Offers help

[Lifesariotwithspyvspy]

We have had 4 offers on our property from the same group. They are aware we haven't found anywhere.
The offers they have made are so low it's insulting ( house on for £510,000)
Our agent has suggested telling them the figure we want, in the hope they'll pay it, but I can't see it happening. Last offer was £40,000 under the asking price.

Is it worth saying £495,000 and nothing under or just walking away and hoping the market picks up?

Is the house worth 495 though?

We’ve just had two EA appraise ours, the figures they are proposing are ridiculously overvalued. I would rather list it for a realistic price than stick it on and have to reduce it month after month as other properties are atm. They’ve suggested 20k and a massive 50k more that I thought they would. Crazy.

Based on others that have sold near us, yes it's priced about right.

I know they probably started way lower, but 8% under asking isn't ridiculous - and that's where you are right now.

BUT will you actually trust them to proceed with the sale if they have been such a nightmare at offers stage?

And, how much other interest do you have?

They stared 15% under, currently what they are offering means we could move but not have much to play with.
There is other interest,but they have to still sell, had a offer in principle, but they aren't worth the paper they're written on. We just need to downsize, we no longer need a 5 bed house.

The offers are coming from a charitable organisation,who want the house, but we would like to make something from it as well.

It's just so confusing to be drip fed bids. The Estate Agent, thinks we should just tell them what we would like as a minimum price, and see what happens.
Our last house sold easily, so this is an added stress at Christmas.

If the house is listed at 510k and you've been offered 470k I wouldn't call that insulting, I would think it's a pretty good offer in this market.

Still it is worth you trying to get more so yes, try saying 495k and nothing under. Hopefully they will accept that or they may make you another offer somewhere between 470k and 495k.

You seem to be taking it a bit personally but try to think of it more like just a business transaction. They aren't insulting you or your house by trying to get it for the best price they can.

Meant to add - I really wouldn't walk away in this market. You may end up regretting not getting the deal done when you had a relatively good offer on the table. It's a buyers market so as a seller, it's not the time to walk away.

8% under seems reasonable

You can reject it and wait for a better offer from them or someone else.

The EA is right for you to give them a number that you will accept. They might up their offer. Negotiation is all part of buying and selling property. Both parties want to feel they’ve got the best price they could.

good luck

You just offer loss on your onward purchase!

But you don’t always have that offer accepted? I see people saying this all the time on here. It’s not a given that a seller will accept a certain offer just because you accepted one on your own property.

470k on an asking price of 510k seems like a pretty strong offer to me considering the direction of travel in the market. You mention you need to downsize ? How badly do you need to do this ? There is a risk that if you continue to hold out for the price you had hoped for (rather than accepting its only worth the offers that you have on the table) you may end up needing to sell at a lower price later in 2024. Its always worth trying to push for a little more, but if the people who are offering have improved the bid 3 times already, your probably toward the top of what they want to pay.

If you are wanting to downsize then this is not the time to do it! This is the time to upsize. However I cannot see house prices increasing dramatically anytime soon.