Accept this offer?

[Allfurcoatandnoknickers]

My sister and I are selling my mum’s house after she died last year.
The house is a ‘blank canvas’ with a massive garden and is ripe for development but not worth very much. It was put on the market yesterday with an open house arranged for next Sat. We’ve has an offer over the asking price and the guy wants us to take it off the market. Do we accept it or hold out for the open house, which is my gut instinct? He’s accepted an offer on his house

I think if someone's offered over the asking price immediately then you haven't priced it right.

Agreed. I would hold out for the open day.

I‘d wait too! An immediate offer over asking is often an indication that a house is rather low priced. It‘s always good to get have more than one potential buyer, in case the sale falls through on the buyers side. Good luck.

Thanks- just need to persuade my sister that that’s the best thing to do- groan.
Waiting to hear more information about the potential buyer too.

I don't think that's necessarily the case. He might have been under offer for a while and wants to move on, maybe offered extra as there's no chain.

Or, we paid over the asking price once as we'd been waiting for a certain type of house to come up for a while and once it did, we wanted to secure it as it ticked our boxes. As it was a house for us to live in, we probably paid a bit over the odds for it but we only aimed to break even after the refurb. So the level of offer was down to personal reasons while not very wise financially.

What does the estate agent advise? A good estate agent will know if you are likely to get a better offer. And don't underestimate the value of a prices cable buyer.

ffs proceedable

Usually, if a house is getting an offer over asking within the first day, other buyers are more likely to offer more, because they’d think the house is worth more - it‘s basically an EA‘s dream!

No hold out for the open house

Btw link? I love a blank canvas

The agents think it’s a good offer. The potential buyer did say he’s got to sort out his finances so will let us know Monday if he’s proceed-able. It’s a gamble as we could potentially get better offers by holding out for the open house, but a buyer who has no chain with a cash buyer on their house is a tempting offer. It also seems that they’ve wanted a house in the area for a while and have been holding out for the area as they don’t come up very often.

Sounds ideal if ea agree about value. I’d go for it!

Wait and see what happens at the open house. Let him make his offer then say that you will get toghether with sister to discuss it and will get back to him after the open day.

If your buyer really wanted a house in this area for some time, why aren't his finances in order already? And what will have changed between now and Monday? I would tell him that, as the house has only just gone on the market, you want to go ahead with the open day but will consider his offer again after that if he is still interested. There is obviously nothing else on the market of interest to him so a week isn't going to make any difference one way or the other.

I think it's fine to say that you need to check he's proceedable (and hope that buys you some time). The flip side though of waiting for the open house if you tell the buyer is that if you don't get an offer better than his and then go back to him, he may decide he's offered too much and drop it.

Unfortunate, he could simply have the money invested if he's a cash buyer. Or could have been in the process of selling a business etc. So it could be a case of 2-3 days to withdraw the money out of stuff/wait for transfers.

If he is a cash buyer I would want him to provide evidence to the Estate Agents first before considering the offer. A lot of people say they are cash buyers and then there are problems/delays further down the line.

Sorry, I am confused- why would he need to sort his finances out over the weekend, is he not proceedable? He has a cash-buyer on his own house, but doesn’t have cash himself to buy your house? Forgive me, if I am mistaken, but it‘s a chain in this case... chainfree would be a cash buyer that bids on your house.

It sounds exactly like the house I am hoping to see this week, which is "the one" I have been waiting for.

Can't afford the asking price though so was going to go in with a lower offer and cross everything I have that a FTB with no chain might be a bonus to the vendor!

It isn't a village in West Sussex beginning with P is it? Because then I'll know to stop dreaming that we might just get it ☹️

Ahh misread, your buyer has a cash buyer and yes it is a small chain. Unusual to offer over the asking price. I would hold out for the open house.

Unfortunate, he could simply have the money invested if he's a cash buyer. Or could have been in the process of selling a business etc. So it could be a case of 2-3 days to withdraw the money out of stuff/wait for transfers - that's not the point I'm making.

Of course, he would need time to withdraw money etc but he has plenty of time to do that - with paperwork, surveys etc he has ample time to get money from investments etc. However, if he has been looking for some time, he should know right now how much money he potentially has when it is needed! Making an offer and then starting to figure out whether he can actually get his hands on the cash doesn't make him sound very committed.

I agree with Unfortunate - if he can’t commit to his offer straight away, you‘d wonder why he didn’t get get his finances in place when he is looking for a while for the right house? If you make any demands, you have to be ready to commit then and there. Sounds like the OP will be in a mini-chain and relying on his cash buyer to proceed with buying his house. The OP could miss out on a cash- (or FTB) buyer themselves if they give into his demand. And if he is put off by them going ahead with the open house day, then it‘ll be his loss, as he will have to keep looking for another property.