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

[Flossyfloof]

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?

When we sold years ago our agent told us that quite often your first offer is your best. It is someone who has done all the legwork to buy, know what it's worth and want the property - not someone who is going to dick you around (or words to that effect ). They are happy to act decisively when they see what they want, not go away and think for weeks on end about should they, shouldn't they.

Personally I would take it, real estate is not walking off the market at the moment, it is close to your asking price and having it on the market for a long time might end up costing more (advertising costs etc).

But of course this is your decision.

The agent is going to be keen to sell the house. I don't think they're pushing you because they know the person, but they are probably thinking about their commission. A reasonable offer within 3 days in this climate? Fantastic. Maybe this agent's year-end is June 30th, maybe they'll hit their quarterly target if they sell your house quickly, etc etc - my point is, just because the agent is keen doesn't mean they are being underhand. It could be that they are geniunely suprised by the quality of the offer and don't want you to miss out.

Essentially it's up to you. TBH - internet pyschology warning - from your post I'm wondering if you're not really ready to let the house go, did you think you could get it on the market then have some more time before selling it, maybe?

Why do people just assume that 10% off the asking is reasonable?

Surely it depends on the asking price of the house.

I would never have taken 10% off my asking price (unless it was on the market for a very long time) because it was fairly priced and ready to go.

If the asking reflects the fact that it is a doer-upper, why should OP take 10% more off.

Anyway, OP many people make first offers they don't expect to be accepted so if you think you can get more, hold out for it and say no.

It's not as though it's been on the market for months is it?

And why do people keep saying this market? The UK isn't one big market, there are micro-markets within it and some of them are doing just fine.

Can't compare London or parts of the south east generally, to Grimbsy or Doncaster for example.

it depends how much you need to sell it but i have just sold mine and it was a fucking long hard slog and we sold WAY under what we wanted

it depends how desperate you are

and our house was SE, it dropped loads in price. Your house is only worth what people are willing to pay for it unfortunately

Never accept your very first offer. if they don't come back with a counter offer in a couple of days, you can always "change your mind" and accept their original offer.

Though we did this and he didn't come back with a better offer.. but a month later 2 people both wanted it and we ended up getting the asking price - not £30k below it!

It depends on how you feel about risk and how long you could wait before having to sell the house. There is a good chance the property market is still a long way from recovering and that the house will lose further value in the next 5 years. If, in the worst case scenario, this is your one and only offer would you be OK waiting quite a few years to sell while the house depreciates all the time?

I'm a risk averse pessimist though!!!

A study showed that when estate agents sell their own homes they achieve a higher price then when they are selling other people's so take their advice with a pinch of salt - they want their commission quickly. I'd reject the offer but suggest that you are open to negotiation. After all, the house is only worth what someone is willing to pay for it, but if you're in no rush to sell then what have you got to lose?

Interesting wuthering.

I disliked all the ones that came to value my house and eventually used an online estate agent! Paid £400 commission and got a good price (which after tracking further sales of similar houses in the same area proved to be a very good price)

If your not happy then I would wait, if it's only been on for a few days then hopefully you'll get more offers and they might come back with a higher offer if they really are interested

to get an offer this early means the house is very reasonably priced. i would consider upping the price then 'allowing' future buyers to haggle you down.

so they feel good and you get your price. dont fold now if you want the most money.

i say this as someone who has just sold a property for IMO a fairly high price & bought for low saving myself app. 10% of the new house price (which is a large desirable property) by taking the long view and being cheeky.

sometimes, you can just make money. Ok not very often

My MIL was in this situation, turned down the offer, twelve months later lowered asking price as no more offers had come in and much later accepted less than first offer.

only you know if you are happy with what they are offering.

My parents had a house in the isle of wight where they refused 1st offer and it then took 2 yrs and further falls in price to sell it!

yy quite noddy, it depends where you are!

I think most of you are living in cloud cuckoo land. I sold mine at a loss and house prices are dropping a fair amount everywhere from what i can see and the buyers are generally, from what i have found, investors rather than home to home type ones

but it's up to you

I would take it (try for the 5% and if not, take it)
We sold parents old house, sisters insisted on waiting it out and turned down a good offer early on - we waited 18 months, paid the upkeep and ended up taking a fair bit less than the original offer

yy snap noddy, it was v frustrating

Bite. Their. Hand. Off.

Seriously.

If this offer isn't good enough and you turn it down, I would factor in the costs of possibly having to maintain and heat it through the winter. The spring is the peak time for selling, don't sell now you may be waiting months.
I also would not increase the price! I live in an affluent part of the southeast, I'm keeping an eye on the local market and I have seen a fair number of people try this. House goes up for sale, doesn't sell, taken off market pops back again after couple of months at a higher price. They are staying there still on the market six months later.

A house is worth what someone is prepared to pay and in most cases persuade their bank to lend them. Lending is contracting further, higher capital requirements are forcing banks to become more prudent, I think we are in for another 2008 only worse in terms of the credit crunch. Unless you are in the central London selling to foreigner with money to get out of their own country I would seriously consider accepting.

Id take the offer. The market is poor and you are paying council tax etc on an empty property. Get rid and get the cash!

Take a look at the market in the area - is the price they're offering reasonable? It can be very difficult to get rid of a house that's in need of doing up - a lot of buyers just don't want the hassle. We bought a doer upper but because of the amount of work that needed doing we offered 12% less than the asking, and in the end we got it for 10% less than the asking. If the owners had just replaced the carpets, painted the walls, and done a few cosmetic bits and pieces they would easily have got the asking price. As it was they ended up selling the house to us for about £22,000 less than what houses in the area generally go for - we got an absolute bargain and their unwillingness to put work into the house lost them a lot of money.

Could you do a few improvements to the house in the hopes that'll improve its prospects?

I'd hold off a bit.

Say estate agent's commission is 1%, if they sell the house for £300000 they get £3000, if it goes for £270000 they get £2700.

Doing 4 or 5 more viewings for an extra £300 isn't really worth their while so they'll push for first offer even if it's not in your interest.

I would accept offer....seriously!

I wouldn't accept a first offer - people rarely make their first offer their only one.

I would say you want, say, 95% of the asking price is and see what happens.