Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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:
DaphneHarvey · 16/02/2008 19:26

Accept it. Take it. Its a very good offer. I work in the business and have not seen a property sold at asking price or over since last June.

Meanwhile there is a property here on the market at £425,000 on which someone offered £415,000 last July. The owner turned it down "hoping he could get more". Its still on the market.

ShinyDysonHereICome · 16/02/2008 19:27

Kerala you sister's cottage sounds exactly like what I have been looking for!

Original poster
Artichokes · 16/02/2008 19:36

Shiny - is your friend who "is in the know" in Brighton? If so ask her about Winkworth.

OP posts:
ShinyDysonHereICome · 16/02/2008 19:40

My friend is a he LOL and I've just sent him a text

booge · 16/02/2008 19:52

Take the offer, it's a good and fair one.

lalalonglegs · 16/02/2008 19:55

Take it, take it, take it (and wait until April to exchange when you will have to pay less CGT ).

noddyholder · 16/02/2008 19:58

bite their hand off it is only going to be worth 200 next yr.

noddyholder · 16/02/2008 19:59

brighton was one of the biggest casualties of the last recession and there is similar sentiment this time.

WideWebWitch · 16/02/2008 20:02

Another thing about not taking it (after askign for best and final offer, I think that's fair enough, plus caveat re exchange date) is that people can go off a house the further away from viewing it they are. WEll, we did anyway.

dinny · 16/02/2008 20:33

yes, NH, have heard that said by someone else recently...can't think who

Original poster
Artichokes · 16/02/2008 20:41

LaLaLongLegs - I had not heard about the Capital Gains tax changes until I read you post. Having read it I googled them and now I am slightly confused. Do you know about them? Am I right in thinking that after April 1st instead of having to pay 40% of the value of the property in CGT (because my salary already puts me in the higher tax bracket) I will only have to pay 10%?

If so, that is the best news ever...

OP posts:
lalalonglegs · 17/02/2008 10:23

I know that CGT is changing, as per pre-Budget announcement, come April - I was under the impression that it would be a flat rate of 18% but I would ask someone better qualified than me. Perhaps start another thread...

MrsJackJohnson · 17/02/2008 10:34

take the offer and run.....

ShinyDysonHereICome · 17/02/2008 11:14

My friend just called me in response to text to say that someone he works with used to be an agent for that company.

Having carefully considered what he's just said I'd say don't accept any less than 2k lower than your asking price. Thos flats are very desirable and you should easily get full asking price for it.

Estate agent is being a sod!

Tortington · 17/02/2008 11:16

have you looked on right move at similar propertis>?

i owuld wait

Oblomov · 18/02/2008 08:02

What did you decide Artichokes ?
Can we have a link to the property please.
I am very nosey and like to know

Oblomov · 18/02/2008 08:28

Is it the Sussex Heights one ? With the AMAZING views, you mentioned.

hhmmmmmmmmmmmmmm · 18/02/2008 09:18

I am about to call the agent. I am so bad at being business like and hard nosed so I am dreading the call. I think I am going to tell him that I know he lied about how the buyer came to £270 and then I am going to ask him to go back to her for best and final. However, if £270 is their best and final then I will probably still accept (and I bet the Agent knows that so won't bother too much).

Will go and find a link for you.

Original poster
artichokes · 18/02/2008 09:20

Woops - forgot I had been trying out more pensive names. 'Tis Artichokes still.

OP posts:
Original poster
artichokes · 18/02/2008 09:22

This is my flat www.rightmove.co.uk/viewdetails-19559855.rsp?pa_n=9&tr_t=buy

And this is the flat with the identical floorplan one floor up - on the market for £50k more. This is what is making me wonder if £270k is just too low. www.sequencehome.co.uk/detail.asp?type=0&src=property&cs=12&bs=BHF&br=-1&prop=-1&min=250000&max=4000 00&bed=-1&page=4&id=BHF102784

OP posts:
noddyholder · 18/02/2008 09:35

The difference is yours has had an offer and the other is still for sale.Worth checking how much the last one to sell went for.I think the agent you are using has probably given you a realistic price to actually sell.Agents can say anything re value as it is not an exact science but selling is a different thing

ShinyDysonHereICome · 18/02/2008 09:38

Fox & Sons always inflate property prices in the Brighton area in my experience.

However, I would still hold out for the £280k you will get it, albeit maybe in a few weeks to a month's time

noddyholder · 18/02/2008 09:41

I sold last summer and every house i have viewed since is still available None have sold and several are now reducing their prices.270 is a good offer

nowwearefour · 18/02/2008 09:43

take it take it take it. you will almost certainly regret it if you dont. no chain is also really worth something. in thisnmarket i think you have done REALLY well and another offer might not come along at all. we were on the market for 8 nonths and had an offer but our buyer's buyer pulled out twice so the whole thing collapsed. i would give a lot for a chain free offer.

dinny · 18/02/2008 09:45

Nh makes a very good point - check out WWW's Property Snake link to get a more realistic idea of what properties are ACTUALLY SELLING for, not what they are on the market for!