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!

As an Estate Agent, your first offer is almost always your highest one.

This.

What are you buggering about for?

You've received an offer for the asking price, so I don't see what the issue is?

This is why people should not offer asking price off the bat - the seller thinks the price was low - some haggling needs to be done for the seller to feel satisfied!

Ia it genuinely hard to sell in England just now?
Houses in Scotland are selling so so fast and, in some cases, for tens of thousands over home report value.
I suppose the houses in England cost so much more though.

When we had an offer we didn't accept it until all the booked viewings had taken place. We didn't allow more bookings though.

Take time if you want, it's your house. Just because they are a business doesn't mean they are the right buyer for you.

Because?
It really is not a personality contest.

Hmm not sure this is true. Prices have fell back and a great many remain on the market far longer in Southern Scotland. We still see the dreamers up here thinking their house is worth the same as the height of the rural home valuations post covid. But many are withdrawn from sale through no interest.

Tell the EA to tell anyone interested that you've had an offer of asking price and if anyone wants it they'll have to offer more. Give it a week.

If someone offers more, tell the investment company to make their best offer and get it locked down. It's as good as a cash buyer, but with the asking price being offered so quickly, I don't think you are being unreasonable. You can afford to wait week for more offers.

I’d accept asking price. It sounds like you’re holding out for over asking price offer which in that case you should’ve put the house on the market for an asking price you’d actually accept.

Sell it. Don't mess about.

Accepting the asking price would seem to be reasonable, unless you set the 'asking' price with the expectation of a bidding 'war'.

This said, by selling to an "investment company" you might be exposing your current neighbours to a future "bed neighbour" hell.

It depends on the market in your area. In some places selling for 10% over asking is common, in many others slightly under asking is the norm.

Do you think your EA undervalued it? If not, you could go back and say you'll take it off the market for x amount over asking.

In my case, I recall that the estate agent suggested a 'Guide Price' of 10 below the market value. I said I'd rather try "Offers over" first and that we could change that if there was no success. He didn't argue.

The two who put in offers were both cash buyers. Possibly it was easier for me - prices round here aren't that high.

I’m surprised that an EA says that the first offer is the highest. That’s not been my (very recent) experience.

For those wondering 'why' a vendor might not wish to sell to an investment company or 2nd home owner (in my case) if the possibilities of a prospective full-time resident buyer might also be available here are my reasons:

Buying a home isn't an investment to make money on, the primary purpose is to provide a secure home to live in, hopefully within affordable means.

I have seen and have current experience of the 'vacant community holes' created by 2nd-home owners, specifically those buying low-end houses. They take away and add nothing to a local neighbourhood.

I have, many years ago, before the housing 'crisis' became mainstream, sold a valued £22k home for £10k to a local; just because I thought it was the right thing to do, not because I've more money than sense. Even though I'm even poorer now (although I have a 'secure' home) I don't regret that decision at all.

Many years later, when I sell my current home in the forthcoming future, I'd drop 10% off the 'asking" price if it meant a local family could get the space they need.

Follow through with any viewings currently booked in and then take a view on Monday: the agent is working for you - at such an early stage if they’re pissed off with you then they need to wind their necks in: it would put me off working with them as they sound lazy.

If your house has only been on the market a few days and there has been substantial interest, I’d expect your agent to be picking up the phone and calling those people who had shown an interest to let them know an offer had been made and if they want the house they should get their offers in too. They may be keen but think they have more time. Your agent should be able to let the investment company know there’s been substantial interest in the few short days the house has been on the market so you’d like a few days to consider their offer….

I would have sold to the landlord who wanted our old place if I'd absolutely had to, but was relieved that it went to a family.

Landlords round our way have been targeting modestly priced 2 bed houses; the family who have moved into our place now have a home that's only yards away from the local primary. (Mind you, the family was lucky that they had help buying it.)

Nor mine. There was a difference of £70k between my first and last offer when I sold a few months ago.

I mean they could drop substantially on survey or before exchange of contracts.

We just put an offer in. 20,000 over home report and still didn't get it. It is in a very popular location though and a small 3 bedroom so more 'afforable'. We have only been looking in that area though so I don't really know what is going on elsewhere.

The sale of my friend's flat has just fallen through for the 2nd time, at this point I think he'd sell to anyone to avoid the extra stress it's creating.