Accept offer or wait for a higher offer on property?

34 replies

CantStartaFireWithoutaSpark · 11/10/2022 23:30

Hi, I put my flat up for sale 2 weeks ago as I’m moving back to my home country.
I have offers on the table, but it’s for less than I was willing to accept (30/40k less).
We are not in a rush to sell, but with the issues in interest rates the way they are, I don’t know what to do.
The property is only up 2 weeks, lots of offers (below asking) and one ok offer at almost asking.

Do I wait for a higher offer? Or due to the state of the market, take the offer and cut my losses?
If I wait, will my chance of a future sale diminish?

For context, I bought 5 years ago and the offer on the table is barely breaking even. The flat is in London.

OP posts:

Doingprettywellthanks · 12/10/2022 16:44

So FTB?

Original poster

CantStartaFireWithoutaSpark · 12/10/2022 18:35

Yes I believe they are a first time buyer.

OP posts:

SpaceyCake · 12/10/2022 22:01

I would go for the closest offer too. I would also consider (genuine) cash buyers if you're selling a leasehold flat, because mortgage lenders can be really difficult with things like ground rent and service charges.

DblEspresso · 12/10/2022 22:42

If you don't need the money, keep the flat and rent it out. Rental market in London is very buoyant and you an name your price to prospective tenants. You will get a good return in the long term.

Lcb123 · 13/10/2022 08:43

Accept the best offer immediately. We’ve been trying to sell our flat in london since April and had two buyers pull out, luckily now on our third buyer. I’m terrified they will pull out as I don’t think we’ll get another good offer. It’s only going to get worse as people won’t be able to afford as much in borrowing

DeadHouseBounce · 13/10/2022 13:08

Lcb123 · 13/10/2022 08:43

Yes, grab that offer!

Blondeshavemorefun · 13/10/2022 13:56

Accept the almost offer

LadyLapsang · 13/10/2022 14:21

The danger may be that in keeping your flat on the market will indicate that you may be open to people trying to gazump, so don’t be surprised if the purchasers keep looking too. I would push for a speedy sale so they spend money on the surveys and legal fees so are less likely to pull out. Personally once I have accepted an offer I take the property off the market.

sevenbyseven · 13/10/2022 14:25

Can't you negotiate with the best offer? Assuming that's their initial offer, most people don't offer their best offer straight away.

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