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?

Had a convo with EA this afternoon, stressed that I thought the photo was rubbish - but a neighbour has said that in their window it looks good. Also said I was concerned at the advice given to drop £20,000 before the prop is even being marketed properly. Apparently the developer she took round would need to spend £40,0000 doing it up - you could buy a bloody house for that round here! (nearly anyway). I kept my cool but emphasised that I am really not at all happy and that I want to see more action. Will update in the future!!

Was it a developer that put the offer in?

the developer isn't going to have told the EA the actual amount he is planning on spending doing it up, I bet he will have lied over estimated or he never said anything of the sort.

I think it was a couple looking for a project who put the offer in. I agree with you. Soupy.

New kitchen, new bathroom, full replumb, rewire cost 9k in a two bed bungalow for materials only (DH is an electrician so did all work himself). New boiler & CH cost 2.5k fitted by gas safe engineer.

The material cost doesnt vary that much round the country. As soon as major works are planned then you are quite possibly looking at replumb and rewire as being ultimately less complicated than splicing into an existing system.

Given that the house is much larger I am not sure that 40k will be a million miles away if they arent doing the work themselves. 30k may be more accurate but they will still want a fair contingency.

Gnome you did well keeping your costs at that level. £40k would not go very far in a house of that size OP.

Thanks Goose! Other than CH it was strictly materials only and there was some serious bargain hunting involved. Thing was we werent developing for ourselves so finish was good but there were no granite worktops etc.

Agree that 40k will not produce luxury especially if there is labour included.

I think I'd be looking for another agent - that picture could be much better, and even if it is a doer-upper internal pictures would let people judge for themselves.

Just to clarify - it has a new boiler, no reed for replumbing nor rewiring. It is not a total wreck! Just not up to modern tastes.