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AIBU?

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Original poster

To except this offer on my property? So torn

197 replies

sellingmylifeaway · 06/07/2021 12:29

First time seller, would rather not post a link just incase.

I bought my 2 bedroom flat 4 years ago for 72k, 80% shared ownership whilst the other shareholder owns 20%. It’s been on the market since the end of December. It was originally listed for 94k then reduced in April to 89 due to having hardly any views. A couple of people have been to view but no offers made. Someone came to view last week and have now put in an offer for 80. I rejected and said it was too low and was hoping for closer to the asking price. They’ve now come back with 82 and said that’s their final offer. I’ve not made a decision yet.

They’ve given feedback to the estate agent and said that the flat needs a lot of cosmetic work that wasn’t shown in the pictures for example, new radiators need putting in as their marked/discoloured, the bathroom radiator is all rusted (which is true I won’t disagree), the glass cooker hob needs replacing as it’s all marked as are some of the worktops, it needs painting and some other issues that they mentioned but I can’t remember what they are. They said had the property been in immaculate condition as shown in the pictures they probably would have offered a bit more.

I feel torn really. I’m not exactly in a rush to move (hoping to buy a house with my boyfriend) and we haven’t even started looking yet as we were waiting to see what happened with the flat, but I’m also concerned that I might reject this offer and not get another for god knows how long. I know that flats and shared ownership aren’t everyone’s cup of tea, but it’s in a lovely location, on a fairly new build estate and the flat could be made lovely if someone really wanted it.

Am I asking too much, given the issues that I’ve listed or should I hold out and possibly risk not getting another offer for however long?

OP posts:
Peach1886 · 06/07/2021 13:51

In the grand scheme of things - ie your life - £7k is a relatively small sum, and as you say yourself the flat "could be made lovely" which means it isn't at its best at the moment.

All the things they list are cosmetic, it's true, but you could hang on another six months only to get the same offer from someone else...

Get it sold and get on with your life Smile

sansucre · 06/07/2021 13:56

Your first offer is usually the best offer. You could keep it on the market for longer but given these buyers have taken issue with the cosmetic side of things, your next offer might be lower if it sits on the market for longer and the condition continues to decline.

However, why don't you do these cosmetic changes and counter at a higher price? If that doesn't work, your next offer might be higher.

MrsAldoKane · 06/07/2021 13:57

I think a few other people have made this point, but the pool of people looking to buy 80% of a shared ownership place is likely to be quite small.

Buying 50% of a place makes sense, because you're unlikely to be able to afford 100% of a place anytime soon. Even buying under 50% makes sense, if that's what someone can afford.

But 80% is almost pointless, unless someone is going to staircase pretty quickly. If I was you I'd look at moving my boyfriend in for a while then maybe staircasing to 100% together so I could sell on the open market in a few years when the market for flats isn't so dire, could that be a possibility?

Original poster
sellingmylifeaway · 06/07/2021 14:01

@MrsAldoKane unfortunately it is not possible to buy into the remaining 20% so it will always be sold on an 80% basis

OP posts:
2bazookas · 06/07/2021 14:05

Now you've learned a lesson. When you own property, it's a good idea to clean and maintain it well, replace worn out fittings.

If you don't keep up with maintenance and decor that will be reflected in a lower selling price.

Same applies to cars, btw.

Pinkdelight3 · 06/07/2021 14:07

[quote sellingmylifeaway]@MrsAldoKane unfortunately it is not possible to buy into the remaining 20% so it will always be sold on an 80% basis [/quote]
In which case, get it sold, because it's not going to get any easier to shift. Your market is small and smaller than ever now that flats are less desirable. The agent's valuation has been proven wrong by the market. It's worth what someone will pay for it and this is the best offer you've had in over half a year. It sounds like some vague hope for a dream buyer is the only reason you're torn. Better to deal with the reality.

NavigatingAdolescence · 06/07/2021 14:09

@TippledPink

I would take the offer. But I think their reasons are pretty crappy, sounds cosmetic to me and who doesn't replace those kind of things anyway when you buy a new place? I know I have replaced the kitchen, every radiator and flooring despite my house being nice enough when I moved in.
How fabulous for the planet!Confused

(Haven’t even painted every room of this house since moving in 16 years ago, never mind ripping out kitchens and radiators!)

chesirecat99 · 06/07/2021 14:10

So you bought the flat for £72k 4 years ago and have done nothing.

Last year, a 50% share of similar flat in the same building sold for £48k. So 100% ownership would be £96k and an 80% share £76.8k.

£94k sounds like an over valuation and £82k is a good offer for an 80% share if the flat needs renovating.

JennyTractorRiderGo · 06/07/2021 14:20

What seems like small stuff to you gives a bigger picture, you knowingly put your house on the market with rusted radiators, a glass cooker top that needed replacing and you yet you didn't replace it and you said the flat needs painting. What this tells a buyer is you haven't even maintained the flat never mind upgraded or replaced anything. Sadly this type of stuff comes with owning a property. At the very least decorating so that it looks fresh would help to sell.

Flats are struggling to sell more now than ever as if there is ever another lockdown then if there is access to an outdoor space it will be shared.

I would take the offer, it is the only one you have had and then you can move on with your life.

Salanda · 06/07/2021 14:26

You’ve made 15% in four years, that’s pretty good going. I’d accept it and move on.

Bells3032 · 06/07/2021 14:30

Flats really haven't gone up in price in the last four years and actually have dropped. I've just sold mine for 7% less than i bought it for in 2016. it's a pain.

Given you've had no other offers its overpriced and i'd go with it. doing the extra work will cost you more than you'll get back

RandomMess · 06/07/2021 14:33

The potential buyer still wouldn't have offered full asking price even if it were immaculate just more than the £82k they have offered.

Viviennemary · 06/07/2021 14:35

Flats are difficult to sell at the present time. I think you should take any reasonable offer.

Knittedfairies · 06/07/2021 14:36

I'd take it; you've got a far better return on your £72k than you would have done if it had been cash sitting in a bank.

VodselForDinner · 06/07/2021 14:40

I’d take it.

I think the fact that you were looking at a selling price of over 30% more than you bought it for four years ago, without any significant upgrades, I’d b the current market sounds naive at best.

sotiredofthislonelylife · 06/07/2021 14:44

@DrSbaitso

Hard to say without seeing it, but if it's getting few views and low offers, then it is, sadly, overpriced. It's worth only what people will pay for it. Arguably, the only reason a property doesn't sell is because it's overpriced for what it is...

I guess it depends on how badly you need to move. But I find that few people who "hold out" after clear signs that their property is priced too high do get their ideal offer, especially if they don't improve the property.

Exactly this. And holding on for a better offer often means that any property you want to buy will have gone up in price, so you wouldn’t be any better off.

If your property was worth more than 82K, you would have sold it by now.

Hardbackwriter · 06/07/2021 14:50

[quote sellingmylifeaway]@MrsAldoKane unfortunately it is not possible to buy into the remaining 20% so it will always be sold on an 80% basis [/quote]
Oh, that's a big factor you didn't mention. The market for people who want 80% of a flat with no chance of staircasing is tiny. Accept the offer - I think you've been really lucky to get it.

Flowers500 · 06/07/2021 15:00

BITE their hand off!!! An 80% share in a property with no chance to increase is a TINY target market, especially at a time when flats are not doing well. It sounds like you bought new (?) when in perfect condition and condition has gone downhill since then, so you're actually making more on it then you see on paper due to not having paid for expected upgrades.

Ifitquacks · 06/07/2021 15:03

@TippledPink

I would take the offer. But I think their reasons are pretty crappy, sounds cosmetic to me and who doesn't replace those kind of things anyway when you buy a new place? I know I have replaced the kitchen, every radiator and flooring despite my house being nice enough when I moved in.
I’ve never replaced the radiators in houses that don’t need new radiators, why would you?! I’ve also been in my house for 5 years and not replaced the kitchen, as it’s a perfectly nice, serviceable kitchen. It’s actually a very good quality kitchen and despite not being 100% to my taste it would be wasteful to replace it.
Ifitquacks · 06/07/2021 15:04

But anyway OP I say take the offer, unless you can be bothered to do the work yourself. It’s still a decent return on investment if you’ve done no work to the place.

Flowers500 · 06/07/2021 15:15

@TippledPink

I would take the offer. But I think their reasons are pretty crappy, sounds cosmetic to me and who doesn't replace those kind of things anyway when you buy a new place? I know I have replaced the kitchen, every radiator and flooring despite my house being nice enough when I moved in.
Ewww really, how tacky! I really wouldn't take pride in this, maybe buy quality instead of being smug about replacing them constantly? I think the majority of people put in a floor with a bit of thought, as a serious investment that should last a long time. QUALITY.

And if we're talking a house of under 100k, the cost of new kitchen, radiators and flooring would be a fair chunk of the house, might as well just get 100% ownership.

BikeRunSki · 06/07/2021 15:21

@emmathedilemma

It's only worth what someone is willing to pay for it and given how long it's been on the market I'd accept their offer.
Absolutely this
DrSbaitso · 06/07/2021 15:33

Ewww really, how tacky!

Why is it tacky for her to have replaced the kitchen, flooring and radiators?

INeedNewShoes · 06/07/2021 15:34

I'd accept the offer. Shared ownership houses are more difficult to sell and at any time your service charge could go up or whatever so if you have plans to move and the offer is sufficient for your onward plans I'd take it but be extremely clear that you will not accept any reduction in price after survey.

Flowers500 · 06/07/2021 15:36

@DrSbaitso

Ewww really, how tacky!

Why is it tacky for her to have replaced the kitchen, flooring and radiators?

Not tacky to have replaced them in one instance, but to act like every house purchase should mean stripping these all out. THAT is tacky. It means more money than sense (and a desire to scream this at everyone), plus no valuing of actual quality.