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Join our Property forum for renovation, DIY, and house selling advice.

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Property/DIY

Advice please - selling house/accepting offers

23 replies

fempsych · 30/03/2017 20:31

So we are in the fortunate position of having offers on our house. On the market for a week.

Would people accept
(A) asking price, in chain, genuine buyers as known to us
(B) 8k under asking, no chain,

We haven't found a house yet to buy but could possibly go into rented if required?

Any advice? Things to consider? Are there any things to think about regarding moving into rented for a few months (relatives house) if we can't find a house we like?

OP posts:

Report

JT05 · 30/03/2017 23:27

B it's a done deal and you can move on. Then you're in a better position to move quickly when you find the house you want and your chain free.

wowfudge · 31/03/2017 04:42

It depends what percentage of the asking price £8k represents imo. Also is the chain free buyer a developer or a ftb? Does the £8k make a difference in terms of what you can buy and LTV for any mortgage you need?

If you find somewhere to move to will the cash buyer be prepared to wait?

All things to consider. If you move into rented you will effectively have to move twice and would you put furniture, etc into storage? It all costs money and could mount up and end up costing you more than £8k.

namechangedtoday15 · 31/03/2017 10:30

A - they're not going to mess you about and its more money! If you're not in an immediate hurry (as you haven't found anything) there's no need to jump in with the cash buyer.

wowfudge · 31/03/2017 12:15

That was my feeling namechanged

ThroughThickAndThin01 · 31/03/2017 12:18

How many people in the chain? If it's long that might be risky, lots of people who could change their mind, be made redundant etc

fempsych · 31/03/2017 12:23

Chain in a is about three buyers long.

OP posts:

fempsych · 31/03/2017 12:23

B are first time buyers in rented...

OP posts:

EssentialHummus · 31/03/2017 12:28

What percentage is £8k?

FinallyHere · 31/03/2017 12:55

I'd would always avoid a chain if you possibly can. Anything could happen up and down the chain, which could cause your sale to stall. Get a storage option for your 'stuff', sell ypur house and move into rented for a short time and dodge a lot of the stress.

Saraleejunkie · 31/03/2017 13:08

I would go for A. £8k is loads of money and as you havent found a house yet it isn't such a problem there is a chain. We were buying a no chain house and they ended up pulling out so it's not a complete guarantee of success either. But I think it depends how much £8k is to you. For me it would be too much to not try for.

DoristheNovice · 31/03/2017 13:27

Personally I would do anything to avoid a chain, but as others have said, can u afford to go without the 8k? Our situation is different to yours because we're desperate to get a move on as we've already found a house, but after the stress of our previous chain breaking down, the fact that we've now got a ftb who's in rented has eased our stress massively (whilst still being painfully aware that it could all goes tits up!!) I'd definitely go with B but either way, good luck.

AndKnowItsSeven · 31/03/2017 13:31

Depends if your house is worth £800k so 1% or £160k so 20%.

EssentialHummus · 31/03/2017 13:37

It's 5% of £160k.

buckyou · 31/03/2017 13:41

I wouldn't accept 8k under at this stage. If you accept the other and they drop out you will probably get new buyers quick anyway.

MammyNeedsASpaDay · 31/03/2017 13:57

I'd probably expect the FTBs to increase their offer slightly tbh. If they couldn't I think I'd take theirs anyway but it's worth asking them.

Somerville · 31/03/2017 14:01

We're these both first offers? If so I'd turn them both down.

Somerville · 31/03/2017 14:01

...And see what they come back to you with. Since it's only been on a week and you've got no deadline at your end yet.

AndKnowItsSeven · 31/03/2017 14:24

Yes 5% typo sorry.

anotherdayanothersquabble · 31/03/2017 14:36

Going into rented means moving twice, deposit, minimI'm rental period, possible mortgage / rental overlap, possible loss of mortgage portability. Not sure I would do it for a less than asking price offer...

Lilmisskittykat · 31/03/2017 14:48

I'd go for the chain free option.. no price on stress free moving

fempsych · 31/03/2017 15:22

Thanks all - v helpful.

OP posts:

Sunnyshores · 01/04/2017 21:22

Id go back to B and say that being chain free isnt worth £8k to you, its only been on a week and youre not in a hurry to sell......they should increase their offer.

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happypoobum · 02/04/2017 16:37

I would go for option B unless that £8k represents a large percentage.

I wouldn't want to sell to people I knew - never mix business with pleasure.

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