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AIBU?

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Original poster

To post this here in the hope of a couple of quick replies before I go to bed? (Sorry)

38 replies

oneofthosedays · 07/11/2010 00:19

Posted in propert/diy as well.

Our house has been on the market since the beginning of 2010 and only had 3 viewers in that time. Start price was £65k which we dropped to £60k due to lack of interest.

We had viewers last week who didn't seem too keen but did put an offer in the next day. Was only for £52k though and they said that was because they thought there were roof problems with the house. We had reassured them on viewing that there were no roof problems that we were aware of, but decoration was affected after gutter leak (was just blocked). We think it was because one of the bedrooms is still in the same decorative state as when we moved in (every other room in house done apart from this one, never got round to it) i.e old wallpaper peeling away from walls in parts (particularly on external wall after gutters leaked when blocked) and generally not looking modern/painted like the rest of house. We haven't got time or money to get this room bonded/skimmed up tho.

We went back to them same day with counter offer of £55k and said we would strip and skim bedrm and put new carpet in. Buyers came back next day via EA saying offer was still £52k due to roof concerns. I asked EA to reiterate that no roof probs but if anything came up on survey we would put right or renegotiate price as necessary.

It went backward and forward the same all this week until Friday when they suddenly told EA that they were cash buyers but only had £52k and couldn't go higher, they also want second viewing. We agreed to 2nd view but said we were firm on £55k (but are hoping to get £54k, but haven't told EA that as they are on a fixed fee from us and get the feeling they just want the house sold).

Never sold a house before so really don't know how to play this, surely if they were cash buyers they would have stated this originally? But at the same time, if you have £52k cash surely you can source another £2-3k if needed and they certainly seem keen on the house. We are desperate to get rid but really need £54-54k, could go to £52k but would have a knock on effect on renovations on our new prop. Prop we are selling is offered with vacant possession if that makes any difference.

That was a bit long, sorry! Any advice would be gratefully received!

OP posts:
ghoulishglendawhingesagain · 07/11/2010 00:21

I would hold out for the 55k, if they are still involved I would guess they are willing to go up a bit further yet.

Jaquelinehyde · 07/11/2010 00:22

Gah what an awful situation!

I would always hold out for what I wanted, however, your house has been on the market for a loooong time.

Sorry I am no use to you Smile

Jaquelinehyde · 07/11/2010 00:24

Wouldn't a survey prove there is no issue with the roof?

Tell them you will only accept £55k but if the survey shows roof problems you would be happy to drop the price. This is the fairest way and stops them making a quick buck at your expense.

ASecretLemonadeDrinker · 07/11/2010 00:24

take the money. The market may crash, it may be the best offer you get etc. etc. I wouldn't lose a sale over 2k, but be careful if they get a survey and they may then knock a few more K off if there is problems.

LaWeaselMys · 07/11/2010 00:25

All I can think is my god houses are cheap where you live!

But, to the point, Not sure there is a right answer here. Them being so insistent at 52 would make me think that they're not going to change their mind. You really need the extra 2k, maybe they do too.

vicbar · 07/11/2010 00:25

Theres 2 ways to look at this.

1/ If they only have £52k they cant go any higher and £2-£3k is a lot if you dont have it. If I knew the property had been on the market that long Id make a cheeky offer too.

2/ Can you afford not to take what they have offered 11 months is a long time to be on the market, everything sells at the right price and if your not gettng viewings do you think £60k is too high an asking price.
If they are coming for a 2nd viewing and seem really keen Id lay my cards out and say you CANT sell for less than £55 as this would jepordise your move and see what happens.

Sorry its horrible isnt it all the waiting and uncertainty.

Good luck

ghoulishglendawhingesagain · 07/11/2010 00:27

But, only 3 viewers since beginning of the year? It sounds in need of tarting up and if they pull out would you drop to £52k for another buyer, just to get rid?

And a cash buyer is good. Have they had a survey done? As they may try to knock more off after survey is completed?

colditz · 07/11/2010 00:27

If you have 52K you can borrow 3 grand against the equity of the house you want to buy. they could find it if they wanted it.

ghoulishglendawhingesagain · 07/11/2010 00:28

X posts with the slow typing!

Original poster
oneofthosedays · 07/11/2010 00:28

Thanks for the replies, yes we've said this to them but they just keep repeating £52k at our EA. Feels like the EA is pandering to them and getting their hopes up by keep ringing us to reiterate the £52k offer. We really need the sale, so obviously don't want to lose the buyers, it's just knowing how long to hold out for.

One in the next street just sold for £60k I believe and has one less bedroom (although has GCH which ours doesn't) so we feel it's a fair counter offer but my head's screaming to just take it even tho it would leave us short of what we need (rather than just what we want!).

OP posts:
ghoulishglendawhingesagain · 07/11/2010 00:29

I would guess OP is up north, can get two bed semi with garden for under £90k on my streetSmile

seeyoukay · 07/11/2010 00:29

Its a buyers market. If they're a cash buyer then they have more than £52k they just told you they only have £52k. When buying / selling anything all the stories in the world can be told but at the end of the day the price is the price.

If you've had 3 viewers in 11 months I'd take the £52k. Depends when you need to move by etc.

You could hold out for £2k more, then again you could wait ages to sell. The house is only worth as much as someone is willing to pay for it and at the moment that seems to be £52k :)

ghoulishglendawhingesagain · 07/11/2010 00:30

If EA is getting fixed fee they won't care what price you sell forSad

AngelsOnHigh · 07/11/2010 00:30

Call Andrew Winter to help tart it up

seeyoukay · 07/11/2010 00:30

oneofthosedays: The reason the EA keeps phoning you is by law they have to pass on any and all offers to you :)

Original poster
oneofthosedays · 07/11/2010 00:34

Goulish, we think the no GCH factor is putting buyers off. House has been re-wired, new kit and bathrm, plastered throughout and painted (neutral), DPC done, all decent laminate floored, only one bedrm unfinished. It's also got a quirky layout in that the bathroom is downstairs and you get to it thru to kitchen!

Market is slow in this area, 11 months not long round here unfortunately. We're town centre terraced and ooop North so price pretty typical Smile

OP posts:
Original poster
oneofthosedays · 07/11/2010 00:37

'thru the kitchen' rather!

My worry is that they didn't mention they were cash buyers from the get go, so thinking there's a chance they could be fibbing? Not sure if they would get away with that or not?!

If we do take the £52k (which we really can't afford to but would if there was no other option) there would be no re-negotiating if anything came up on survey and we wouldn't take it off the market either (or is that me being a hardfaced bitch?!).

OP posts:
narkypuffin · 07/11/2010 00:46

The estate agent just wants a sale and their % I'd stick to my guns. If you give in over this they may keep pushing it.

Get the room with damaged wall coverings sorted- it's a huge red flag- and get new photos done. You'll lose more in price and offers not doing it.

Original poster
oneofthosedays · 07/11/2010 00:54

Narky - we were going to do this after xmas if we'd had no more viewings as we should have enough saved by then, but this offer has taken us by surprise and I don't know whether we would gain anything by doing this now they have seen it. They even said don't bother skimming it up and adding new carpet and offered £52k again.

It's so hard this selling lark, I don't think I'll be doing it again in a hurry Confused.

OP posts:
narkypuffin · 07/11/2010 01:10

I find it can help to write a pros and cons list. If you sold at 52 at the date they want what would it cost as opposed to waiting for another (possibly several) month for another offer? Consider things like mortgage payments and the work you'd need to do, also the difference in the comission on 52 as opposed to 55.

If you decide to go for it make sure that you pin them down and are prepared to let them walk if they try to push it more- in this market there are buyers who wait until the sellers are tied into moving dates and then try and get a further reduction.

anonymosity · 07/11/2010 01:17

Seriously, take the money and run. Fast. Market not improving for quite some time.

ChequeredFlag · 07/11/2010 01:17

Ask for proof that they are cash buyers and have the money available, and if they provide it, take the £52k offer.

Original poster
oneofthosedays · 07/11/2010 01:18

That's a good idea, I'm getting so panicked because it's the first time we've had any real interest in the prop and my dad thinks we should take the loss and sell at 52.

Commission would be the same for the EA, it's a set price as it's below the threshold for %. Mortgage is relatively low, we can move whenever we want as we've already completed on our new house and can also afford to keep paying both mortgages for the next 6 months or so (but without sale are unable to do improvements needed at new house but it is liveable).

Feels like this is our only chance to sell, but I'm sure that's a familiar feeling for anyone who's been on the market for a while and not had much interest!

OP posts:
Original poster
oneofthosedays · 07/11/2010 01:21

Viewing is tomorrow, I'm going to see what happens after that I think, see if they up their offer and if not, consider taking the 52 with proof of cash-buyer-ness and a clear no-further-price-negotiations to the buyers. Advice has been fab, thanks!

OP posts:
SuzieHomemaker · 07/11/2010 01:22

They dont have to buy, you dont have to sell.

Do you need to sell now (look at all costs incl mortgage, insurance, CC etc)? If you do need to sell then this is the only offer on the table, take it.

If you dont need to sell right now then seriously look at how to upgrade the damaged wall. If your budget is tight then look at how to do it yourself. In my experience most property problems are relatively easy to resolve. Does the room really need to be reskimmed or just decorated? Whatever is needed just bite the bullet and do it.

Your reassurances about the roof are just dust in the wind. They dont amount to anything (sorry to be harsh but we are now developing property so have some experience). A buyer will discount anything you say.

I'm afraid that what you are selling is very standard. To sell you need to be better either for quality or price. I'm afraid that from what you have described you need to compete on price.