To reject this offer on my flat

[ComeUpandSeeMe]

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

Didn't your agent negotiate on your behalf when the asking offer came in? Ours did. We managed to push the offer up by another £15K.

Is another £5k or so worth potentially losing the new flat?
Ultimately only you can decide that.

If you make the potential buyers wait but end up proving that no one else wants the flat they may end up questionning why no one else wants it and changing their mind about whether they want it.

If you advertised offers over go back to your buyers and tell them how much you actually want to agree a sale. They will agree/decline or negotiate.

You are messing your buyers around by not being clear how much you want for your property.

You can make them hang on for other interst but it could backfire on you. How will it look/feel to them if you go back and say after a further 2 weeks that no one else was interested so they can have it. You have had 4 further viewings with no interest in buying.

I'm uncertain whether you put it on at a fixed asking price or as offers over?

how much more £££ were you hoping for?

when could you do the other viewings that were already booked?

If you want the other flat, and this offer is enough to make that work then take it!

Yabu. If I offered asking price, (offers over is shit imo), I'd give you a week max before moving on.

How much more are you hoping for and is it worth risking losing the dream flat for it? Given you won't move at all if you don't get the dream flat and it's your sole reason for selling.

This is the problem with offers over. You don’t know what you want and your buyer doesn’t either. You were hoping for a bidding war but you haven’t got one.

Your estate agent should deal with this for you, they got you into this situation by being unable to value your flat properly.

The key thing in an offer is whether it’s cash or mortgage/chain.

A proceedable left cash buyer is much more valuable than a one who has to wait for a mortgage and a chain, even if it’s a lower offer.

If the offer is in a chain I’d be inclined to wait and see what other offers come in.

Thanks for all the replies, this is very helpful.

To clarify, the flat was on for 'offers over'. The offer is at the baseline and the buyer is proceed-able.

What has really been put into context here is that any increase in price is unlikely to make a world of difference in the long run, so it makes sense to accept the standing offer.

There are no significant risks, really. I love my current flat so if the sale doesn't work out then I just stay. The worst case scenario is moving to the 'dream flat' and it not being the dream for some reason, plus the additional financial stretch. But that is obviously a separate point.

No chain, as I understand it.

The longer it stays on the market, the less likely you are to even get to asking price. If you haven't gotten a higher offer by now, I think it's very unlikely you will.

Also, it's very unlikely someone will come right out and offer (much) over the asking price straight away. Normally it will go over the asking price when it comes to people trying to outbid each other.

If you feel able a link then that would enable the property sleuths here to determine value in relation to the local market and give a steer whether you may have got a good price.

I also don't know too much about normal etiquette. I am in the SE and when I bought my place a few years back I lost several places first, went through sealed bids, experienced gazumping and all sorts before finally closing. It was a different time in the market though.

You can drag it out as long as you wish. They either put up with it or withdraw.

If the place is nice then it will sell.

Did your agent get feedback from the ones who viewed and did not wish to make an offer?

This is a fair point, but the fact is that it hasn't been seen by many. The viewings have mostly been delayed due to me being ill the last couple of days.

I have just emailed the agent to say I will revert first thing with a firm reply. I have mostly been asleep all day due to illness (it is norovirus so quite draining). Having read the advice here I am minded to accept and cancel the rest of the viewings. If it is too late and I have lost the offer, then so be it I guess, but I shouldn't think it has come to that yet.

Yes, there was feedback but it was mainly along the lines of 'it's a bit small for me/us', or 'we thought the garden was bigger', so not things I can do anything about.

Cash or mortgage?

If mortgage ask the agent if any of the other buyers are cash, if not you may as well go ahead. No chain is worth having.

I would allow all the original would be viewers a chance to look - why wouldn't you , it's only been a few days.

Ime everyone - sellers, buyers, solicitors mess about for ages. Don't assume if you take this offer that it will be a quick sale.

I don't know if it's the same in the SE but friends of mine sold a flat in Edinburgh recently. It took a couple of months to sell and they got only one offer.

A house would have been very different but flats without gardens aren't as popular as they were.

I wouldn't assume that you'll get more or higher offers.

Sorry I just noticed that you have a garden. Maybe that will help.

‘Offers over’ is (or should be) ignored by buyers as buyers offer what they are willing to pay. Genuine buyers are generally fairly aware of the housing market where they are buying.

If they are ready to proceed then their offer is worth a lot more to you than a higher offer based on someone needing to sell their property.

You should really take the offer. I bought a flat last year and got it for 20k under asking price. I never offered full asking price. A couple of times the seller negotiated me up to asking price (but didn’t end up buying those for reasons beyond my control). I never took any notice of the ‘offers over’ and flats are still a pretty stagnant market.

I'd ask the agent to give the potential buyer a professional squeeze. Explain there's lots of interest and viewings booked... but £5k would secure you.

Even if they come back with £2.5k!

If they say no, buyer at max and willing to view other places.. I'd take it quickly and buy your next dream place.