offer on my house. massive dilemma - would YOU accept it?

[offerdilemma]

my house sold in may for 137k, but I had to pull out as I had just split up from my husband, and wasnt in the position to move.

It has now been on the market for 3 months, at 133k, and I have had 2 viewings. The 2nd viewing has made an offer for 115k.

I really want to move. I KNOW what the current market is like, how hard it is to get a mortgage etc, that house prices are going to drop further. But 115k seems a bit low to me - if I do say so myself, it is a fantastic house in great nick, in a good location in my town, and with a driveway and garage that other houses dont have around here. I intend to go into rented for 6 month while I sort myself out in my new area, and then buy there. House prices will drop there too, but currently houses I would like are on the market for 135k.

I have asked them to up their offer a bit more, but I dont think they can.

Would YOU accept an offer like that?

I just feel that either way I will be kicking myself in a few months time... But at least I wouldnt be kicking myself HERE!

[offerdilemma]

by the way, I am a regular, but namechanged cos xh knows my name on here...

[smellen]

Depends how much you want to sell I guess.

You could hold tight a few days and let them sweat it out a bit. If they are really interested in your property, they might realise that it would be good buy at say, £125k, and meet you halfway. I know it's a buyer's market out there, but you seem to think your house is a good deal, so perhaps you might follow your gut instinct. Have you seen what else is available in your area at around that price level?

[offerdilemma]

well all the other houses like mine are around the same price - 130k. But they arent selling, are they. Some have been on for nearly a year!

Someone recently put a house a bit like mine (without drive and garage) for 120k. Its the only one tho.

[tattycoram]

That is a difficult one. Given that you are planning to rent I would say yes, as I do think house prices will fall further. However, that's easy for me to say, in rl I am pretty risk adverse. Do you have to sell now?

[offerdilemma]

I am moving back to my hometown. I moved here a few years ago, and have never liked it and have wanted to go back home for years. Now I have the opportunity to, since I split with my husband. I DREAD the idea of having to stay here another 6 months to a year - there is nothing here for me

[allnewcontrolfreaky]

well you've answered yourself then really.... how likely is it someone is going to buy it for £125k in the foreseeable... not very by the sound of it, all come down to how much you need / want to move.

[offerdilemma]

But would it be a financial disaster to sell at that price?
I KNOW I want to move now - I would move tomorrow if I could - but I being a single mum now I cant afford to mess up our financial future..

[tattycoram]

In that case I would sell it. It sounds like you really want to move on and there is a good chance that prices will continue to fall and you will be able to buy something lovely in your home town

[Jampot]

apply the same discount to the houses you are looking at in your home town. Yours is on the market for £133k and the ones you are looking at are on for £135. If you take £115 then you should expect to offer the same (at the same time) on a purchase. However in 6 months that could well be £100k . I would do it.

[Fimbo]

I would take it tbh, it could be a very looong time before another offer appears and that could be even less.

[Tortington]

tell them no, you wanted a bit more- see what comes back.

if they don't come back by tomorrow, phone estate agent and ask if they will put 118 plus they pay legal fees (whynot!)

[Dropdeadfred]

have you tried asking them for £120 or any increase at all? they may be able to go up at least a few £000's

[eekareindeer]

What Jampot said.

at house prices in your area!

I know I'm a bit skewed because I live in London but I had no idea you could buy a house for £115,000 anywhere in the country.

[nickschick]

eekkareindeer dont they have the internet in london??

youve only got to look at house prices to see £80.000 would buy you a 2 bed house with a garden in some areas of manchester.

[Northernlurker]

I would try for another couple of grand but failing that take it. If it helps - we had an offer on our house last year of 143 000 - we were asking 150 000 and had been hoping for 145 000. But we were desperate to move and we took the offer and moved in May (having negotiated a similar discount on our purchase)

The house two doors down from us is now on the market at 139 000! I assume they are expecting something below that.

With the economy so black I don't think you are going to do any better tbh - you could wait for months or even years for another buyer.

[GrinnyPig]

Have they come back to you to say if they will up their offer?

I think in your situation, I'd take it. Nobody knows what will happen in the future, but I don't believe house prices have hit the bottom yet.

[noddyholder]

That is a good offer considering the state of the economy.I would take it as by the summer 100k could be optimistic.

[elliott]

I think its not bad. Surely anyone offering now is going to go in at at least 10% off asking price - or start lower and expect to end up around 10% off asking?
What position are the potential buyers in? That is at least as important as the level of the offer imo.
I think its probably sensible to refuse the offer to test whether they are prepared to go higher. but I wouldn't hold out for more than 120k definitely.

[Lizzylou]

I agree with Custy.
Hold out for a bit more, if not accept it subject to a clause that it completes fairly quickly, then the money is in your bank (gaining interest, was my first thought, then I remembered )and you can start looking for something else.

[noddyholder]

Can't believe anyone is advising the seller tries to call the shots in the biggest boom and bust in property this country has ever seen!Houses have no intrinsic worth just what someone will pay and what the bank will lend.

[Lizzylou]

Yes Noddy, but people also have unrealistic expectations as to how low house prices will drop, so make cheeky offers. Op should at least test to see if she could get more.

[noddyholder]

Cheeky and unrealistic?Since I have worked in property I have never known such drops and everyone I know agents and developers are saying up to 50% off peak prices is very possible.We have all been brainwashed to try for more but its not possible now.imho

[missingtheaction]

I would accept but only
a) if they are in a position to buy - ie no backwards chain
b) if the survey is done and dusted in a fortnight
c) no messing around on survey results - no reduction for trivia, only if roof is falling off etc
d) nothing included that you aren't actually throwing away - take the fridge freezer curtains etc with you

[ArtfulDodger]

i would take it, good offer imo.

[Weegle]

I think it is a good offer actually. And given that you will be renting and then buying in an even lower market I would take the offer! Especially given that buyers actually able to move (ie have the mortgage sorted and their own house sold) are currently a rare bread... You also have to think to yourself - is getting away from that house and back in to the area you want worth giving up for £5k or whatever it is.

If it makes you feel any better, we originally went on the market abour 10 months ago for £40k more than we've finally exchanged on. But likewise the house we're buying we're getting for 40k less than they wanted... it's the way of the market and with the plan you have will work in your favour...