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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:
MistyB · 09/06/2012 17:52

Depending on the size of the house, £35k to completely renovate it and get it to the immaculate state of the one round the corner may not be an unreasonable amount. Perhaps get the details of the sold house and see what you think. I would be very tempted to accept the 10% lower offer.

SoupDragon · 09/06/2012 17:54

The house will have been priced to reflect that it needs modernisation.

RandomMess · 09/06/2012 17:55

I would be asking to written evidence of approved financing etc do not just take their word for it.

Evidence that they have the cash, or mortgage offer (and evidence of deposit) that exceeds the price they have offered you.

After that I would consider their offer - you don't need to rush to accept it.

CailinDana · 09/06/2012 17:57

That's true Soup, but a lot of the business of selling a house is about making the house desirable. A house that needs a lot of cosmetic work is very offputting for a lot of buyers who would otherwise be keen to have a house in the area. If not a lot of people are interested then it's automatically going to push down the price.

NonnoMum · 09/06/2012 17:58

I'd take it.

But then I don't like hassle.

Noqontrol · 09/06/2012 18:02

How many people have you had to look at it? If its many and this is the first offer, I'd consider taking it (considering the market at the moment). Or make a counter offer but if it doesn't work then take it anyway.

Original poster
Flossyfloof · 09/06/2012 18:33

I was told by all the agents not to bother upgrading as people prefer to do their own work. As far as I know there have been two or three viewings. I don't feel comfortable at all about the agent at the moment. They recommended the asking price a few weeks ago and are already saying £20,000 less is acceptable. Not sure...The house does need upgrading and I honestly feel that this is reflected in the price. I know that there may not be many buyers in a position to proceed at the moment and it is great advice to get confirmation of their financial info. At the moment I am thinking I will contact the manager on Mon, say no to the offer and give it a couple of weeks.

OP posts:
imogengladheart · 09/06/2012 18:36

This reply has been deleted

Message withdrawn at poster's request.

DamnBamboo · 09/06/2012 18:43

I did imogen last July, and I turned downn six offers that were below it

ThisisaSignofthetimes · 09/06/2012 18:43

flossy they may have agreed that asking price to get you on their books. Did you get other valuations and how are they in relation to the offer you have had?

imogengladheart · 09/06/2012 18:49

This reply has been deleted

Message withdrawn at poster's request.

DamnBamboo · 09/06/2012 18:56

We were quite lucky in that we were in a great schools catchment and our house was ready to sell.

We spent some (not a lot) having it tarted up; carpets cleaned, magnolia walls refreshed, plastering where needed, cleaning & repainting gutters, we sanded our kitchen counter, cleaned our grouting properly etc....

It took some time and a little bit of money, but for almost identical houses with similar decor we actually got around £20k more.

So whilst you shouldn't necessarily redecorate, you should make it as appealing as possible.

lopsided · 09/06/2012 19:01

Flossy it massively depends where the house is. Have you been following the market? Are things selling? How much below asking price?

If you are in the SE and don't mind waiting then I might. If you are inclined to take the offer I would want to see proof they have finance and are not in a chain. I have been done by EAs telling fibs about the position of the buyers before. What they hope is that you are too far down the road to put it back on the market.

Roseformeplease · 09/06/2012 19:09

We had a house valued recently and the prices were 185, 165 and 140. No one seems to know what the market is doing really. If they want the house they can wait a couple of weeks to allow you to decide and check out their financials. Meanwhile, continue to market the house. Can you link?

noddyholder · 09/06/2012 19:17

I sold a house for full asking last summer it was a top spec refurb though and the agent advised us to rent as he said we would get a better deal this year. Since ours sold there have been 3 or 4 more on street and none have sold and 2 have reduced a fair bit. I am in the SE. I think 20k off is a good deal as they have cash and the agent probably priced it to a) get the instruction and b) take into account 10% less

Original poster
Flossyfloof · 09/06/2012 20:02

www.rightmove.co.uk/property-for-sale/property-38156348.html

Hope it works! thanks for your thoughts.
ALthough I realise that people might not have the money I don't think that I should reduce the price to account for that, in all honesty.

OP posts:
DamnBamboo · 09/06/2012 20:06

No flossy you shouldn't.
Their cash flow is not your problem.

DamnBamboo · 09/06/2012 20:07

Still can't believe how much houses down south cost compared to this.

Bloody great bargain at that price.

They offered you £200K for it?

MrsSchadenfreude · 09/06/2012 20:08

I'd take it. When I was buying my first flat, many moons ago, there was a flat I really loved, but was on the market for 97,500, which was way above my budget. I offered 90, then upped my offer to 92,000. I couldn't go any higher. They refused to accept anything less than 95,000. So I (regretfully) withdrew my offer and bought something round the corner (on for 85,000, I bought it for 80,000). Three years later, the original flat still hadn't sold and they had reduced the price to 75,000.

I sold the my first flat 10 years later. The rather chichi estate agent recommended I put it on for 200,000. I thought this was overpriced, but thought, what the hell. No offers. Asked another agent to look at it, he suggested putting it on for 190,000. I accepted the first offer of 187,500, which I thought was fair.

You only need one person who really wants the property. And if you faff about, chances are they will find something else they like.

cantspel · 09/06/2012 20:16

ttp://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E463612&searchLocation=LE15+6JW&year=5&referrer=listChangeCriteria

Lat property sold in that road was for £200k in 2010 or £280k in 2009

How does yours compare against

www.rightmove.co.uk/property-for-sale/property-22332621.html

extra bedroom and doesn't need a complete refurb on at £225K

DamnBamboo · 09/06/2012 20:19

cant you've listed a semi for comparison to a detached!

Detached houses always go for a fair bit more.

So your listing tells me OPs house is priced fairly, if a little low.

mirpuppet · 09/06/2012 20:24

Location, Location, Location -- in your micro market ar epeople getting multoiple offers? If not take it.

I'm in London -- properties are going to bidding wars ad over asking price but there are international buyers in the market who rather have London property than Euros.

looktoshinford · 09/06/2012 20:24

Counter offer with 5%, then if they turn it down accept the 10%.

The housing market in your area is pretty poor (in fact anywhere outside of London is quite bad).

And remember, agents price to get you on their books and normally add 10% for bargaining. The only reason you think the offer is low is because an agent told you so. And they make it up as they go along...

cantspel · 09/06/2012 20:25

The £225k one is a semi but a victorian 5 bed without the need for all the work.

The ops looks like a 60's build which although is detached might not be worth the same as a victorian.

Victorian tend to go for for than 60's around my way even if they are detached.

CaptainVonTrapp · 09/06/2012 20:25

Its very early in the day to be taking a low offer. Hang on see what happens. Friends just held out for a couple of months (of no offers) then got two very close to the asking price (a percent off in the end). If it's priced fairly it will attract more interest. The fact that you've had an ok offer after only a few weeks is promising.

'The market' that people mention is very varied, it depends where you are.