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

[oneofthosedays]

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!

Totally agree Suzie, I was getting all offended by them not seeming to believe us about the roof, when obviously from their side of things, they think they're just being told what they want to hear whether it's true or not, just to get the sale. We knew it would be difficult to sell with no GCH and the unfinished room, but it's so difficult to let go of trying to get your bottom buck price. The alternative would be to sell to a builder which would be significantly less than our offer, so we are lucky in that respect I suppose.

I am in agreement, if you do not sell to them, fix up that one room, if it is scaring potential buyers away. My friends were in a similar situation, but being the buyers. The owner wanted to hold firm at 5,000 more than they were offering, and wanted them to go get a mortgage for it. They almost didn't buy the house, then the buyer finally agreed to the offer. They did not believe in dept or use any credit cards, and paid cash for the house. The house had been on the market for a year.

Oneofthesedays why are you moving?

If you are moving to get central heating and an upstairs bathroom how much would it cost to put these in your current house? We paid about £2500 to put a new boiler/CH in a two bed bungalow so I would expect that a 3 bed house would be around £3,000 to £3,500. That isnt much more than it will cost to move plus it adds value.

If you do need to move how about letting you current house? What are rents like? You could probably get a pretty good yield as the house price is low.

Get them to prove they are cash buyers, if they are, accept their offer, you are losing money by owning 2 houses - 3 viewings in how long? Take the money and run!!

Don't trust the estate agent - they are only interested in getting their fee and not in doing the right thing by you.

If these buyers decide to go ahead, they will have a structural survey done, so would know if there were roof problems. I think tbh that they are just trying to drive your price down.

Whether you sell at £52K or not depends upon how badly you need to sell, but I'd be inclined to hold out for the extra £2K.

Suzie - Moving to a different area and already have the new prop bought/completed on already. We don't have the money to put GCH unfortunately, but the lack of it doesn't seem to have put these particular buyers off, they're more concerned with it being structurally sound. From what they were saying today (they viewed again with a friend) it doesn't sound like they're even planning on getting a survey from what they said today. Money is coming from family overseas so I think there could be more if they needed it.

We had thought about letting but would have to get the GCH and tbh I don't want to hassle of tenants, I think I would find it too stressful worrying about repairs/them paying rent etc although letting would be good for this prop as it would let for approx £150 more per month than we currently pay on mortgage.

Holding out will only work if the buyers want to and can spend more.

Most buyers dont get structural surveys done, only a valuation for mortgage which they wont need if they are a cash buyer. Buyers are looking to get good value for money. If the only offer on the table is 52k and they wont raise it then the choice is take it or leave it.

We were in same position recently and EA negotiated a further 5k off the property we were buying after explaining situation to that seller.

I'd take the offer, don't lose a cash seller for 2k. We had to drop 25k off our asking price. It hurt a lot but you have to think of the end result, if it gets you the house you want then it might be worth it. Dropping our price meant we got the one house we wanted, so worth it.

Sorry just saw your post. I'd sell, move forward and enjoy the new property without this hanging over you. Otherwise you will need to fix it up.

I'd accept the offer and move. You're wasting money by having 2 properties. Or could you rent this house out instead and hold out for the market to come up again?

Update: The buyers went to the EA today and offered £55k!! We accepted of course! Thanks for all the advice!

Oooh, congratulations! Hope you're still getting proof of their money before you spend money instructing solicitors though.

(Can you tell I used to be an estate agent? )

They're seeing an IFA as they now need a mortgage, they really didn't have more than £52k cash after all!