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Putting an offer in when we haven't sold ours.

7 replies

landwhale · 18/10/2014 15:16

We went to see a house today for the second time, Really really like it. Missed out the first time to another buyer as we hadn't sold our house yet. It's recently come back on the market at around 10% less, due to the buyer pulling out.

It is currently at the very very top end of our budget but would also need a lot of work doing so would have to knock some more off any way to get it. (ie, couldn't ask above asking - but we're in south wales where apparently 10-20% below asking is normal).

This house has been on the market for 2 years so I'm sure if someone really wanted it they would have had it by now. But the feeling when we 'lost it' the first time was horrific. Didn't realise how upset I would be. Blush I'm really wary of this happening again.

Our house has been on for about 4 months now. Minimal interest. I think its the price tbh but we have just changed agent and they think it should be higher :-/

We spoke to the vendor today and she told us she is desperate to move and would accept a low offer. I asked if she would accept an offer if we havent sold and she said she would if we think we could sell in the next few weeks.

Would it be odd to draft an email to the agents with an offer quite below the asking (house is 220... offer 175- 185) with the explanation that if she accepted this offer we would drop the price of ours dramatically to sell it asap. (Ours on for 170. We would lower to 145 for example). The thing is, this would need to be legally binding in some way so that if she changed her mind and accepted a higher offer we would then be stuck with selling our house cheap or zoopla showing that we raised the price dramatically for 'no apparent reason'.

Would also mention to the agent the reason it would be low - the amount of work.. similar properties selling that price in same condition etc.

Sorry for the long post. If anyone has any advice, I'd appreciate it :)

OP posts:
LizzieMint · 18/10/2014 15:23

It's worth a try. I wouldn't expect her to agree to stop marketing though, to be honest. We were in the same position a while back, the vendors just wouldn't accept an offer while we weren't proceedable, so we dramatically dropped the price of ours and STILL haven't got even a sniff of a sale (dropped price 6-7 weeks ago?). We're changing agent soon but really it seems that everywhere the market's just stalled.

landwhale · 18/10/2014 15:35

Thanks Lizzie. The market completely stopped about a month ago with us, but then in the last week I have seen two new boards and two other houses now sold so I don't know if perhaps people are really pushing to get completed by Christmas.

Yeah, I can't imagine she will stop marketing tbh, but as you say it's worth a try. I want to email the agents and seem as though I have a very well thought out strategy that is win win for everyone.. but unfortunately I don't...!

OP posts:
CatWomantotheRescue · 18/10/2014 15:37

Have you asked whether previous potential buyers pulled out, whether they had a survey, and if so what it revealed? My concern is something major could be wrong with the house (subsidence, etc).

I don't think you're really in a position to put in an offer, though. Sorry.

landwhale · 18/10/2014 15:42

Previous buyer pulled out due to 'family reasons' (although, to be honest, I'm dubious as lots of people seem to pull out for that). Didn't ask her about the survey though. Damn.

OP posts:
CatWomantotheRescue · 18/10/2014 15:51

Ring up their estate agent and ask some tough questions. They must disclose www.telegraph.co.uk/finance/personalfinance/houseprices/10864514/Failed-property-survey-Now-sellers-must-disclose-all.html

landwhale · 18/10/2014 15:59

great article, thanks CatWoman

OP posts:
CantSleepWontSleep · 18/10/2014 22:59

Any acceptance woudln't be legally binding until exchange I'm afraid.

We have sort of accepted an offer on ours from someone who hasn't sold, but have left it on the market as well. They know that we want to buy a particular house (they won't accept our offer until the chain is complete) and that our acceptance is subject to everything working for us to be able to get it.

Other agents had told us not to offer until we were proceedable. Although one agent who told us this about a particular house then sold the same house to someone else who wasn't proceedable!!

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