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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to ask about the offer somebody made on my house?

58 replies

sweetmoonbeam · 17/05/2012 18:16

Hi,

My house has been on the market since the end of April. It is a nice 'solid' three bedroom property, semi detached with a big garden, but it's dated inside (e.g. no shower, very 70s kitchen) - this is reflected in the price of course, as it was when I bought it.

It's on the market for £130,000 and to give an idea, a more up to date property on the same street sold for £155,000 recently. At any rate, a man (and his dad and grandad!) came to look at it last week and then again yesterday. Yesterday they looked very thoroughly - in the loft and in the cupboards and so on, I don't mind this but then they made an offer this morning - of £110,000.

I was/am taken aback by the low amount offered. There's no way I'm going to accept it - my property doesn't have a mortgage and so whatever I get for it dicates what I go on to buy (I am moving to cut down my commute.) Properties in the area I want to buy in are a similar price and I wouldn't be able to buy anything at 110! So I said a (firm) "no" and that was that.

Now he wants to visit AGAIN. This involved a visit at around 7 in the evening and I get in at 6:30 so delays my meal, means him poking about for a good hour or so, stresses the cats out (!) - I don't know whether to say to the estate agents that I feel he's wasting my time and please don't bother with him, or if I should grin and bear it again?

Thanks!

OP posts:
Original poster
sweetmoonbeam · 17/05/2012 18:42

Thank you Smile

Yes, I know what you're saying about prices being what people offer - however, I'm not absolutely desperate to sell, I'd rather live here and travel to work than accept a really low offer, not be able to buy anything else and be homeless as a result!

To be fair, it hasn't been on for a month yet - I was just all excited about an offer and then it was such a let-down and I did feel a bit cross, very silly I know, but really and truly it is worth FAR more than £110 and I couldn't help but feel the offer was bordering on being a tiny bit insulting.

Ah well, fingers crossed he puts in a higher offer (and doesn't poke about in my loft this time!)

OP posts:
ivykaty44 · 17/05/2012 18:46

I couldn't help but feel the offer was bordering on being a tiny bit insulting.

this is what it is buying and selling a house - nothing less nothing more.

TunipTheVegemal · 17/05/2012 18:47

You've got no way of knowing how high he's prepared to go, really. Might be a waste of time, might not.

However what I would be wary of doing is pissing off the estate agent and making him think you're not serious about selling. You are entitled to have your price level that you won't go beyond and that's none of anyone else's business, but if you make the agent think you're not prepared to put effort in, there's a risk they might feel it's not worth them putting effort in on your behalf.

skybluepearl · 17/05/2012 18:50

everyone has the right to make a cheeky offer. it might be that he intends to start low and then offer slightly more each time until you meet part way or close to 130. you don't know his game plan and so it's really silly to tell him he can't view the house. why not aim to have tea out and return home at 8?

Original poster
sweetmoonbeam · 17/05/2012 18:52

Oh, I am putting effort in - don't get me wrong. But, three days a week I work until 5 o clock and then it's an hour and a half commute home and I'm shattered. That gives me half an hour to run round with a hoover, get changed, then smiling and greeting the viewer, he spends an hour looking at my house (which in itself is a bit stressful!) then I finally start my evening at 8 o clock and am in bed by 9!

The other thing is that I tutor twice a week and so I have to work around this and so there isn't much free time - it isn't as if I was saying "can't be arsed showing this bloke around!" - it potentially loses me money as well as time, you see.

Ivykaty, you're right - sorry, am brand new to selling! Thank you for your help Smile

OP posts:
skybluepearl · 17/05/2012 18:53

just keep saying no to all his offers until he offers what you feel is acceptable in your mind. what are you willing to accept? 125k? If so - you could just tell them thats the lowest your willing to go

floweryblue · 17/05/2012 18:55

When we bought a few years ago we were absolutely honest with the estate agents about our max budget. They all showed us properties up to £60K over our maximum, even though DP is a mortgage advisor so he KNEW what we could afford. We offered our max budget for the house we live in now, about 20% less than asking price. The seller tried to negotiate us up but we knew where the line was for us and we were honest about it.

We are about to sell this time, and again, we have an absolute minimum we will sell for (but will put on for higher) and an absolute maximum we will buy for. We will be making lots of very cheeky offers!

amothersplaceisinthewrong · 17/05/2012 18:57

That first offer is just testing you. He won't expect you to accept it - what he probably thinks is you will take 10% off asking price - £117,000.

StarlightMcKenzie · 17/05/2012 18:59

We just sold a house quickly.

We were realistic in our asking price and refused to accept more than £100 less.

We got loads of cheeky offers, but the point was, we got loads so we knew there was interest.

It sold within 2 weeks for the asking price to the woman who had put in the cheekiest first offer.

ivykaty44 · 17/05/2012 19:04

The real question is - what have your agents found out about this potential buyer?

is he cash? If not then

how big a deposit does he have and is he likely to get the mortgage?

How much do the agents think he will raise his offer?

Do the agents work and keep him sweet to see if you can both meet in the middles over price?

treas · 17/05/2012 19:13

Is this guy in a change? Is he a cash purchaser? If yes to these then I think he's trying to make his good position work for him.

These days many houses 'sell' within the first couple of weeks but when the purchaser then tries to get their finance in place they often find the banks won't lend as much as they were originally lead to believe.

Thus, if the potential buyer is in this unique position it may explain why he'd chancing his arm.

He may try to meet you half way between his offer and your selling price.

What is the lowest you'd consider

BerryMojito · 17/05/2012 19:16

I firmly believe that if a seller accepts your first offer, then you have gone in too high! Sounds like he might be from my school of thinking. An offer is purely an opening move in the negotiations, a 'toe in the water' so to speak.

If he's anything like me, he'll make another, slightly higher offer, before he makes the 'real' one of a figure that he actually believes will get him the property. The fact that he's asking to come back is a very good sign. Personally, I'd have raised the offer a little there and then, and then left it in on the table.

I love 'bartering' :o !

trixymalixy · 17/05/2012 19:17

YABU, selling the house is a PITA and you're just going to have to suck it up. In this kind of market, you can't afford to turn down viewers particularly one that has actually made a serious offer albeit a cheeky one. Most people will put a cheeky first offer these days.

inabeautifulplace · 17/05/2012 19:21

Given the current economic situation there are lots of cheeky offers going in, and the one you received isn't that cheeky compared to asking. Obviously though that's relative to how fair your asking price is compared to the rest of the market in your area.

As you've bought just a year ago and now want to sell, prospective purchasers may well think you have financial or other issues (like your commute) that make you a motivated seller. That info will make them think they could get a real bargain, so be prepared for more cheeky offers!

My best advice would be to show the potential buyer that you know the local market well by discussing what other similar properties have sold for and relating that to the pricing of your house. For example, x on the same road sold for £150k 3 months ago but you appreciate it didn't need £20k of work like yours. You will need to try and make it clear that you don't have to move as well. Good luck!

Springforward · 17/05/2012 19:22

I would host the second viewing. He'll probably increase his offer after it - if he wasn't thinking of doing so, he wouldn't come back for another look.

ivykaty44 · 17/05/2012 19:26

If it was me I would wait and see what he offers second time...then wait a day before saying well you really need to up a little bit more and then we might be talking.

Don't say no though as it slams a door shut, see what he offers and then push a little.

People are much more likely to accept being pushed a bit if you were really nice when they met you Smile

TiaMariaandDietCoke · 17/05/2012 19:27

I'd definately host a second viewing. The guy that bought our house last year did something very similar. We told him thanks but no thanks. He kept coming back for viewings (about 7 of them!) and eventually ended up offering 2k under the asking price. He was a first time buyer and I think his parents were advising him badly on trying to get a bargain.

DeWe · 17/05/2012 19:37

It doesn't sound that bad. We had offers of less than 75% and we were on the low side of similar properties. Ime if they're property developers they do go for very cheeky offers. I wouldn't have minded so much if they were trying to get a foot on the housing market with a cheeky offer, but when they're trying to make a profit Hmm

If he's wanting to come round again, he may be thinking of raising it. If you can't take £120K then I'd suspect you're pushing it in the current market.

HeathRobinson · 17/05/2012 19:49

I think I'd look into updating what I could - add a shower; replace kitchen cupboard doors; lick of paint. Try to go for light, bright and fresh. (Apols if your house is already like this!)

Ie, nothing that takes too long/or is too expensive, just freshening to open up your pool of potential buyers.

For this one particular buyer, I'm not sure I'd be too happy with him poking about in the loft, for some reason. Hmm

Possibly you could host an open day, at the weekend, where the estate agent has made lots of effort upfront to contact potential buyers already registered with them?

Grannylipstick · 17/05/2012 19:57

If you have refused the offer of £110k. Why is he coming back. Need to tell your estate agent that he is wasting every body's time

moonsquirter · 17/05/2012 20:06

Just whatever you do, do NOT tell your estate agent what the lowest offer is that you're prepared to accept. Yes, they are meant to be working for you but ultimately they want a sale and the odd £5-10k makes little difference to their commission as compared with losing a sale.

Me and DH got our house for 25% under asking price because when our even cheekier first offer was refused (to be fair, the asking price was an utter piss take), the estate agent quietly told us the 'magic number' at which the vendor would sell. The vendor was really flakey and awkward about viewings too, so I suspect the agent was desperate to be rid of her house so he didn't have to deal with her any longer. Beware!

AmazingBouncingFerret · 17/05/2012 20:22

Why is he wasting time though? the previous owners of my house refused my first offer so I came back for another look.

I'm sat in it right now a year later!

Tannhauser · 17/05/2012 21:38

I honestly think that in this climate you will struggle to get over 90% of asking price. People cannot get finance. I have been watching the market for 18mo now, as we are trying to move to a larger property, and I would say 40% of what 'sells' is back on the market 6 weeks later as people cannot get their mortgage agreed.

rubycon · 17/05/2012 21:53

its taken me 22 months to sell mine and to do that I sold at £32K down on the price it first went up at and finally it went for £2K under the price we paid 6 years ago - it has been totally refurbished in that time.

I made the mistake of hanging on for a better offer than those I had 12 months ago - I didn't get it!

The van is packed and I leave in the morning!

NotAnOstrich · 17/05/2012 21:58

Speak to your estate agent and maybe give them an idea - negotiable - of what you would prefer to achieve price-wise. I think all buyers look for a cheaper price and all sellers want a higher price. Sometimes the sellers expect too high a price because the agents (wanting the commission) start the property on an unrealistic figure. OP, you seem to have chosen a sensible starting price compared to others on the street. Good luck!

If it helps, here is how our recent negotiations went (us buying).
Agent : sell house for £145k - no offers
Agent: sell house for £135k - one offer, buyer had no finances
Us : first offer £120k (house needs LOADS of work)
Seller: No way!
Us: £125k?
Seller: I want £135 like you promised me, Agent!
Agent: hmm. £130k and you have a deal?
Us: £127k?
DEAL!