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Property/DIY

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Original poster

Advice on house sale please

35 replies

foxy1 · 31/03/2008 13:57

Hello

WE have had our house on the market since last summer great house in great location. We have dropped price from £275 to £250k and have had a offer of £240k.Ideally we want £250k or close to that, any advice on what we can do to get close to that. If the buyers won't increase then what would you do agree of hold out and see what happens with market. we have another house to move into. They have no chain either. thanks

OP posts:

nickytwotimes · 31/03/2008 14:01

personally, I'd take it, just to get it over with! I should point out that I am not a hard-headed business minded person though, lol!

PestoMonster · 31/03/2008 14:03

I'd also take it. The property climate isn't too hot at the moment and prices are predicted to fall 10% for the next 2 years.

MrsBadger · 31/03/2008 14:04

You'll be waiting a long time to get an offer that matches the asking price in today's market, even if the asking price has been dropped.

I'd take 240 and run.

theyoungvisiter · 31/03/2008 14:05

If you have an asking price of 250 then in the current climate I don't think you will achieve that bang on.

People are expecting to make offers on property rather than paying full asking price - you might have done better to ask 255 if you wanted 250 iyswim.

Sorry - I realise this isn't what you want to hear but I think if really need 250 then you were badly advised by your estate agent abou tsetting the price.

The best you can do is go back to the offerer and say "if you can make it 245 (or something similar) then you have a deal" - essentially try to screw every last penny out before you confirm.

Be aware too that if there are ANY survey issues you they may beat you back down at a later date...

hanaflower · 31/03/2008 14:05

This reply has been deleted

Message withdrawn at poster's request.

NorthernLurker · 31/03/2008 14:05

No chain is good - take it!
We have accepted 9 grand less than the asking - and had 10 grand knocked off our purchase price.

hanaflower · 31/03/2008 14:07

This reply has been deleted

Message withdrawn at poster's request.

mistlethrush · 31/03/2008 14:08

You could always see what items that you envisaged leaving (eg carpet, cooker etc) that they would be prepared to pay for - eg we bought the range cooker in the house we moved into - this would be done on the basis that 'I was going to leave this, but as you've offered less than we really need, we're going to have to take xyz with us and make do in our new house until we can afford new xyz'. Its probably too much of a faff to actually take carpets with you, but some people do - and if you're moving somewhere that hasn't got them, it could save you - but much better to justify asking for a little bit extra this way.

CarGirl · 31/03/2008 14:11

In the current climate with no chain I'd accept but I see if they'll make you an offer for fixture & fittings as mistlethrush has suggested - £500 for them is better than nothing.

winniethewino · 31/03/2008 14:19

This reply has been deleted

Message withdrawn at poster's request.

noddyholder · 31/03/2008 15:12

I agree you should take it.In the next 6 months it will be 225 so jump at them as they have no chain.

Lauriefairycake · 31/03/2008 16:13

I am in the exact same position as you. The agent told us our house was worth £280 but if we wanted to sell quickly given the market we may need to go under the stamp duty threshold. We have agreed not to go one penny under that even though we're just about to put it back on at £259,995 so all prospective buyers will be told that the lowest we will take is £250.

Our hold sold last summer quickly, we were proceeding slowly to exchange and then our buyer had a family member die so they pulled out. We took it off the market as it was now the end of summer and are only now just thinking about putting it back on.

Good luck with whatever you decide - I think they are getting a bargain with yours (as with ours) as it just has the misfortune to be in the psychologically bad place of being close to the threshold.

noddyholder · 31/03/2008 16:18

Any house near 250 will be bargained down.Even at 259 people will offer 230+ if they take the advice of financial dudes who say at least 15% off by xmas I don't think sellers set the tone at all atm it is a buyers market.240 is good

LIZS · 31/03/2008 16:30

Take it on basis of that being final, no reductions on survey etc. Advantage of no chain would outweigh any small potential increase in price if you do happen to get someone else eventually.

lalalonglegs · 31/03/2008 16:37

Take the offer but demand a quick exchange to prove that they are properly commited and, if not, you haven't had too much of a runaround.

Youcannotbeserious · 31/03/2008 16:43

Agree with Lala!

Take the offer and move QUICKLY.

Dh and I just pulled out of a house sale because of a stalling seller. If you need to prepare a HIP, have it at your solicitors pronto.

House prices are falling.... rapidly.

We offer 600K on the house, and I doubt the seller will get 550-540 nowadays (our offer was made in Feb). We are getting house price reductions through daily and are now seriously thinking of not buying this year...

Also, expect ANY problems with the survey to lead to more negotiations.... This is a buyers market and I fear it's going to get worse, so my advice would be to take the offer.

Original poster

foxy1 · 31/03/2008 17:06

The agent was going to go back to the buyer and see if they can increase slightly. We are not rejecting the offer just seeing if they will increase slightly.

OP posts:

Youcannotbeserious · 31/03/2008 18:08

Good luck Foxy!!!

Original poster

foxy1 · 31/03/2008 19:47

thank you - hopefully we will not put off the buyer by asking them to consider increase. i know they really liked the house.

OP posts:

critterjitter · 31/03/2008 22:34

I would accept the offer on the basis that they agree to exchange by a particular date (ASAP!). Take the money and run!

gingerone · 31/03/2008 22:39

Hi Foxy, see if you can get them up a bit 'let's split the difference' - should work. You might struggle to get the full 250 because of the difference in stamp duty.
Good luck.

Original poster

foxy1 · 01/04/2008 09:23

i think we would be happy with £245k. will hopefully find out today.

OP posts:

gonaenodaethat · 01/04/2008 09:30

Wiinnie has good advice. Tell them that for £245 you will take it off the market and not let anyone else view it(within a reasonable timespan).

gonaenodaethat · 01/04/2008 09:30

Good luck!

Fizzylemonade · 01/04/2008 09:47

I think it is always best to go back to the buyer with an actual figure. So I would tell them you would accept £245k. Otherwise they may be thinking you might be looking at £248k and as we all know a few thousand can mean the difference of being able to afford a house and not.

Best of luck. We took a drop when we sold our house a few years ago as the guy was a doctor and first time buyer, we were selling a 3 bed detatched so it was a bit of a shock to have a first time buyer!!! The no chain aspect clinched it, despite us having offers at the asking price but no completed chain below that!

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