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Original poster

WWYD with this offer we have on our property

19 replies

iwantavuvezela · 23/07/2010 10:20

Our house is on the market - 9 weeks, 26 viewings, we had an offer of 390,000 (asking price was 425,000) - buyer doesn't want to negotiate, and that is their final offer ....
I think the full price 425,000 was aspirational, and we were hoping for 400,000 - 410,000? It seems like a good buyer, she has a mortgage, no chain, a deposit etc. Do you think its best to sell in case the property market falls, and hope that although we get less, it will also affect what we would hope to buy? Or stick it out till September - hoping for i guess an extra 10,000? My brief research indicates that around 410,000 was what stuff had sold for in the past 6 months of similar value ...
Just asking for views, as not really sure what to do!
Appreciate any thoughts on this from buyers or sellers!

OP posts:
lalalonglegs · 23/07/2010 10:28

I think if it has been on for a couple of months and had 26 viewings, then I would take the offer. No guarantee (rather the opposite) that there will be more buyers in autumn. Is there any reason that might be putting people off once they view (something not apparent from the details)?

My one concern is that if this is the first and final offer from your potential buyers, they may not be that committed to the house - they may well have said, "We'll put in a low offer and see what they say" rather than "This house is perfect and we must have it." (I am not a buyer or a seller, btw.)

Original poster
iwantavuvezela · 23/07/2010 10:33

lala thanks for that - the person apparently loves the house, put in an offer very quickly after seeing the house, BUT that is what they are prepared to offer, and i guess in their minds must be what they think is fair in this climate, for the place etc .... there are some downsides to the house, and i think this is factored into their offer!

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wheelsonthebus · 23/07/2010 10:34

I would take the offer - the housing market is not going upwards fast, and is more likely to go down in september

saltyseadog · 23/07/2010 10:37

I would bite their hand off personally. I think the market is going downwards again .

jeee · 23/07/2010 10:39

I'm sure you are prepared for this, but if you accept this offer remember that they'll be likely to reduce this offer after the survey. People might know that there are problems with the house (let's face it, there are problems with every property), but when they see it in black and white they panic - or cynically negotiate.

I think it sounds a perfectly reasonable offer, FWIW.

Fizzylemonade · 23/07/2010 12:21

I personally would take it, then you can move on and start looking for houses yourself.

I took slightly less than I wanted on my house because I wanted to move, I didn't want to be wondering what if someone came along and offered more, or worse, I wish I had taken that offer as no others are forthcoming.

diggingintheribs · 23/07/2010 12:27

I would take it but tell them you won't take it off the market for that price.

they might find a bit more to get it off

i know of very few people who put their best and final offer in first time

HaveToWearHeels · 23/07/2010 12:37

I would call their bluff and say 400k is the lowest you will go. Like diggingin the ribs says the first offer is not usually the final offer if they love the house. 10k is nothing when spending 390k. And for 400k you will take off the market.

jeee · 23/07/2010 12:42

10K is nothing in the context of 390K - unless you're at your limits. We argued over 2K when we were buying a 195K house - the vendors, understandably, thought we were playing silly buggers, but the truth was, we simply had no more money left. You can always try 400K - but they may well stand firm.

Original poster
iwantavuvezela · 23/07/2010 13:46

thanks for all the responses, consensus seems to be to take the offer! Its always good to get some objective opinions!

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nowwearefour · 23/07/2010 13:51

we said that 'this is our final offer' but really were prepared to go up. i would say give 395 and it is yours. bet you get it.

Original poster
iwantavuvezela · 23/07/2010 13:58

nowweararefour, got me thinking! I guess with negotiations they can only refuse!
will update when we decide!

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littlemissindecisive · 23/07/2010 14:10

Try for 395 or 400 and see what they do? If they stick to 390k then it depends how keen/desparate you are to move. I'd take it if i wanted to move on.....or is the 10k crucial for your next house??

Original poster
iwantavuvezela · 23/07/2010 15:13

littlemissindecisive thats a good question! (Perhaps I should use your name whilst i decide I am not really sure! Its speculative at the moment, we get this amount, and hope to get something else ... if the property market is stalling, it might mean that we can offer that type of percentage lower
will try and do some "numbers" tonight to see what it really means to us to take that much less!
I guess i just dont want to regret it and have to wait ages for someone else to bid the same amount!

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Strawberrycornetto · 23/07/2010 21:35

We moved recently. We had lots of viewings and then one offer. It was quite a bit lower than our asking price and about 10k less than we wanted by the time we negotiated them up. We accepted it because we were then able to buy the house we wanted - if we hadn't been under offer we would have lost it. My mum said, its not all about the money. Our move was very much for lifestyle reasons and she said focus on that and getting the house you want, don't worry about whether you might get another 5k if you hold out, if you can still afford it.

Also, in response to what someone above said, I thought they weren't committed because the offer was lowish. In fact, they were fab buyers, didn't push, didn't drag their heels and didn't try to reduce the price on the survey.

Good luck - house moving is so stressful.

ReshapeWhileDamp · 24/07/2010 10:34

Oof. Tricky one. I'd say, gut instinct, because you've been on a while and have had so many viewings and no other offers of this magnitude, take it, since all signs seem to be that things will swing down towards the end of this year.

The difference of 35K is actually only 8.23% of the entire asking price, which seems to me to be a reasonable offer in this climate.

However, I do agree with those who've expressed scepticism that their first offer is also their 'final offer'! Try 400K and see if they come up. If they're really into the house and want it, they may well come up to at least 395.

Good luck! I'd be very tempted to take this though, given all the viewings you've had.

Original poster
iwantavuvezela · 24/07/2010 18:34

ok have accepted! lets see if it progresses .....
really appreciated the views etc, and helped with decision making ... so thanks everyone

OP posts:
coventgarden · 24/07/2010 18:35

A bird in the hand...

Original poster
iwantavuvezela · 24/07/2010 18:57

coventgarden had almost forgotten that saying!! Love it!

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