solicitor, so already vetted.
So it is on the table - and up for grabs.
I just feel we are being played by the bloody EA.
Take the offer six weeks is a reasonable amount of time to be on the market they are in a hurry and you'll have the money in four weeks. Why do you want ten per cent over valuation?
Personally I would take it, everything is unsettled and uncertain at the moment for all of UK so I'd just get it sorted as quick as you can.
We're selling our house at the moment and have accepted a slightly lower price than we initially wanted as the buyer has finances in place and wants to move as quickly as possible.
I would take it probably unless you can make more from Airbnb?
Brexit, potential of a new Scottish Ref etc are all a bit uncertian at the momenty.
fair points - thanks!
We won't make money per se out of airbnb - it covers the mortage and the bills, and affords us some flexibility when we are in the city. Not quite as nice as a load of cash to cushion us would things turn nasty in term of job / economy.
Lighteningirll - where we are, houses / flats go for over valuation (it's in the city, next to the uni) - anything between 5 to 20% (we bought a new house a month or so ago - 15% over valuation. Our previous offer in a house on the same street, 12% over valuation was rejected at closing date - we were 5th out of 7th potential buyers).
I called the EA today to discuss their whole approach, and they eventually agreed to get back to viewers who had expressed any kind of interest to follow up .
we'll prob end up taking the offer, as risk-adverse DH is getting spooked by the scare stories...
I hate selling!
Why do you think yours hasn't had much interest / sold if others are selling quickly?
I'm in Edinburgh and pre Brexit things were selling quickly if priced right which makes me wonder about yours.
I think post Brexit you can only expect a slump so I think I would take the offer if you definitely want to sell and wait if you are happy to wait long enough for any slump to recover, however long that takes.
not 100% sure why - for similar valuations, all other flats in the vicinity had a higher O/O - it meant that our flat was always on page 3 or 4 of rightmove, with cheaper properties / studio flats.
At the time it first went on market, there was also a short term tenant in, and the EA did the viewing. The latest viewings were done by DH (including the visit where an offer was made).
Our EA maintained that it was the right strategy, do get people through the door - obviously this did not pay off... as not that many people came forward (unlike other equivalent properties which all went to closure).
I'll chalk it up to experience...
We recently sold our flat in London. With a 'big' EA - all nice at the beginning then pressured us to get property off their books. We stood our ground and ended up with the right offer BUT this was pre brexit and London.
We had lots of interest from foreign investors - ime they are experienced and will be hard nosed when buying - they often have a few accepted offers on the go and may try to negotiate down at the last minute.
Pre Brexit - I'd say hold your ground. Post brexit - if you want that cash then take it but be a bit hard nosed yourself on when is convenient for you to move out.
Best of luck!
Thanks howrude - I've been pestering them all day yesterday and today, asking why the poor performance and reminding them that we are not desperate for the cash, and expect them to negotiate on our behalf and have our best interest in mind when doing so.
Also ask them to actively chase all interested parties and viewers, and highlight that the [past] grubby tenant had gone, plus a few improvement made (they were informed, but this probably had not trickled down to all staff).
Phoned a total of 6 times, and emailed as much - and, surprise, we have a second interested buyer. Not sure if this is coincidence or not, or if the person is "serious" about buying - however, there is a note of interest on the table.
Oh dear - not great - just keep doing what you're doing and perhaps, due to this, you can negotiate for a lower rate upon sale. But, I hate this sort of thing. You sign up to a contractor - they should just do their job!
I'm now buying a property and the EA acts the same to me! Pushing my to buy but it's a a leasehold and there are major works due that noone can tell me about. The property was previously sold and I was told it fell through as it was an investor who just gently lost interest. I'm now cross and telling the seller's EA I'm a serious buyer but I do need to jnow about major works - they are putting pressure on me to exchange. I mentioned the last seller pulling and they now tell me it was pulled due to the sitting tennant. This is untrue.
Oh Marasme- do what you have to do to ensure the sale you want - but appreciate it's hard!
gosh - the English system seems even harder to navigate.
We managed to push the EA into a closing date on Monday - this might backfire, of course, given that they always move at sloth pace, and may have failed to notify the interested parties.
I will update!
Good luck with your own purchase!
6 weeks is quite a long time to be on the market (are you in Edinburgh?) I would take it. We were on for 10 days in the centre of town and took a cash offer at £10k below hr valuation (top end of the market though). All advice was that if we hadn't accrued a fair amount of notes of interest by that time we should take an offer.
That was pre-brexit threat. Don't be greedy - bite their hand off!
Oh I see you went to closing. How did it go? Hope you got what you wanted?
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