Lost 2 buyers, shall we drop price?(23 Posts)
We've had our 3 bed semi on the market since the end of August. From day one there has been plenty of interest. It was put on the market using an offers over strategy. Had an open viewing where we got 4 offers all over asking. Accepted one and 5 weeks in we lost him due to a "change of heart". Held another open viewing and once again we had 4 offers all over asking. Accepted the highest one as buyer seemed proceedable and very keen on the house. That was 3 weeks ago, he pulled out yesterday due to apparent work commitments (he didn't have the balls to call our agent and our agent received an email from his broker). We are both distraught. We are moving overseas in 4 weeks, DH starting a new job in the US. We have a family who may go ahead today with their original offer (about 3000 less than our previous buyers). Do we drop the price to give them an incentive? We aren't going to hold any more open viewings. The house will be empty from early December so no viewings to be held till then as we have just too much going on with the move. I've got a new agent coming out next week as I'm sick to death of our current one. The house is in move in condition, good location and has a driveway/garage. There's nothing wrong with it! Does anyone have any advice here? Pricing strategy mistake? We have all surveys in place for next buyer so we can move v fast here. I'm so fed up of this system of allowing one party to just change their mind with no consequences.
It might be the market. It looks like prices are adjusting down in the south east, certainly in London and the interest rate rise doesn't help.
I feel for you though that's really shitty.
I would drop the price a little to get it sold quick.
I’d wait and see what happens today with the family. It sounds like you’ve been really unlucky to get two flaky buyers.
If you had four offers before, it might be worth asking your agent to contact the others and see if they’re still interested.
I do believe we have been incredibly unlucky. Was up for £225,000 and we've accepted £240,000 both times so I don't know how we can reduce price? I think the open viewings created false urgency and a false price, viewers may have felt rushed etc. We are in the north west.
I think you've been unlucky with the buyers, and that's not the agents fault. It sounds like they are doing a good job showing so many people round and getting offers.
I'd wait and see what this family comes back with. Let your agent know you are willing to negotiate and they'll convey that.
I also think going on at the end of August and having a deadline to move of beginning December has put you under a hell of a lot of pressure. I'd have allowed 6-7 months to allow time to get a buyer and fall throughs etc. I think you've done well to get two buyers and possibly a third!
What do you mean by having all the surveys in place? A new buyer will have to get their own survey done.
We have a damp and structural report all from our first buyer. We paid for everything. I'll see what happens today. Our agents are beyond stupid and fail to respond to emails/calls. We underestimated how frequent fall throughs happen, apparently 2/3 offers fall through? I don't believe we asked for too much but the way the viewings were handled seemed to bump up the price, perhaps too much and our buyers saw this. I'm speculating. 6/7 months would definitely have been more realistic.
Your willingness to pay for things - normally surveys are at the buyer's cost - may have led the buyers to think there is an issue with the place. Your need to sell may have had the effect of creating a feeling of desperation that people have picked up on. Who knows. But you had offers over asking so I wouldn't drop the price. You can always negotiate if valuations are lower.
Wowfudge you are correct. We got the structural done to satisfy a valuer as we've previously had a lot of work done, buyers didn't want to pay. Structural came back great, no major issues. He got scared anyway and left us 5 weeks in. We have two interested parties and are waiting for their offers... if any.
If you put it on as a minimum of £225,000 (that’s how “offers over” should have worked in your mind - a bonus if you got more!) then you should be flexible to get the sale between £240,000 and £225,000. Has the family sold and can they proceed? You have not actually sold for £240,000 so be realistic. Nothing has happened.
I have just reduced from an asking price of £265,000 to £260,000 and sold at £255,000. I want to sell. The house has been rented out but I want to buy for DD elsewhere. Could you rent yours out? Good luck though. You need some good luck now!
If no luck today I’d be on the phone to find another agent ASAP. Not many people would like to move during the busy Christmas season, but at this stage they might be convinced that “we could be in by Christmas” is a good idea
I already have a different agent coming next week to look at the house and hopefully start marketing it. I've spoke with agent and they don't seem keen on lowering just yet. If we do lower it for a quick sale are we risking putting buyers off with our desperation? We could let it out. But we'd prefer to sell.
I am selling in an area with lots of new houses with bright shiny new bathrooms and kitchens. Our estate sells well but my house is opposite ones that haven’t been very well cared for. Additionally my house is very small - the sq ft floor plan made me wince!
In the end I had to accept selling at a lower price was better than not selling at all! Also by going down to below £260,000 it opened up buyers who could stretch to just above £250,000 but not to £260,000 plus. Obviously it is all down to your market and your need to sell. I did tell the agent I wanted to sell quickly as my tenants had vacated so no income! I think you need to entice people in and get them to want the house and not carry on looking. You are, by definition, a bit desperate so price must be a factor for your buyers. It’s part of the mix.
Sorry, realised you mentioned that earlier! Anyway hope it works out for you soon.
It does sound like you've been very unlucky. I have sold a few properties with multiple offers. I have always found a bit more about the buyer (how soon can they move, have they got mortgage agreement in principle, property to sell, solicitor in place, etc). You usually get a feel of how keen someone is.
I have usually sold to someone who hadn't offered the most as I felt there was less likely to be an issue/them pulling out. A lot does come down to luck though but it may be worth doing another open house if you can face it and try and pick your buyer as best as you can. Good luck.
I sold last year and about 4 times your asking price but the rules are still the same I think. Some random person can come to a Open House and make an offer, after a few weeks you will know whether they are serious as they will start paying for surveys and consulting a solicitor.
I wouldn't trust a buyers survey that you had paid for. I might let you pay for it (why wouldn't I!). £250k isn't expensive and you really don't need to pay for surveys.
Open Houses do tend to get people fired up and then in the cold light of day they realise they are only dreaming. Our old EA wouldn't do them. You also get a lot of time wasters.
When you get your next offer get the agent to work very hard in finding out whether this is a serious buyer. Our agent dismissed someone quickly last year. He said he was a cash buyer, he wanted his whole family (all 12 of them!) to come and see the house. I am aware that Asian culture involves all of the family making a decision but there was no way I was having 12 people wandering around the house.
It transpires that he wasn't a cash buyer. He needed a mortgage but because he felt he was a sure thing he was almost as good as having cash. He lasted a few weeks and eventually it was clear that he was going to try and get a reduction just before exchange. We pulled out.
It sounds as though the price is Ok with your house. House selling and buying is fraught with worry and stress. Move abroad, accept there might be a few weeks/months delay but you WILL sell
Still no updates from our potential 2 buyers. And agent is going on holiday tomorrow. I could cry. We thought we'd chosen the best buyers each time and we've got it Completely wrong.
We have accepted an offer on out house and I have a feeling it will fall through too. We're in London and the market is very skitchy at the moment.
We are also moving out of the UK but not under time pressure like you (wish we had a job to go to!)
Could you rent it out for a while and then see how the market is?
Ask you agent to hunt out any chainless people, renters, or FTBs and offer it to them slightly lower than your current discount provided that completion is done within your timeframe?
It will sell, you have had extremely bad luck. Some people stick their house on the market (looking at you SIL) for far too higher a price and then blame, Teresa May, Brexit, Uncle Tom etc for not getting any offers or getting one at 20% below asking price.
ITS NOT WORTH WHAT YOU ARE ASKING FOR SIL
You are not in that position. Even if the EA goes on leave there should be some cover. Why don't you go in tomorrow and tell them you are running out of time. Of course there is the auction option but your house doesn't sound like you need it.
Agree with PP. London is very sticky at present. People worried they are paying over the odds. I always think life goes on. This is not a first world issue but blooming well feels like it.
Still no offers but an interested couple. Should know more tomorrow morning. It's that or we are back to the drawing board. We thought it was priced as a bargain but of course it went up during the bidding war. Alot of ftbs here can't afford it! We bought is as FTBs in a really run down state and the value has increased by 90,000 apparently.
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