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Original poster

Hust had an offer on our house- Am I being a miserable stingy git??

25 replies

Wisp · 11/10/2006 14:24

Its been on the market a week- we priced it to sell ASAP. Had an offer from a cash buyer, he wants it all done and dusted in 8 weeks.
He's offered £4'500 under our already low asking price of 182k, and I said no !

Is that stingy of me?

We are taking out a pretty huge mortgage, and can only scrape affording the house we love, so this few grand is really making a difference.

I dont really know much about the whole etiquette of making offers, but do you think this is a reasonable offer?

Thanks

OP posts:
LadyTophamHatt · 11/10/2006 14:26

IMO he would be expecting you to say no to the first offer.

MamaGhoul · 11/10/2006 14:26

No I don't. On 182 I would offer 180 but no lower

LadyTophamHatt · 11/10/2006 14:27

and cash offer or not it's a very rare thing for it all to happen in 8 weeks.

We were told this when we moved and it still took about 4-5 months.

Iklboo · 11/10/2006 14:27

He's probably testing the water. You could say no "but I'd accept £x for a cash offer"

lulumama · 11/10/2006 14:27

if you can;t afford to take the offer , then no! have you had other offers? much interest? does he really have the cash or is he pushing you?

when we sold, the people who bought our house offered 6 grand below asking price, we said no and then met in the middle , do have to hold your nerve - took 3 days to negotiate and agree!

Original poster
Wisp · 11/10/2006 14:27

Thanks, that's what I was thinking- he's testing the water. However if I let the estate agent phone him back with a no, then there's the chance he's going to just back out.Argh!

OP posts:
lulumama · 11/10/2006 14:28

BTW - took us 16 weeks to sell in total so 8 weeks is a bit hopeful!

Gobbledispook · 11/10/2006 14:28

Oh people always try to say 'and I want it done in 8 weeks'. The reality is, you have no control over it and it's the most bloody frustrating process in the entire world. I thought solicitors were educated but, God, are they crap at organising house sales!!

He would expect rejection of first offer. NEVER accept a first offer. You did the right thing imo.

hub2dee · 11/10/2006 14:31

He's asking to do the deal at 180.

Enjoy the haggle.

And if you think your 182 is already an amazing deal, because it's only been on a week, and if you need every £1K of the selling price, I'd wait.

LadyTophamHatt · 11/10/2006 14:31

Wisp, you could accept the offer but then he could still back out.

Just because you've said yes doesn't mean it's all signed sealed delivery.

if only that was the case, eh GDK???

Original poster
Wisp · 11/10/2006 14:33

Its early days, and he is the only real interest in the house,apart from a timewaster!
The house we want is no chain, so by taking this mans offer means no one is in a chain,so less likely to fall through- and we absolutely do not want to lose this dream cottage.
We can't afford the asking price, but they are definately open to offers-as they are desperate to move. So a couple of grand extra can make all the difference with us making an offer.
This was our first house, so complete novices at selling/buying!

OP posts:
Blu · 11/10/2006 14:36

It's up to you of course, and whether you think you can get another buyer - but I think 7-5% below the asking price is not unusual. But if it's already a low asking price, stick out for £180k

iota · 11/10/2006 14:36

hmmm well it's been a while since I bought a house, but I would say that an asking price of £182K was beegging to be rounded down to £180K - at least that's how it used to be in my day.

If you want £182K I would market it at £185K

LadyTophamHatt · 11/10/2006 14:40

we had no chain whe we moved here, wisp.

Our buyer were cash buyer and the people in thi shouse were going into rented. Wee took a lower offer from our tight fisted wanker of a buyer because he said he wanted it all done in 8 weeks, no chain etc etc etc and it was him that held it all up in the end.

AND now 9 months later he's sold our old house for 25,000 profit after just painting the friggin living room again....it was nothing to do with wanting our house to live in, he just wanted to make afast buck. Wanker.

Sorry...off on a tangent there but the 8weeks thing is crap.

LIZS · 11/10/2006 14:41

It is very early days . He's looking to get it for under 180k but if you aren't prepared /can't accept it then say so. A reduction for cash /no chain isn't unusual though but you need to be fairly clear about the price being subject to that in case he suddenly throws a mortgage into the equation.

Original poster
Wisp · 11/10/2006 15:46

LTH- How annoying for you !!!
I'd be livid too!!

We're taking the 8 weeks thing with a pinch of salt-as there's just no telling, it will be ready when it's ready and he'll have to wait !

Thanks Lizs, I will definately say that if we do accept that offer, then it safeguards us from being messed about like LTH did.

I've heard back from the mortgage company, and we could take his offer and just scrape getting the house and paying some of the moving costs -phew

Fingers crossed they accept our offer tonight

OP posts:
frenchconnection · 11/10/2006 16:05

We managed to move in 8 wks , just!! it is possible but we didnt have a house to sell, only one to buy that was already empty.

KTeepee · 11/10/2006 16:13

We also managed to move in under 8 weeks - twice. BUT the first time we were first time buyers buying directly from a builder, the second time our buyers were first time buyers and the people we bought from had no chain above them.

marymillington · 11/10/2006 16:19

I think its still usual for first offers to be 5% under the asking price unless you are in a very sought after area. But if its only been on the market for a week, I'd hold my nerve and give it time. And if he's offering cash, he can probably afford a bit more. (BTW we sold our flat and completed in less than 5 weeks, but we weren't buying anything at the time, it depends on how good a job your solicitors did when you bought your place and how much you sit on them till they get stuff done)

Original poster
Wisp · 11/10/2006 16:26

Wow it's nice to know that sometimes it can go through quickly
I have visions of us there at christmas, log fire singing carols etc etc

OP posts:
finefatmama · 11/10/2006 18:55

I know of at least 10 cash buyers who have complted in six weeks. The catch is to buy BMV (below market value) from 'motivated' (aka desperate) sellers, give the house a lick of paint and sell asap for a profit.

There's a good chance the he has the funds and usual team of lawyers and finance people. He knows that his offer is low. I once attended one of those networking programmes and the really clued up guys set a limit at about 15% BMV for a quick sale.

It now depends on how motivated you are. If you feel you you have to take his offer ( I hope you are not considering it), make him throw in some freebies like pay your legal fees or moving costs.

Chances are the estate agent is part of his team of finders. they usually get a little cash and may discourage other potential buyers while you just wonder why you are not getting a lot of interest..

Good luck

Tinker · 11/10/2006 19:22

I'd want to know exactly what he means by "cash buyer". We lost a house we were after to someone else who claimed to be a "cash buyers" They were nothing of the sort, apparently amd eal fell through. We should gave described ourselves as that as knew had access to the funds, just that they would be via a mortgage

Everyone expects their first offer to be rejected, it's a game, albeit a very frustrating one.

finefatmama · 12/10/2006 17:52

cash buyers have cash in thier bank accounts or bridging loans in place and don't need to get a mortgage and so can waive surveys if they want. they tend to buy unmortgageable properties.

some buyers build a rapport or groom sellers before making offers. the pros make the offers they are prepared to pay. my friends mentor makes about 15 offers every week in order to get one offer accepted.

Original poster
Wisp · 13/10/2006 11:36

Thanks for all the advice, The offer was upped a little more, and by sheer fluke or fate, the house we desperately want accepted our offer of just under 10k of the asking price!

The buyer of our house is an eldery man, who has been renting, and wants his own place to live. Ive met him 3 times, and he seems very honest, My solicitors have confirmed he has shown proof of the money in the bank.

Soooo...All going well we have all signed for completion of sale by 8 weeks time!
We are all so happy, and a little apprehensive too.
Fingers crossed thereare no hitches along the way either.

OP posts:
hub2dee · 13/10/2006 16:42

Good news on your sale, and even better news on your purchase !

Well done. I hope it all goes through as smoothly as possible !

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