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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To reject this offer on my flat

64 replies

ComeUpandSeeMe · 13/09/2022 16:25

I am single and selling my flat. It is a lovely flat and I have been very happy living in it for several years. I could happily stay, but have fallen in love with another, bigger one on the market that I would like to put an offer on and I need a buyer to do so. The new one is also quite unique and if I don't get it, I would rather not move somewhere else. However, it doesn't seem to be getting much interest so there is a high likelihood that I will get it if I can get into a good position and line up a buyer for my flat.

I started to have viewings on my flat and received an immediate offer of the asking price, but the asking price was quite conservative. I had a lot of further viewings lined up so asked the potential buyer to wait until after those. I have since had to postpone viewings because I came down with norovirus yesterday and can't have people in the flat for a couple of days. In the meantime, 4 others viewed and did not offer. The original potential buyer is now pushing for a response but I have not been able to have many viewings (I think about 6 are still outstanding).

Oh, and the reason I mention that I am single is because I am making these decisions solo and don't really feel like I know what I am doing! It is the first time I have sold a property.

WWYD?

YANBU - Decline the existing offer, you might get a higher one
YABU - Accept the offer in hand, you might not get another one

OP posts:
Annabananna1 · 13/09/2022 16:27

I'd accept if it was your asking price.

In my experience, you get the best offers in the first couple of weeks.

PeekabooAtTheZoo · 13/09/2022 16:29

You’re being unreasonable. You put a thing for sale at a price. Someone wants to pay that price. Stop messing them around or they’ll go elsewhere before interest rates get worse.

Donotgogentle · 13/09/2022 16:29

Erm . . you’ve had an offer at the asking price! Unless there’s a problem with the buyer that’s good news.

Also, the flat is worth what the market will pay and 4 other viewers haven’t put any offer in, even a low one. Personally, I’d press on. I don’t think it’s reasonable to keep your buyer waiting when they’ve offered asking price.

GiltEdges · 13/09/2022 16:32

PeekabooAtTheZoo · 13/09/2022 16:29

You’re being unreasonable. You put a thing for sale at a price. Someone wants to pay that price. Stop messing them around or they’ll go elsewhere before interest rates get worse.

This.

Are they not proceedable in some way? Because otherwise you're just dicking them around for no good reason. They've offered what you asked for.

ArnoldBee · 13/09/2022 16:33

And if you didn't like the asking price you should have asked for more in the first place.

Headabovetheparakeet · 13/09/2022 16:34

Why would you not accept? A bird in the hand and all that...

Welliesintherain · 13/09/2022 16:34

If the other place is your dream house and presumably you put your flat up for a the price it’s worth/ you needed… why do you suddenly want more?

Original poster
ComeUpandSeeMe · 13/09/2022 16:36

ArnoldBee · 13/09/2022 16:33

And if you didn't like the asking price you should have asked for more in the first place.

I accept this. I took the advice of the agent but after looking around thought that it was on the low side, so agreed with the agent that we would list it as 'offers over', and the offer is at the starting price.

OP posts:
Original poster
ComeUpandSeeMe · 13/09/2022 16:37

It's the thing that has complicated things. I don't think that my original reply was unreasonable, since it was the first viewing and all I said was that I would like the rest of the scheduled viewings to go ahead, but they have now been postponed due to me being sick.

The other place is my area home but is a financial stretch, which is why I would like to achieve a higher sale price if I can.

OP posts:
SummerInSun · 13/09/2022 16:40

Have you got a real estate agent acting for you? What do they say? Did you get multiple agents to give you a valuation before you put the property on the market? (But remember real estate agents will often inflate the amount they expect to get so that you go with them and not another agent.). Have you researched what similar properties in your area have sold for recently?

I think you've misunderstood what as asking price is - it's the amount you would be willing to sell for, not a request for "offers over" (you can advertise a property as "offers over", but you haven't done that). However, as others have said, if selling at the asking price is enough to enable you to buy the next flat, just go ahead. In 5 years time you won't care about a few grand more or less, you'll care about whether you have been living in the flat you love.

SummerInSun · 13/09/2022 16:40

Cross-post - I see you did do "offers over"

Arbesque · 13/09/2022 16:41

Was it put on at a guide price set low in order to get people in the door and hopefully bidding against each other?

Or at the price your agent genuinely thought it would get?

Bamaluz · 13/09/2022 16:41

I would repeat that you will decide after the outstanding viewings have been completed

steppon · 13/09/2022 16:43

i think the days of getting over the asking are gone personally. Depends how much you want the other flat

DDivaStar · 13/09/2022 16:45

Well if you wait you may lose their offer and not get another therefore losing your other property. It depends if you think that's worth the risk.

imaginationhasfailedme · 13/09/2022 16:48

You say the other flat you want hasn't had much interest - might they take an offer that takes into account the offer you've had is lower than would be ideal? (regardless of starting/asking price etc, that ship has sailed so we can't do much about that). If the new place would be open to an offer, you accepting the offer on yours might work out fine

BrightYellowDaffodil · 13/09/2022 16:52

I would bite their hand off - bird in the hand being worth two in the bush etc etc.

You've got an offer at the asking price which will enable you to buy the property you want and the buyer is clearly either a) very keen on your property or b) starting to look elsewhere as they’re pushing for an answer. What if none of the remaining six viewings result in an offer (or does, but a lower one) either?

Sally872 · 13/09/2022 16:54

If you wait you might lose the flat you like.

If you take the offer now you may loose some extra money for your flat.

Which is worse? Depends on your financial situation and how much you want that other flat.

jalu47 · 13/09/2022 16:56

Can you afford the new place if you take the asking price? Would you want to miss out on this new flat for the sake of £10k? That's what you have to ask yourself.

olympicsrock · 13/09/2022 17:00

The estate agent should be able to advise you here. If you listed it as offers over then an asking price offer is low. Reasonable to wait until the initial flurry of views have finished.
Or you could decline it outright giving them the option to increase by 5/10K.

ifonly4 · 13/09/2022 17:09

Given that you've agreed to market the property at that price and you have an offer, I'd accept it. Person making the offer is obviously serious if offering full asking price. If you don't want to accept, you'll have to tell agent to market at higher price.

FlipFlopShopInHawaii · 13/09/2022 17:11

If you wanted more you should have set the asking price higher.

TrashyPanda · 13/09/2022 17:12

Depends where you are.

im in Edinburgh and property always goes for over the asking price.

Bodgejobvendors · 13/09/2022 17:12

As you listed as offers over I think it’s acceptable to say that you were looking for their offer plus £x and see if they’re prepared to meet in the middle. But it’s a gamble. Most people with flats to sell are desperate for any offer.

BrioNotBiro · 13/09/2022 17:13

Where I am there market has very much flattened now. I'd bite the hand off an asking price offer.

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