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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

WWYD - would you sell?

39 replies

user40816 · 29/03/2023 11:59

If a neighbour approached you and offered significantly over the value of your house to buy it from you (they would sell their property to you if you wanted), would you take them up on the offer?

YABU - I would not sell
YANBU - I would sell

OP posts:
BigBunkers · 29/03/2023 12:00

Too many variables to give a cut and dry answer like that.

QuickNameChangeForMeToday · 29/03/2023 12:01

So much more to consider.

ZekeZeke · 29/03/2023 12:01

Impossible to say without knowing a lot more information

Muchtoomuchtodo · 29/03/2023 12:02

They may struggle to get a mortgage if they’ve offered well over what it’s worth.

if I had no plans to move I definitely would not be accepting their offer

teacakie · 29/03/2023 12:04

BigBunkers · 29/03/2023 12:00

Too many variables to give a cut and dry answer like that.

This.

BitterAndOnlySlightlyTwisted · 29/03/2023 12:04

Do you want to sell? Not to this particular neighbour but to anyone

Still, just making an over-the-actual-true-value offer is just that; an offer. I’d bet that that offer will be dropped at the last minute.

Are you being blinded by the possibility of making easy money?

wonderingdaily · 29/03/2023 12:06

My first thought, whats the catch?

Original poster
user40816 · 29/03/2023 12:07

Muchtoomuchtodo · 29/03/2023 12:02

They may struggle to get a mortgage if they’ve offered well over what it’s worth.

if I had no plans to move I definitely would not be accepting their offer

In this hypothetical scenario, it's a cash offer. Let's say, your house is valued at £400k but you're offered £500k cash to sell.

I know people are saying there are a lot of variables and in a genuine consideration, of course there would be. But really the last bit of your post is what I'm wondering. If you weren't looking to sell, would it matter if someone offered you say £100k more than the value of your house.

OP posts:
SalmonEile · 29/03/2023 12:07

So is it a scenario where you live in a nice area and have a three bed house and your neighbour has a two bed and would like to swap with extra money for you?

Newmum0322 · 29/03/2023 12:09

If, after the costs of stamp duty and moving, the ‘over asking’ value was enough to buy a property materially better than the one I was living in, then yes I would move.

Not otherwise.

Original poster
user40816 · 29/03/2023 12:10

SalmonEile · 29/03/2023 12:07

So is it a scenario where you live in a nice area and have a three bed house and your neighbour has a two bed and would like to swap with extra money for you?

Pretty much this, yes. No catch, nothing dodgy. Just someone wants a bigger house in the same area and is prepared to compensate by paying extra if you'll sell.

OP posts:
Crispynoodle · 29/03/2023 12:10

A developer once offered us £275k for our seaside house that we had bought for £63K 5 years previous. Snapped his hand off! Of course we sold!

BigBunkers · 29/03/2023 12:18

But still it depends on too many things.

Does the over asking offer allow you to buy somewhere you want to live taking into account moving costs etc?

Why are they offering so much extra?! If it sounds too good to be true it probably is!

Dotjones · 29/03/2023 12:19

Depends if you need/want the money and think it's worth the hassle of moving for really.

If someone offered me 25% more than what my home is worth I'd consider it provided I was able to find somewhere nicer to live. I'd also insist they pay for all my legal fees, surveys etc in addition to the purchase value, and have a contract drawn up to that effect, in case they suddenly lowered their offer later in the process.

Sparklesocks · 29/03/2023 12:22

Maybe, but it’s hard to say in isolation. The market is tough where I live right now and houses get snapped up so quickly that buying somewhere new could be tough even with the extra cash. Also depends if the buyer is ok to wait, as we’d need a mortgage for a new property and they’d potentially need to wait for us to go through the buying process ourselves. I suppose we could rent short term to get out quickly for them, but rentals are in high demand too. I’d consider it, but would depend on lots of factors.

Sparklesocks · 29/03/2023 12:23

also I know you said they’d sell their house to you - but depends if I wanted it!

maxelly · 29/03/2023 12:24

Probably, yes, all other things being equal. I love our house, it's quite unique/quirky and we've done a lot to it to get it to how we like it, but for £100k, and if potentially I only had to move next door and got a similar style/size of house in exchange even if not done up as nicely as ours, I guess I'd take it (assuming there isn't a massive catch and the offer is genuine, not a scam or anything!)

OnlyFoolsnMothers · 29/03/2023 12:31

For 100k yes! But would have to be around 100k +- anything less wouldn’t be worth trying to find another house in the area/ the stamp duty/ the added % on a new mortgage

HangerLaneGyratorySystem · 29/03/2023 12:38

If you aren't that bothered and you think the enquiry is genuine then yes why not sell? Why don't you just make a list - do you want to sell, how much will it all cost you in stamp duty etc., can you get a nice house elsewhere - weigh it up, make a decision. If in any doubt say no.

First thing I'd want is a formal offer via their solicitor with an assurance that they have funds.

sunflowerdaisyrose · 29/03/2023 12:51

It would make me consider it more. I love our house and the location and not sure even £100k would make a difference unless I could find a nicer house that needed no work (as we've added value by doing a lot of a work which is stress as well as £££).

Darkstar4855 · 29/03/2023 12:54

I’m guessing OP is the buyer rather than the seller in this scenario…

SBAM · 29/03/2023 12:57

So someone who already lives on my street wants my house, for £100k more than it’s current value?

Nope. I love my house, we’ve spent a lot of time and effort (&money) doing up the bedrooms and the garden and there’s still some work to be done on the living spaces.
Where we are £100k extra isn’t really going to get me anything different than what I’ve already got, and my house is one of the nicer ones on my street anyway (if I do say so myself 😂).
The only way I’d move is if job opportunities came up closer to family, without that change I want to stay where I am.

Itsbytheby · 29/03/2023 12:59

TO me it would depend on how much I loved the house and how much the money could enable to buy (moving costs included).

But a friend of mine is of Asian decent and lived with her in laws as is the culturla norm for her. They offered their neighbours above asking price for their house to enable them to have two houses next to each other. That particular house was of increased value to them as it allowed them to live how they wanted to (with a bit of much needed space in a growing family). It was the only one that would do, so market value was really irrelevant to them in a way.

Itsbytheby · 29/03/2023 13:00

Oh and for where I am and what we could get around here I would likely need £150k more than our house value to move becuase I wouldn't want to mvoe unless we could take a step up the ladder, and moving costs an fees would be substantial.

Greentree1 · 29/03/2023 13:06

Probably looking to re-develop turn one house into a block of flats or something, does the house they want to buy have a big plot, access to vacant area or area available to buy? Must be a serious motive, not just I like your house better.