Advice please - selling house/accepting offers

[fempsych]

So we are in the fortunate position of having offers on our house. On the market for a week.

Would people accept
(A) asking price, in chain, genuine buyers as known to us
(B) 8k under asking, no chain,

We haven't found a house yet to buy but could possibly go into rented if required?

Any advice? Things to consider? Are there any things to think about regarding moving into rented for a few months (relatives house) if we can't find a house we like?

B it's a done deal and you can move on. Then you're in a better position to move quickly when you find the house you want and your chain free.

It depends what percentage of the asking price £8k represents imo. Also is the chain free buyer a developer or a ftb? Does the £8k make a difference in terms of what you can buy and LTV for any mortgage you need?

If you find somewhere to move to will the cash buyer be prepared to wait?

All things to consider. If you move into rented you will effectively have to move twice and would you put furniture, etc into storage? It all costs money and could mount up and end up costing you more than £8k.

A - they're not going to mess you about and its more money! If you're not in an immediate hurry (as you haven't found anything) there's no need to jump in with the cash buyer.

That was my feeling namechanged

How many people in the chain? If it's long that might be risky, lots of people who could change their mind, be made redundant etc

Chain in a is about three buyers long.

B are first time buyers in rented...

What percentage is £8k?

I'd would always avoid a chain if you possibly can. Anything could happen up and down the chain, which could cause your sale to stall. Get a storage option for your 'stuff', sell ypur house and move into rented for a short time and dodge a lot of the stress.

I would go for A. £8k is loads of money and as you havent found a house yet it isn't such a problem there is a chain. We were buying a no chain house and they ended up pulling out so it's not a complete guarantee of success either. But I think it depends how much £8k is to you. For me it would be too much to not try for.

Personally I would do anything to avoid a chain, but as others have said, can u afford to go without the 8k? Our situation is different to yours because we're desperate to get a move on as we've already found a house, but after the stress of our previous chain breaking down, the fact that we've now got a ftb who's in rented has eased our stress massively (whilst still being painfully aware that it could all goes tits up!!) I'd definitely go with B but either way, good luck.

Depends if your house is worth £800k so 1% or £160k so 20%.

It's 5% of £160k.

I wouldn't accept 8k under at this stage. If you accept the other and they drop out you will probably get new buyers quick anyway.

I'd probably expect the FTBs to increase their offer slightly tbh. If they couldn't I think I'd take theirs anyway but it's worth asking them.

We're these both first offers? If so I'd turn them both down.

...And see what they come back to you with. Since it's only been on a week and you've got no deadline at your end yet.

Yes 5% typo sorry.

Going into rented means moving twice, deposit, minimI'm rental period, possible mortgage / rental overlap, possible loss of mortgage portability. Not sure I would do it for a less than asking price offer...

I'd go for the chain free option.. no price on stress free moving

Thanks all - v helpful.

Id go back to B and say that being chain free isnt worth £8k to you, its only been on a week and youre not in a hurry to sell......they should increase their offer.

I would go for option B unless that £8k represents a large percentage.

I wouldn't want to sell to people I knew - never mix business with pleasure.