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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to reject this offer in the hope of getting a better one?

134 replies

Flossyfloof · 09/06/2012 13:56

I know that only I can make this decision but am really torn and would welcome your thoughts. I put my Dad's house up for sale a few weeks ago. I am still finding it all hard, although he doed over a year ago, and was in no great hurry to get things moving. I received the draft details from the agent only yesterday. Today I hear that there has been an offer - just less than 10% less than the asking price; I feel the asking price is very reasonable - although the house needs modernising it is a lot of house. The ad went on Rightmove in the last three days The offer is from a couple who have finance arranged and are not in a chain. The agent mentioned this morning that they sold a house on the road round the corner absolutely immaculate, for £25,000 more than the asking price, mentioning that this road was a better road than the road my Dad's house is on. It is a nice road but I think our road is better. I just felt that she maybe knew these people and was trying to get them a good deal - they won't go any higher than their offer. I feel I a lucky to get an offer but the house has only been advertised for a few days. I don't know whether to hold out for a bit more or to take this, the first offer.
On the plus side of accepting - they have finance, it is an offer, they are ina position to proceed, it would be a big weight off my mind.
ON the minus side I didn't like the way the agent seemed to be pushing, the offer is on the low side and it has only effectively been on the market a few days.
WWYD?

OP posts:
kilmuir · 09/06/2012 13:58

i would wait

Dawndonna · 09/06/2012 13:59

The agent is supposed to be working for you, not them. I'd wait a couple of weeks, they can always come back with an offer then.

Original poster
Flossyfloof · 09/06/2012 13:59

WOuld you? My first thought was snap their hand off but that is interesting, thank you.

OP posts:
Original poster
Flossyfloof · 09/06/2012 14:10

Yes Dawn, that was my thinking. SHe said they were looking at another property, and she was saying to the other lady in the office what a good offer it was. I think it is OK but it would be a gamble to wait - might not get another offer!!

OP posts:
ENormaSnob · 09/06/2012 14:18

10% below asking price is about normal isn't it?

PurplePidjin · 09/06/2012 14:19

I would wait, chances are they've put in a cheeky low first bid and will come up a bit...

wishiwasonholiday · 09/06/2012 14:22

I'd wait and see if they offer more, you definitely shouldn't feel pushed into it by the estate agent.

looktoshinford · 09/06/2012 14:23

Make a counter offer at 5% off.

TBH - a no-chain buyer and just 10% off asking is excellent in this market.

noblegiraffe · 09/06/2012 14:26

Don't accept the first offer if it's not what you want. You can always say no and ask them to up the offer and see what they say.

noblegiraffe · 09/06/2012 14:27

People always say stuff like they're looking at other houses to not seem too interested.

ivanapoo · 09/06/2012 14:29

It depends on the value of the house and the area. I would say 30k off a 300k house for example is a lot.

Here most decent houses go for asking(sometimes over) or maybe 2-3% off asking price. Only ones sitting around for ages might go for anywhere near 10%.

Can't you not reject the offer but ask the agent to get more interest before you make a decision?

doggiemumma · 09/06/2012 14:29

go for 5% off the asking price, the agent seems to be putting you under pressure a bit.

Popoozle · 09/06/2012 14:30

I would definitely wait. If you are under no pressure to sell quickly then you are in an excellent position to hold out for the price you want.

My mum accepted a low offer on her mum's house (my grandma) because she thought "what if I don't get a better offer & am stuck with the upkeep for a long time?". It has niggled at her ever since and even now, 20 years later, she wishes she'd held out for nearer the asking price as it had been valued to take the modernisation needed into account.

Don't forget that the people who sold the immaculate house in the next street may have needed a quick sale or have other circumstances pressuring their move, which you do not.

noddyholder · 09/06/2012 14:30

A good proceedable buyer offering 10% under is very good.

Springforward · 09/06/2012 14:31

PersonallyI'd probably accept tbh.

zlist · 09/06/2012 14:32

I would wait, too. Maybe make a suggestion as to what you would accept at this time?
Lowest offer I have recieved on a house is 8% below asking price and it went a few weeks later for 1% below the asking price (not in last 2 years though). It sounds like it isn't a big risk for you to not sell it immediately? Would you consider modernising it yourself - have you thought about how much it would cost to get it to the immaculate standard of the house around the corner?
I have sold a house that recieved three above asking price offers on the first day but it was immaculate and fitted to a standard above what you would expect for a house of its type - factoring that in our neighbours who sold their similar house for much less probably made more money on it.

QuintessentialShadows · 09/06/2012 14:36

I think there is a limited supply of people keen to take on a "doer upper", and if the offer is good, I would consider going for it. I am with noddy on this one.

Would you be able to link to it?

NarkedRaspberry · 09/06/2012 14:37

Up to you. From a buyer's perspective, I would be offering 10% under asking on all property at the moment - even if it didn't need modernisation.

ThisisaSignofthetimes · 09/06/2012 14:42

Just below 10% off is not a cheeky offer, 25% off is getting that way. The part of the country you are in may of course reflect whether you will get further, better offers. How quickly are properties generally selling, that's not just subject to contract but actually sold?

How many valuations did you get before deciding on this agent? If you had a range of valuations where does this offer fit within that range?
If they won't offer more you may be in danger of chasing the market down but as don't know which area you are in that's difficult to assess. Buyers that are chain free with finance already arranged will tend to be in a stronger position to bargain but at least you would know that the transaction should go through pretty quickly. One final thought, if they say they have finance arrange ask the agent to get proof before you accept an offer.

JumpingThroughHoops · 09/06/2012 14:46

Cash buyer, no chain. Money in the bank earning interest or sit and wait for a grand or two more in a a couple of months from someone else. All the time you have an empty house you are still shelling out for insurance etc even though its unoccupied.

I have to admit, I thought 10% under the asking price was a normal offer.

noddyholder · 09/06/2012 14:48

Yes atm and looking at the european markets which will affect people getting mortgages I think you should go with it. I would expect 10% off any asking price more than that and I would be thinking i had got a bargain but 10 I expect.

Inertia · 09/06/2012 15:13

They sound like good buyers - I would get the estate agent to say you were hoping for X ( say 5% under ) and see if you can meet in the middle.

ethelb · 09/06/2012 15:16

they sound like first time buyers if there is no chain?

In which case the reason they have offered less is that all of their cash has gone into the deposit to get the mortgage to buy your house. If it is in need of modernising the only money they will have is the mortgage. In which case thie roffer sounds like a fiar and reasonable one.

It would probs cost more than £25k to get it 'immaculate'.

helenthemadex · 09/06/2012 15:17

I would wait especially as you are in no rush to sell

MarySA · 09/06/2012 15:21

I would definitely wait. It sounds like the Estate agent is just keen to get a sale. But only you can judge whether the offer is a reasonable one taking in all the factors like road, state of property and so on. If it had been on the market a year then I would consider lower offers but not after a few days.