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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Is this pressure tactics from the estate agent, or should I take the offer?

72 replies

mrswhippy99 · 19/07/2022 16:51

We've been offered £10k under asking for our flat - on for £450k. We originally rejected the offer and told the estate agent we couldn't take anything under asking. But they've just called to try and persuade me to accept it.

They said it's a good offer (despite telling us to put it on for £450k), and they also said that August is the slowest month for house offers etc, so we would be able to get something where we're looking to buy for £20k under asking...

My guy feeling is this is probably bullshit, and they just want the sale but am I unreasonably sceptical? If it's relevant, our flat is in zone four London and we're hoping to move to Leigh-on-Sea.

IABU - accept the offer
IANBU - hold out for asking price

OP posts:
Ilikewinter · 19/07/2022 16:53

No idea on the area of your flat but £10k drop on £450k sounds reasonable to me, have you had a lot of other interest, how long have you been on the market for?

NeedToKnow101 · 19/07/2022 16:53

Ooh I love Leigh-on-Sea! (Sorry not helpful). Can you look at recent sold prices on Right Move or Land Registry?

NeedToKnow101 · 19/07/2022 16:54

Also I suppose it depends if you have found a property yet, etc.

ThreeLittleDots · 19/07/2022 16:54

How long has it been on the market? Has the EA revised their estimate?

It's always up to you. I think most traditional estate agents are chancers and bullshitters. Money for old rope.

ThreeLittleDots · 19/07/2022 16:55

Also, if you want £450K or above get them to alter your listing to say "offers above"

Delphigirl · 19/07/2022 16:58

Accept the offer. Things are not getting any better economically for a very long time. Take the offer and run.

hattie43 · 19/07/2022 16:58

It's usual to offer and £10k less on £450k is very reasonable .

girlfriend44 · 19/07/2022 16:59

If you want to sell it go for it.

Lunchlady · 19/07/2022 17:01

Hard to answer because it depends on things like how long it's been listed and whether you're against the clock (have you offered on anything?). Can you not counter and ask for 445?? Tbh as a buyer I've always expected to get a property a little under asking price, feels like a bit of a 'win' even if it's not; and as a seller I've always had it in mind that I might not realise asking price (that said I haven't been in the market since covid and I'm in a different part of the country from you, I think it's all gone a bit mad the last two years)

Original poster
mrswhippy99 · 19/07/2022 17:03

It's been listed since early June and it's the only offer we've had. I'm just worried about trying to get a mortgage for a more expensive place with interest rates as they are I think.

OP posts:
housemaus · 19/07/2022 17:03

£10k below £450k is pretty good.

This was May - www.propertyreporter.co.uk/property/e-only-area-of-england-where-sellers-are-achieving-their-asking-price.html

Lots of areas in London not achieving asking price - 2.2% below is good. And, as PPs said, the market is not going to get any easier for a while. Prices are slowing and potentially might stagnate or even drop a tiny bit soon(ish) - I personally think you'd be mad not to accept it.

ThreeLittleDots · 19/07/2022 17:12

One offer in 6 weeks is bad, that's why you've been advised to accept.

However if you're not sure about moving at present, take it off the market.

ThreeLittleDots · 19/07/2022 17:14

You've done a mortgage agreement in principle, I take it?

Lastqueenofscotland2 · 19/07/2022 17:15

If it’s been on for 6 weeks and it’s the only offer you’d have you’d be really daft to turn it down

Sswhinesthebest · 19/07/2022 17:17

Like a pp says,
say no but that you’ll accept 445.

Runningupthathill01 · 19/07/2022 17:17

I would accept it.

DockOTheBay · 19/07/2022 17:19

If you can afford it I would take the offer. It's not a huge percentage and if you haven't had any other interest it might be the best you'll get.

MySonFury · 19/07/2022 17:34

mrswhippy99 · 19/07/2022 17:03

It's been listed since early June and it's the only offer we've had. I'm just worried about trying to get a mortgage for a more expensive place with interest rates as they are I think.

Absolutely take it. One offer since early June in this market means you're on too high. Our place had multiple offers before the RightMove ad had even gone live.

poetryandwine · 19/07/2022 17:35

That offer is 97.8% of asking price in a generally cooling market. It is the only one you’ve had in about six weeks. Anything above 95% is considered a good offer unless the market is very hot.

I am not a fan of estate agents but if you are serious about moving I would take it.

NotDavidTennant · 19/07/2022 17:42

If it's the only offer after six weeks then I suspect that's the best you're going to get.

Perfumbaby · 19/07/2022 17:43

No offers since June and the current offer is £10k under asking price.....definitely take it!

Bluevelvetsofa · 19/07/2022 17:44

I agree.

bilbodog · 19/07/2022 17:45

most people make offers under except when the property market is mad and july/august always does slow down as everyone goes on holiday. Why dont you counter offer and try to get a bit more but if not i would take it as that is not a bad offer - particularly if they are in a good position.,

Lindisfarne1 · 19/07/2022 17:46

I've had to drop 10 grand on my house non one put their house on the market and expects to get asking price I don't anyway. I accepted because the market is definitely slowing down plus I have an onwards purchase I could lose

Sprig1 · 19/07/2022 17:46

Are they good buyers, if so, I would be biting their hand off.