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Original poster

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

78 replies

Artichokes · 16/02/2008 15:57

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?

OP posts:
WideWebWitch · 16/02/2008 16:49

I think I've found it and there are 3 beds on at slightly less but with no sea view. I;d take it. To get an offer with no chain on first day is a good thing.

WideWebWitch · 16/02/2008 16:50

Look, 2 bed flat in BN1 down 31%
Yes Dinny, I reckon so!

WideWebWitch · 16/02/2008 16:50

Sorry, forgot link! here

dinny · 16/02/2008 16:58

market is seemingly stagnant around here (east Surrey)

theyoungvisiter · 16/02/2008 16:58

I would take it but say to the seller that you cannot afford to reduce any further so there is no room to negotiate over the survey etc. Make it clear from the outset that if they attempt any further reductions you will walk away.

If you take your DH's advice you could hang on for a bit longer, get an asking price offer and then get £10k knocked off in negotiations, especially if you end up with a chain when there are so many more variables.

A bird in the hand etc... IMO 10k is close enough, and a first-time buyer is worth something.

Original poster
Artichokes · 16/02/2008 17:03

Hhmm - just spoke to my friend who is staying in the flat at the moment. She was there when the agent showed the buyer round. She reckons they were totally keen and asked Agent what to offer, he told them to offer £170k as that "should secure it". Yet he told me they only offered that much after going to their mortgage advisor straight after the viewing and working out their top, top limit.

So it seems this might not be their top, top limit.

Will def ask for final and best offer.

Estate Agents are bastards.

PS - I know some 3 beds have gone for less in Brighton, but if you did manage to find it on the web then you will have seen the amazing views. Also it is right in the centre of town. It is a great flat.

OP posts:
Original poster
Artichokes · 16/02/2008 17:04

Sorry, that should have said £270 not £170.

OP posts:
WideWebWitch · 16/02/2008 17:05

Fking hell, and he's acting on YOUR behalf! I'd ring the agent and complain tbh.

dinny · 16/02/2008 17:06

doesn't make sense, it's in the agent's interest to get highest price for it.

maybe he's taking a backhander, I'd be very suspicious

WideWebWitch · 16/02/2008 17:06

I guessed that. But if he's acting for you he should have said "offer asking and I can put it to them"

Twiglett · 16/02/2008 17:08

you could say you'll accept 275 and a 6 week completion market to take it off the market now

ivykaty44 · 16/02/2008 17:08

Yes -I would take the money and run

WideWebWitch · 16/02/2008 17:08

Except dinny, the diff is only worth £150 odd quid to the agent. This is why estate agents sell their own houses for 10% more than they get for other people's according to the book Freakonomics - because the actual £s don't make that much difference in comparison to total commission bjut if it's their own house then obv it would make a bigger difference

dinny · 16/02/2008 17:17

yes, see what you mean, WWW

theyoungvisiter · 16/02/2008 17:20

ooo sneaky! Bastard estate agent. Funnily enough a similar thing happened to my friend - only she was on the other end of it. She saw a flat she loved and was prepared to go in with asking and the estate agent said "don't go mad - offer 10k less and see what they say". They accepted! Obviously since my friend was the beneficiary she didn't complain...

If they are pressing for a speedy answer they must be v keen and worried about it going elsewhere. Are there any further viewings booked in? If there are, I would say that for £275 I will take it off the market and not show anyone else round - otherwise if £270 is the best you can offer, I will return an answer after the other viewings have completed.

If they really really love it they will up the offer.

Twiglett · 16/02/2008 17:23

there is also a logical reason in not accepting

if you accept first offer then purchasers will be left with the feeling that they should have offered less .. there is something soothing in the bargaining process (it removes post-purchase dissonance which is actually dangerous in the housing market)

so in a way you should try to make them come up then if they stick say 'well I'll accept with an x week completion'

ShinyDysonHereICome · 16/02/2008 17:24

Can I ask what estate agent it is?

I have a good friend 'in the business' who tends to be in the know.....

Completely understand if you'd rather not divulge though!

I would say hold out a bit longer- that area is very desirable and I'd say you could easily get FAP within a month

ivykaty44 · 16/02/2008 17:25

The agent has to get a number of sales through the month. It is now the middle of February - not really a busy month. So it is a toss up between £150 commision or an actual sale??? Well go for the sale if it was my job.

I would still though take the money and run - cos it could be more hassle down the road. Tell the agent that the flat is to be left on the market until this couple have signed - and you want it done fast.

Then put the money away in a high interest account and get the interest. If they are right and house prices dip you will more than make up the 10k

ConnorTraceptive · 16/02/2008 17:30

We had the exact same situation last year. First day on the market and we were offered £5k below asking (£185k asking), the buyers had no chain and didn't need a mortgage. We had already seen a house we wanted. We took the offer, but made it absolutely clear that there would be no movement in the price once survey had been done and we stuck to that despite them trying to get a bit more off.

As for the agents I don't think they are taking a back hander really. Think about how uch commission they'll get for very little work, it's in their interests to shift property quickly not necessarily at the highest price.

NAB3wishesfor2008 · 16/02/2008 17:45

A bird in the hand.....

NAB3wishesfor2008 · 16/02/2008 17:48

But now I have read what the agent has said.... wait for more.

Original poster
Artichokes · 16/02/2008 18:20

Blood hell. Friend just called back having remembered another thing she overheard.

At one point the buyer asked the Agent "why is this flat on so cheap, what is wrong with it that we can't see?" (This is probably because the flat above is on at £315k (identical layout, new refurb) however, it is overpriced IMO).

Have gone back and asked for final and best. However, if they stick at £270 I am not sure what to do.

OP posts:
LIZS · 16/02/2008 18:31

Leave it on the market and if you ahve any other offers in the next week or so go to sealed bids. Unelss there is somethignworng with it structurally or in ened of work I suspect demand nearer asking price would still be there

NAB3wishesfor2008 · 16/02/2008 18:35

Selling a property can be about selling to a decent person and employing a decent agent too. He sounds awful. I would hold out and make it clear you want the agent doing his job properly!

kerala · 16/02/2008 19:18

Go for it. My sister tried to sell her really cute cottage in Brighton (Hove) although not a sea view admittedly. It hasnt sold - they have had to rent it out in the end.

Sounds like a good offer. We took 15k below our asking price and were pleased with that.

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