In the current property climate would you accept an offer under your asking price on the first say on the market?

[Artichokes]

When my Mum died I inherited her sea front flat in Brighton. I kept it for sentimental reasons but now we want to sell it to get a bigger place in London. Yesterday I put it on the market at £280k today I got an offer at £270k. The buyer cannot offer a penny more and is not in a chain.

Am so tempted to accept as I thought we would really struggle to sell. DH reckons its crazy to take below the asking price on the first day.

What would you do?

Hmm... percentage-wise I think that's a more than reasonable offer. The market is pretty slow around here, not sure about Brighton. Plus, neither of you having a chain makes life a whole lot easier... I'd be inclined to accept, tbh.

I agree with your DH.

You could not refuse it ... but just say that you're not prepared to accept the offer until at least X time has passed. Of course, you run the risk of losing the buyer doing that.

Hmmm - £10 k under is not a huge differential - most people make an offer to see how the land lies

i would just take it slow and say you will consider it but would prefer nearer to the asking price

lol, I agree in principle with rubberduck on the % thing and the value of a buyer with no chain, but I suppose I'd always wonder what we could have realised if we'd held out a little longer. What does your agent say ? Is this early offer indicative of the market in the area ? I would think that a seafront flat in a town such as Brighton will be very easy to sell.

If no chain and willing to exchange contracts quickly, I would definitely take the money now. A lot of property down here has been hanging around for quite a while and you never know if that's your one & only offer.

I thought the market in Brighton wass till quite good. my brother lives there and he is goiong to try and sell his falt soon.
Agree with dh. Hold out. It is only the first day.

Hmmmmm we live about 10 miles along the coast from brighton and the property market has near on ground to a total stop. DH looks sat the property sites all eh time and says things have been on for month and months BUT I would prob still hold out for a few more days.

Tell them you wantto leave it on sale for a while longer as its the 1st day and see what they say/do.

Also, the people who bought our house said thay can't go any higher, final offer, totally stretched their budget etc etc but they still managed to find another 2.5k when wer refused.

I'd wait it out , presumably you can't use the money so quickly anyway if you have yours to sell too so a no chain buyer isn't a huge asset.

i would tell agent to say its a good offer and you are interested but that there seems to be a lot of interest in the property and X grand more would secure it or they can wait for eg 14 days.

sounds a good offer to me i'd definitely accept

The Agent just called and chased me for an answer. Apparantly the buyers are desperate to know today. He reckons its a good offer and that the market is so unpredictable that it is impossible to know if I will get another offer for weeks and weeks. He clearly wants me to accept but then he is only on a 1.5% fee so the difference of £10k is only worth £150 to him.

Really can't make up my mind. I would have to pay Capital Gains Tax on the sum so if I get another £10k I will only get to see £6k of it.

I think I will go for the offer but I need to present my acceptance in such a way that makes it clear that they can't mess me about by reducing the offer post survey etc.

Take it
I really would in the current climate.
We offered 16% below asking on a house in August last year, the first week it was on the market and he declined. It's still on and I doubt he'll get anywhere near what we offered. £10k isn';t a lot in the scheme of things and it means you can buy your house, plus they have no chain, go for them, they're a bird in the hand imo

You could always take it wih a caveat that they MUST complete by x date

Some say market is 40% over valued so on that basis, could be the next offer is a lot more than £10k less

You could see if they're prepared to go up by asking for their final and best offer. We offered less first offer, and our absolute top second time. He must be WISHING he'd taken it now, the house next door, identical, has just gone on at £45k less than we offered. This is SE home countuies

I would take it on the premise that they exchange and complete within 6 weeks, setting dates in advance for the latest exchange (ie 4 weeks) .. if they don't exchange by that date you can put it back on the market in March which is probably a much better time to try to sell

I'd accept as his status not in a chain makes up for the 10k reduction

the market will be in disarray by the summer

make it clear to agent (and to seller) that you do not have to sell and are under no particular time-scale so are looking for an easy process

oh but I'd do best and final offer first

i'd take it wth Twig's 'quick complete' clause

we;re buying a house marketed at £280k and they've just accepted our offer of £250k

And it's less than 5% reductino you're being offered. Look at propertysnake for drops in Brighton

This is a good quality offer. Take it with a 4 week completion schedule, make it clear that early completion is the trade off for the price reduction. Completing a month early will gain you £1k in interest on the money. Prices are falling and not rising and the market is pretty cool.

WWW, things are finally happening, hey? don't think the Gov can put off the inevitable any longer....