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Original poster

Offer on house

31 replies

justcheese · 01/09/2018 12:27

I have my house up for sale for £280, 000. It's been on the market for a couple of weeks.

Received an offer for £260,000 since increased to £265,000.

It still seems a bit of a low offer but I don't sell houses often so I was wondering if this is what happens or if the offer is a cheeky one. They have a property which has not yet sold.

Any advice is appreciated. I'm in no hurry to sell but obviously don't want the house on the market forever!

OP posts:

AnalyticalChick · 01/09/2018 12:39

It's not a real offer if they are relying on their own sale, which may not take place any time soon. They do not have funds to buy, and you could be waiting a very long time to receive payment.

TokyoSushi · 01/09/2018 12:57

No, that's too low I'd say (we're selling at the moment) and they're not even in a position to buy, I'd say thanks but no thanks.

AnalyticalChick · 01/09/2018 13:05

You could say that since they cannot proceed with purchase, you would only accept an asking price offer form them (which still really amounts to nothing). If someone were a cash buyer, I would be far more willing to accept a low offer from them because they would have real money, not fantasy money.

wowfudge · 01/09/2018 16:18

No one can say whether that's too low without knowing where the house is, etc, etc. However they are not in a position to proceed.

SusannahD · 01/09/2018 16:22

If they haven’t sold their house they are not in a position to buy, because of that I wouldn’t accept.

Soontobe60 · 01/09/2018 16:27

I agree. I would be saying no to any offer from anyone who is not in a position to proceed, even a full price offer. Tell them it will stay on the market until such time as a buyer is in a position to move on, i.e. Has an offer on their own home.
If they were in such a position, and had offered £265000 I'd still want more, perhaps £270000 as you don't know if you'll have to renegotiate after they have a survey done.
We got offered the asking price from a cash buyer, but it was reduced by £5000 following the survey, which suited us.

AnalyticalChick · 01/09/2018 17:06

What does 'proceedable' actually mean? Even if a buyer has accepted an offer on their home, they still may not be in a position to proceed, since their buyer may not be 'proceedable' themselves, and any chain is also likely to fall apart at some point. The only buyers who are really 'proceedable' are those who do not, themselves, have anywhere to sell in order to proceed.

wowfudge · 01/09/2018 17:13

What's your point and how is it helping the OP?

AnalyticalChick · 01/09/2018 17:20

It is ascertaining what kind of buyer the OP could accept an offer from, if she wants to be more certain of selling her house. If a buyer is less likely to pay her any money, it does not help make a sale.

peachypetite · 01/09/2018 17:23

Well I think most people don't get the full asking.
But since they haven't got a buyer yet you can just park it and continue doing other viewings.

AnalyticalChick · 01/09/2018 17:29

I wouldn't get into a chain, OP. They sound like a nightmare, and very often a waste of both time and money.

wowfudge · 01/09/2018 18:02

It's perfectly normal to be in a chain and not getting into one really limits your market or means renting and moving twice in a six month period. I really don't get how you extrapolate that a chain or the potential buyers are a nightmare? Have you ever bought and sold anywhere Analytical?

In the OP's position I'd let the buyers know you'll carry on marketing but that they should get back to you when they get a buyer.

AnalyticalChick · 01/09/2018 19:01

Yes, bought and sold twice (without issue) and have never been in a chain. So many posters on MN at the moment are saying what a nightmare chains are, and how they often fall through, wasting time and money. I wouldn't want to risk getting myself into that position, although the OP may have a higher appetite for risk than me.

peachypetite · 01/09/2018 19:06

Chains are normal but this wouldn't even be a chain since there is no buyer for theirs! Anyone can make an offer on a house, if it were me I would tell the estate agent to only show round serious buyers i.e. those who could make an offer and start the ball rolling. Who knows how long it will take them to find a buyer?

AnalyticalChick · 01/09/2018 19:29

I agree. I would tell the EA only to show round buyers who are in a position to proceed without delay. Otherwise, the OP is probably just wasting her time providing free entertainment for dreamers.

Bluelady · 01/09/2018 22:05

In the current bloody awful market that offer sounds perfectly reasonable to me. The issue is that they're not proceedable.

Bluntness100 · 01/09/2018 22:06

Agree, just say the house stays on the market and to come back to you when they have sold.

Bluntness100 · 01/09/2018 22:09

Analytical you don't sound like someone who has sold, chains are the norm, what you're suggesting will significantly reduce her potential buyer pool and possibly make it nigh on impossible to sell any time soon.

JustLurk1ng · 01/09/2018 22:15

Personally would never accept an offer from someone who had not sold... even if it was at asking price. Especially with the market being as slow as it is right now.

Be happy that someone is keen enough to offer (even if it's not one you'd want to accept) and keep marketing the house. If they get an offer on their place and yours is available then they can put an offer in then.

As to whether their offer is cheeky - depends on how your price compares to the market - if it's overpriced then no - if it's priced aggressively to sell then maybe a little.

Just keep an eye out for other property sold prices in your area - I'm sure you'll get more offers through

AnalyticalChick · 01/09/2018 22:26

I've sold twice, and both times in the week I listed, at asking price and to cash buyers who instantly fell head over heels. But then again, I picked gems, and made them even more desirable.

I definitely would not want to be in the shoes of all the MNers who are currently having a torrid time selling their properties, often stuck in chains that are collapsing left, right and centre, or chains that not going anywhere. It all sounds very stressful at the mo, and if the OP can try to avoid that same fate, I think she would have a much easier time of it.

wowfudge · 01/09/2018 22:37

Well aren't you lucky? And completely out of touch with the majority of people selling and buying houses. Were the houses you sold your home or somewhere you flipped?

AnalyticalChick · 01/09/2018 22:46

Both homes. If you really want to make the best of a house, you need to live in it for several years and make changes based on slow, well considered decisions, having got to know the place extremely well. People who make instant changes, without living in a house for a good long while first, often make bad decisions.

AnalyticalChick · 01/09/2018 22:52

Plus, I would say MN puts me intimately in touch with the experiences of people who are currently buying and selling houses. They seem to be having such a horrible time of it. I really think it must be awful trying to sell a house right now, nothing but tears and frustration. I feel hugely stressed just reading many of the posts.

Pearlsofmadness · 01/09/2018 23:52

@justcheese I would be up front and say to them that you won’t firmly accept an offer until they’re in a proceedable position, I.e. they have a buyer for theirs, but that you are looking to negotiate around £270,000 (pushing for slightly higher than their offer with a valid reason,if you’re prepared to negotiate, that is). That way, you can still be open to other offers etc. and begin negotiations with them when they are actually in a position to move.

As for PP advice to avoid chains. This is very unusual- most people end up in a chain of some sort. Obviously the smaller the better but things can go wrong chain-free too (on house we tried to buy before this one there was no chain, offer accepted, paid all fees, seller changed her mind and pulled house off market). So I wouldn’t let chains stop me from accepting/refusing offers- a lot can go wrong or stall the process in areas besides that.

AnalyticalChick · 02/09/2018 06:27

@Pearlsofmadness I'm not saying that a sale would definitely be plain sailing outside a chain - as you say, a lot can go wrong even without a chain. What I am saying is that sellers who are in chains are currently often having a particularly fruitless and stressful time of it, so if the OP can avoid a chain, she could be avoiding the risk of that nightmare. Of course, some chains will be fine, but they seem to be few and far between these days, so It's a big gamble getting involved in a chain.

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