House price

[flirtygirl]

Hi, I put my house on the market for 10k lower than its value to get a quick sale and to encourage offers that possibly go over this price. I was anxious over market stagnation and was keen to get a sale.

I have had 8 viewings so far and 2 offers within 24 hours. Its been on a week today and ill have had 16 viewings by the end of this week concluded, so its popular and ive had 4 offers now, all from ftb.
However people are still putting in cheeky offers espescially considering its low asking price.

Im on with an online estate agent so should i invite all interested parties to put in final offers, What would you do?

Sealed bids?

If you're getting lots of viewings, but the offers are coming in low, I would ask your agent for feedback from viewings as to why they're low.

Maybe market with guide price, might put off the chancers who try lowball offers?

Having chatted with colleagues about buying houses over the years, a lot of FTBs think you offer 10% under asking, no matter what.

I agree with the pp - go to best and final offers by 4pm on Tuesday next week if you've got viewings booked this weekend with proof of funds/that they are ready to proceed. Get the agent to advise - that's what you pay them for.

Thanks to all of you. I will go for best and final offers for tuesday. You have helped me solidify that this is best.

I have 3 viewings booked in for saturday and 1 this evening, so it will give everyone a chance.

flirtygirl I was in exactly the same position as you, last week.
The online estate agent who advised a Blind Bid. They contacted all who had made offers and told them they had until last Friday to enter the best and final bid.
I ended up with more than the asking price (which was very low, for a quick sale).
Good luck

Wow on your shoes I wouldn’t be entertaining sealed or best and final.

This approach is best when you have lots of interested parties offering very close or even in excess of asking.

You don’t have to accept the bids though.

BubblesBuddy

No but you waste time and piss off people of you start a process and then bail when it doesn’t suit you

When we put our house up, we knew the money we wanted for it and knew it'd sell quickly and told the agent we don't want anything lower. An offer still came in about 10K below, we said no, we want asking and we got it. Depends on the house, this was a mid range 3 bed in a good condition.

No- just say no to the offers, tell them there's lots of interest, early days. A week is too early

Is the ea not advising what other offers are on the table? So that kind of forces them to outbid each other?

Im not sure what the agent advises them, i think i need to be more proactive and will ask, as the agent seems happy so far with every offer put forward.

Id like to accept an offer but i do need to maximise the price. Accepting lower than the already low asking price would be madness.

flirtygirl have all the offers been much lower than you were hoping for?

Davidbowies the best two offers are 2k under my absolute lowest and 7k under the asking price.

Is it obvious that your asking price is really low? Can you go back to the people who have offered low with comparables and say, look, this is how much I could be asking so would you like to think again about your offer?

I agree with a pp - don't start any sort of auction process if you are not going to accept an offer at the end of it. Sealed bids, dutch auctions etc are really complicated and I've seen lots of people get into trouble with them.

In that case I'd not do a "best and final", I'd hold on until I got nearer the price I was after.
You've already priced it to sell, doesn't mean you have to give it away!
Can you change your guide price in your advert? Or maybe make it either "offers in region of £x" or "offers above £x"