How to handle this buyer/ offer

MinorDelay · 2023-05-21T18:34:22+00:00

Hi all, We are selling a 2 bed flat in SE London. We bought it for £380,000 in 2016 - and it's on the market for a guide price of £325,000 - £375,000. We have already bought another property - so we are chain free, but we do need to release funds to do the work we need to - primarily to make adjustments to the property for our disabled child. We have had a number of positive viewings over a week and a half, and have an offer on the table of £330,000. However, the buyers have said they will withdraw from the purchase if they get any indication that there is damp at the survey. We are happy to accept an offer of about £335,000 (which I think they might stretch to) - but their proceed-ability is more important to us than the price to be honest. I just want a straightforward sale - both our parents have serious health issues, and our DS' disability means life is stressful enough. We haven't experienced serious issues with damp - although we did have damp walls in the dormer window, so had diagnostics run and the roof replaced last year. However, it is a 1900's building, and I worry that any issues typical of a building of this sort will mean the buyers withdraw down the line - they are already making me nervous. I don't know what to do - the flat is well below market value for the area, it is a really fair price....any advice appreciated.

TimesRwo · 21/05/2023 19:36

How long has it been on the market for?

Pipperleen · 21/05/2023 19:40

I find it strange that they have specifically said that right at the start of the process. I mean, damp would make me question a purchase anyway, but I wouldn’t feel the need to point that out when offering etc. Perhaps they have had a bad experience with it previously.
My gut would be telling me that they had the potential to be fussy - but that’s based on very little! What does your agent think?

It depends whether you want to/can wait. A week and a half on the market isn’t long - if someone said to you that they’d sold within two weeks then you’d think ‘wow, that was quick!’

Hope all goes well for you all, whatever you decide to do.

Original poster

MinorDelay · 21/05/2023 19:42

It was on the market last year, and we had an offer for £350k - but that fell through as the buyer was made redundant. We put it back on the market 2 weeks ago, and have had about 20 viewings - some have requested 2nd viewings. I feel like 2 weeks is a long time in London.

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Mumdiva99 · 21/05/2023 19:44

Wait for the second viewings and then decide. (Just tell them you are going to see who is the best prospective purchaser then.)

Smallinthesmoke · 21/05/2023 19:46

I'd definitely let the viewings run a bit longer. Second viewings requests are a good sign, accommodate them.

ThankmelaterOkay · 21/05/2023 19:46

Gosh that’s a tricky situation. They must know you are already taking a massive hit on this. I know buying and selling is a heartless business but I feel bad for you. £380k literally anywhere else (in the U.K. housing market) would be like >£450k now.

I think I’d be firm with them. They sound like they are getting a good deal.

Original poster

MinorDelay · 21/05/2023 19:48

Thank you so much - that is good advice.

The only reason we are desperate to sell is that we really need to make our new property suitable for our son (his issues are now such he's not safe unless we watch him like a hawk 100% of the time) - it's not a reflection on the flat. But we do need a stress free sale :( I just need our current set up to be easier.

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Original poster

MinorDelay · 21/05/2023 19:51

ThankmelaterOkay · 21/05/2023 19:46

Gosh that’s a tricky situation. They must know you are already taking a massive hit on this. I know buying and selling is a heartless business but I feel bad for you. £380k literally anywhere else (in the U.K. housing market) would be like >£450k now.

I think I’d be firm with them. They sound like they are getting a good deal.

Yes - it's a bit soul destroying. We had to move for our DS (he definitely wasn't safe on the 3rd floor). I really don't want to or expect to make huge money from it, I just want it to be straight forward, and making demands at offer stage makes me nervous. Especially when the offer is so low!

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bettyjane · 21/05/2023 19:53

I’d leave it on the table and at least wait until you get feedback from the second viewings that have been requested, especially as it’s lower end of the guide price

Original poster

MinorDelay · 21/05/2023 19:53

Pipperleen · 21/05/2023 19:40

I find it strange that they have specifically said that right at the start of the process. I mean, damp would make me question a purchase anyway, but I wouldn’t feel the need to point that out when offering etc. Perhaps they have had a bad experience with it previously.
My gut would be telling me that they had the potential to be fussy - but that’s based on very little! What does your agent think?

It depends whether you want to/can wait. A week and a half on the market isn’t long - if someone said to you that they’d sold within two weeks then you’d think ‘wow, that was quick!’

Hope all goes well for you all, whatever you decide to do.

I think they had issues previously

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StaringAtTheWater · 21/05/2023 19:55

Definitely wait for the second viewings. Your EA should be telling other viewers that there is already an offer on the table, which will hopefully encourage a higher offer (hopefully from someone without extra conditions!)

Beautyhoard · 21/05/2023 20:03

Do you have any understanding of why the value has fallen like that?

Original poster

MinorDelay · 21/05/2023 20:07

Beautyhoard · 21/05/2023 20:03

Do you have any understanding of why the value has fallen like that?

I can only think we paid too much? It doesn't have a garden, so that will play a part - it is also a loft conversion, which puts some people off. Other than that I'm not sure really. It is leasehold with 92 years remaining.

The EA seemed to think we would easily sell for the price we've set. All I want is a motivated buyer.

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2bazookas · 21/05/2023 20:25

They are lining up a barrel to put you over and negotiate a lower price.

Respond "Thank you for your interest. Until you make a firm offer the property remains on the market."

LaurieFairyCake · 21/05/2023 21:41

I don't understand at all how it's fallen

We bought in 2016 and ours has gone up £200k ! (Just decorated bit longer lease than yours)

Lcb123 · 21/05/2023 22:05

That’s quite a specific concern to have. I’d let some more viewings happen. But it’s always a risk something will come up in survey and buyer will ask for money off.

Londonbluenose · 21/05/2023 22:39

Since Covid, flats in London without outside space have been really difficult to sell.
The market is starting to come back, but from a point around 20% lower than where they were pre pandemic.
Interest rates have also gone up 11 times since then, which again has affected certain sectors of the market.

As for damp, two things: firstly, maybe your buyers just had to pull out of a purchase after an adverse damp survey and it's now a thing for them?
Secondly, you're top floor, right? Can't get rising damp up there. Have you had any roof/guttering issues that could cause penetrating damp? Pointing in poor condition? These types of issues with Leasehold
Flats are usually the responsibility of the Freeholder and costs normally split with the other Leaseholders.
You could get them checked out yourself though....
Sounds like your agent may have 'over-egged' the value to get your business too.

KievLoverTwo · 21/05/2023 23:17

I think it's refreshing that they have been so upfront with you and that this is a good sign.

Original poster

MinorDelay · 22/05/2023 09:13

Londonbluenose · 21/05/2023 22:39

Since Covid, flats in London without outside space have been really difficult to sell.
The market is starting to come back, but from a point around 20% lower than where they were pre pandemic.
Interest rates have also gone up 11 times since then, which again has affected certain sectors of the market.

As for damp, two things: firstly, maybe your buyers just had to pull out of a purchase after an adverse damp survey and it's now a thing for them?
Secondly, you're top floor, right? Can't get rising damp up there. Have you had any roof/guttering issues that could cause penetrating damp? Pointing in poor condition? These types of issues with Leasehold
Flats are usually the responsibility of the Freeholder and costs normally split with the other Leaseholders.
You could get them checked out yourself though....
Sounds like your agent may have 'over-egged' the value to get your business too.

We just had the roof replaced in 2022 to resolve issues of damp in our dormer window - other than that we have never had an issue with damp, and there aren't any signs/ smell of damp.

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Lovetosquanderpromise · 22/05/2023 11:21

They sound like they’d be looking to negotiate down on a survey.

midgemadgemodge · 22/05/2023 11:31

If it is underpriced it can make buyers nervous

C4tastrophe · 22/05/2023 11:37

Lovetosquanderpromise · 22/05/2023 11:21

They sound like they’d be looking to negotiate down on a survey.

Who wouldn’t?

Loft apartments are unpopular. Too hot in the summer, cold in the winter, no outside space, stairs. If the roof leaks, it’s the occupier that has the problem, no one else in the block. A bit similar to basement apartments. If it’s damp the rest of the building don’t care.

Ariela · 22/05/2023 11:38

Lovetosquanderpromise · 22/05/2023 11:21

They sound like they’d be looking to negotiate down on a survey.

Definitely try and accompany their surveyor when the time comes.

Original poster

MinorDelay · 22/05/2023 11:39

C4tastrophe · 22/05/2023 11:37

Who wouldn’t?

Loft apartments are unpopular. Too hot in the summer, cold in the winter, no outside space, stairs. If the roof leaks, it’s the occupier that has the problem, no one else in the block. A bit similar to basement apartments. If it’s damp the rest of the building don’t care.

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The roof has just been replaced, and all leaseholders contributed equally. But yes, I appreciate a loft isn't for everyone - which is why we reflected it in the asking price

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