To except this offer on my property? So torn

[sellingmylifeaway]

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?

In your circumstances I'd probably take it. Shared ownership can be difficult to sell. Leasehold service charges can be increased at a moment's notice. It's a tricky time to sell.

Do not keep them waiting OP! If you and your BF want to buy a house you need to be in a really good position to compete with other buyers. The market for houses has gone crazy! We are moving at the moment and every property we have offered on has had other offers (many over asking price). Sellers have thier pick of cash/chain free buyers, if you have an 80% share of a flat still on the market you will not stand a chance.

Haha, ok. I also put an extension on the back and front, does that make me even more tacky? How is doing up your house tacky? What an odd comment.

I replaced laminate with oak flooring, standard white chipboard internal doors with oak doors, chipboard kitchen with solid oak cupboards. The radiators were replaced with modern ones. Not sure how doing up my forever home to my taste is considered tacky... Do you never decorate?

That above comment was to @Flowers500 but didn't quote them for some reason 🙄

I’m another one wondering how you’re justifying the increase in value.

Look at recent sold prices for similar in your area and act accordingly

Given it’s being sold as shared ownership I’d take the offer.

You even describe it as "it could be lovely if..." which suggests it's not in tip-top shape and you know it. Take the offer.

I would take it. I lost money on our last house and at least with this offer you've made a decent return.

The market is slowing and you could wait a while for another offer.

Hi everyone! Please accept my apologises, this is a reverse (I know how you all hate that) but I wanted to get a fair response.

I am actually the buyer. Just to update you - I asked my mortgage advisor to put the offer in for me this morning at 82k. When I spoke with the estate agent the other day I asked her to send all correspondence to the mortgage advisor. Estate agent decided to ignore my request and instead phone me earlier to say the vendor had come back and said that 82 is still "a little too low" and asked is that my best offer.

I didn't respond to that question. I'm a first time buyer. I'm only 25 and I think they believe I'm a little naive and was hoping by phoning me she would catch me off guard and put me on the spot, which didn't work. She also told me that coincidentally (nothing mentioned about this before) that another lady had viewed the property the same day as us (last Friday) and that she has arranged today to view it for a second time on Friday. I think they are bluffing and just trying to scare me into paying more.

I said I would go away and think about it and get back to them. I'm going to let them sweat for a couple of days and then tell them 82 is my best offer. Financially the highest I can go is 84 anyway but I honestly don't feel it's worth more than 82.

Will update in the next couple of days and sorry again for the reverse

[Hmm]

Well, in that case, I still stand by what I said earlier.

If a similar flat in the same block sold for £48k for a 50% share last year (so £96k for 100%), unless the market has gone crazy where you are or there is a good reason why that flat was much cheaper eg size, £82k seems high for an 80% stake in a flat that cost £72k 4 years ago.

Annoying. Unless as PP says the market has gone bananas for flats where you are, I think you’ve offered far too high for something that was £72k four years ago and hasn’t been well maintained since.

A reverse makes no sense in this scenario as we have no idea what they vendor is thinking, or what the flat is like. We only have your word for it.
Pointless.

@chesirecat99 yes I agree with you.
I think it was overpriced in the beginning (95 in January then reduced to 89 in April). Everyone that I have spoken to or gone to for advise has said it's strange how they reduced it by so much in the space of 3/4 months

…errr what? Estate agents are meant to ring you, that is their job? And this is nothing to do with your mortgage advised! They’re not paid to deal with this, of course your EA ignored that 🤣

Ah. Well. I didnt do this earlier because it's rude, but so is doing a bloody reverse!

It's accept not except.

It's they're marker/discoloured.

You would have had the same sort of replies if you had posted the real version, but you would also be told that it is the seller's decision and if they're not going to budge then you can't force them so start looking elsewhere. A thread on mumsnet telling them to sell really is no use to you.

Also this is the most pointless reverse ever, all answers here revolves around the fact vendor was keen to sell quickly. Unless you know for a fact that this is true, they may be on market intending to stay fi they don’t get asking. Or needing full asking for next purchase.

@Ifitquacks what do you mean you only have my word for it? All the things I listed about the property are true... radiators, cooker hob etc...

I actually met the vendor briefly, she was the one who showed us around. That's how I know about her wanting to buy a house with her boyfriend etc...

Your estate agent is entirely right to refuse to deal with your mortgage adviser, who has zero authority to make offers on property 🤣 have you considered that if you are acting bizarrely they might be writing you off as a serious buyer?

Oh that was annoying. Read every comment to see it's a part fiction reverse .

You dont go to people for advise OP. You go to them for advice. And you could have got applicator advice from mumsnet had you not made a reverse.

It really is pointless. This is not going to make them sell to you, because they aren't getting this advice! They probably don't even want it or care what people on mumsnet say. You can't go wave your phone in their face and sing, "hahaha, they agree with me so sell me the flat!"

This is entirely pointless. If they don't want to give lower then that's that. Go look for other flats.

@Fiddliestofsticks of course it's the sellers decision, I totally understand that.

Sorry I should have said, the estate agent and mortgage advisor have been communicating throughout this whole thing. It was actually my advisor who put the first offer in at 80 then again at 82 for us. Estate agent didn't have an issue with it before and it wasn't until today that she actually contacted me. On both occasions they've come back to us within the hour to ask if I can pay more, then today came up with the story about the other lady so I do think they are quite keen to sell

Grammar, honesty and ability to deal with estate agents—the three things you need to work on to get offers taken more seriously. There you go, some advice actually helpful to your situation!

I'm dyslexic @Flowers500 . It's taken me a long time to get where I am with my spelling but thank you for such lovely judgmental comments

*applicable