To not just accept the first offer on my house?

[Worried1305]

Selling our house at the mo. It’s been on the market for a few days and we’ve already had substantial interest (although admittedly no actual offers). We’ve now had an offer at the asking price, but it is from an “investment company”. The estate agent sounded extremely pissed off earlier when we said we wanted to take some time to consider it.

AIBU to hold out for a higher offer even though we’ve been offered the asking price? The estate agent just sounded so utterly fed up with us!

It doesn't matter that it's the first offer. If it's a good offer then take it.

It’s been on the market for a few days and we’ve already had substantial interest (although admittedly no actual offers). We’ve now had an offer at the asking price, but it is from an “investment company”. The estate agent sounded extremely pissed off earlier when we said we wanted to take some time to consider it.
Are you sure that it is all legit? Is the EA putting off offers and pushing his mate the "investment company"?

It’s a chain free offer form a company who won’t fuck about and drop offers at the last minute. Take it.
If you wanted more you should have listed for more.

I would have thought an “Investment company” would be likely to make a lowball offer, so, particularly as you’ve only just put it on the market, I’d wait and see if you can do better. It’s a good idea to put a time limit on it, though. I’d say thank you for the offer, we will consider it and give you an answer in a week. Then give the agent a week to get you a better offer from a proceedable buyer- i.e. one with no chain and confirmed finances. Your agent sounds pretty lazy, tbh, to not be suggesting that to you.

in my experience an investment company is highly likely to go for a late price drop
why do you think otherwise?

I sold mine to a Hong Kong investment company that never even saw it. No chain, cash buyer completed in 28 days it's the fricking dream. You would be mad to turn it down.

"Substantial interest" only means that the pool of buyers looking for a house like yours have seen something new come into the market and have investigated. Interest will quickly tail off and if you haven't received an offer quickly it usually means you will end up accepting a below asking price at some point down the line You have an offer at asking price now, you would be daft to refuse it.

I don't get it. No one is going to offer more than asking price are they? Unless you get a load of people all wanting it at once, resulting in closed bids, which seems unlikely if it's been on a week with several viewings and no offers.

If you wanted more you should have put a higher price on it.

Usual scenario is someone will offer 5% below asking price, you will agree on 3% under, and it will eventually sell for a bit less after a few things get found on survey.

You asked for a particular price. You were offered what you asked for. If I were an estate agent I would also be fed up with you because my first thought would be "why the hell did you not set the price you wanted?!". You are wasting everyone's time.

I don't understand why you'd agree to list at a price you wouldn't be willing to accept. Unless you listed it as OIEO?

You are right to be careful. Some investment companies like to drop the offer at the last possible moment. Hoping you will just take the hit so as not to break the Chain

I’d ask the agent to email everyone who viewed it to let them know that an offer was made, and ask them for their best and final offer by X date. Then you know where you stand and can decide.

Around here if there is a lot of interest there will be an open day or two and the seller will be holding on until the set of viewings is finished. After that EA will give everyone a deadline to submit their final offer and proof of funds, usually about 1-2 days and then you will choose the buyer.
So yes, yanbu to wait until all planned viewings had happened, it might backfire but might benefit you.

Depends if you've got future viewings booked in, if so I would hold out for them too. If not, I don't understand your logic.

Depends OP, you were happy with the asking price when you agreed to it so is it greed driving this?

Also if you decline the offer, will you be happy and not effect your forward move if you get no other significant traction for the foreseeable? It's the holidays coming up and the market slows down, is that ok with you?

I don't understand why you'd agree to list at a price you wouldn't be willing to accept

First house we ever made a bid on offered full asking price we were first time buyers so no chain and got turned down. Estate agent said not worth bothering offering more they aren't interested.

They were waiting for their mates to put an offer in - they sold for less and got messed around - turns out we knew the neighbour. We were in our new house before they sold in the end.

I have no fucking clue what they were playing at - why market a house though an estate agent and let viewings happen at all.

A bird in the hand is better than 2 in the bush. If you’re serious about selling you should take it. Often when you hold out you end up selling in the end for way below asking.

Depends what the market is like. I turned down the first offer on the first home I sold and various people thought I was nuts but I didn't think the agent was doing a good job as it was a high market but they only got one offer off an open day. Changed agents, got 5 offers and accepted a much bigger offer. But that was a high market, it is much flatter now.

Unless you have some quarrel with the EA’s valuation l would accept it. Also, are you not now liable to pay the Ea fees because they have introduced a buyer who is willi to pay the asking price and able to proceed ? I’d check your terms and conditions before you do any more.

Can you check out the investment company and find out what their reputation is? Personally I would sell to the first asking price offer if I thought it was solid.

If you have a house you have seen and want to make an offer on and want to get the ball moving, YABU. Accept asking price and someone that is less likely to mess around you and can be more flexible on time, put an offer in on the house you want and hope you get it.

If you disagree with investment companies and would rather sell to a family/single person/couple, even at a lower price, YANBU. Mention to your estate agent you would like to sell to someone that is not an investment company, second home, airBnB or landlord though and don’t waste everyone’s time.

If you are hoping to sell to a family/couple/single person but drive up the price above asking price, YABU. It’s just before Christmas when the market is typically slower and individuals don’t have the same borrowing potential as investment companies. Interest doesn’t equal offers. I wouldn’t hold out hope for starting a bidding war based on the level of interest you’ve had.

If the investment company can buy it outright you're in luck. I learned this week that 25% of sales in chains fall through. And we experienced this only last week. We are not in a chain but the sellers of the house we wanted did not get the house they wanted to buy.

You're much better off just proceeding.

Have your solicitor put a completion date and offer accepted as full and final. Not subject to survey. No chain, presumably has the money ready. Don't mess around.

Send the investment co my way 😂
Im also on the market and got loads of viewings and a couple of offers - from people who arent even on the market yet so not proceedable.

I sold my first house several times over, first "buyer" offered 18/20k over ( I can't remember exactly) was chain free first time buyer all great apart from the fact he was a knob and tried to play games. I refused to sell to him. "Sold" it three more times before actually selling .
There are lots of things to consider when selling, and it can drag and be a bit of a nightmare
Lots of people say your first offer is your best offer but in my case I disagree