Would you accept this offer?

[Udford]

Apologies - this is the first time I’ve ever sold a property so please bear with me!

We instructed an EA to sell our home on Monday, it was listed in an ‘exclusive buyers group’ on Tuesday (ie not on the open market yet). We have our first viewing today - a couple of visited twice who have subsequently put an offer on the table.

House was valued at £300,000. We were advised the best marketing strategy would be offers over £290,000. They’ve offered £297,500. They are first time buyers.

If you were in my shoes, would you accept this? I feel a degree of hesitancy given it hasn’t been advertised on Rightmove so there hasn’t been any competition so to speak.

We want as much as we can but equally don’t want a good thing to pass us by.

In the current climate, yes

I would want to consider:

• what's the market like around you? Are things selling quickly, or hanging around for ages?
• how much do you need / want to sell?
• what does your agent recommend? Their job is to get best price
• has their status been qualified i.e. has the agent seen evidence of deposit and mortgage offer?

The fact they are first time buyers is a big plus

Depending on their circumstances, FTB, sold their own, cash buyer then yes I’d accept. If they aren’t proceedable then no I’d keep,it on the market.

For me it would depend on their situation - do they have a mortgage in place, are they local and so likely to know and like the area, are they in rented and tied to a contract etc.

But generally, yes - in this climate, snap their hands off.

Oh, I don't know.

How many agents did you have do valuations?

I think you were misled into going with offers over £290.l as a starting point.

they've made a good offer over & it feels wrong to refuse their offer after they've done what you've asked.

But it seems likely it's worth more

We're in the same process and have accepted 5 grand less than asking price. It depends what you want to do, this is a good offer and means you don't have to have loads of viewings and as FTBs much more simple. You could hang on for a higher offer, even a highest bid, if that's what you want? Problem is there are so many things that could go wrong in a long chain, people pulling out etc. The people buying our house have sold theirs so it was a relief to accept an offer with no more viewings! Xx

I would, if you were happy with the Estate Agent's valuation. Did you get several valuations?

The risk involved in holding out for a few thousand more is just too great in most cases, imo.

I have worked in Estate Agency and I have seen many vendors turn down a close to asking price offer due to sheer greed and, honestly, only a tiny percentage subsequently get a higher offer. What usually happens is that the property languishes and the vendor ends up accepting a lower offer.

If they are in a proceedable position then 100% accept!

How will you feel if you turn this down and don’t get any more offers?

I’d go with the bird in the hand and take it.

Yes, 100%.

I’ve bought and sold a few times. I would accept that offer but I’d want to get the process moving and make sure they had the funds in place.

Why wouldn’t you accept?

I would. If it went on Rightmove at either offers over 290 or a guide price of 300, you’d be getting offers of about 275 that you’d have to negotiate upwards.

Assuming they’ve got a mortgage in place, bite their hands off.

Yes- 100% Sounds like a bloody good offer to be honest, especially considering the current climate. It’s basically asking price. That’s pretty much unheard of right now, or at least where I live anyway.

Yes

As it says offers over £290k and they've offered £297.5 I think you should accept as this is a great offer close to valuation from a proceedable buyer. If I was the purchaser I'd be gutted if you didn't accept my offer and certainly wouldn't be increasing it anytime soon.
If you want £300k plus then either market it for a fixed price or offers in excess of £300k.
I think you're either being a bit greedy here or you think your agent has significantly under valued your property. Only you know which way you're feeling.

Yes, if they are proceedable. Are you really going to hold out for another £2,500? You might be waiting ages and still not get that.

Prices round us are dropping rapidly.

Seriously you wang to reject for 2.5k more? Are you a gambler or grabby? It doesn’t make sense.

My goodness ! they didn't even come in with an offer at 5% or 10 % lower than £300,000 had it been marketed at £300,000

you marketed it as offers over £290,000 and that's what you have got !

WHAT do you actually want ? £300,000 ? or more ?

I do think they may well offer £300,00 if that is what you actually want / will accept ?

If you had marketed it at £300,000 - what would you have expected ?

I’d definitely accept it, your house has been valued at 300k and they have offered £2.5k lower than that. Means you don’t have ongoing estate agent marketing fees, you can get looking for your new house and the process will hopefully be quick and straightforward for you with no stress of people coming to view.

id bite their hand off for that offer!

Yes, I'd take it. They are first time buyers, so have the (very big) bonus of no chain.

@Udford Yes to accept it but only on the proviso you check their situation. Check their LTV on their mortgage is important. If they have a small deposit and high mortgage value, there is more of a chance the mortgage company may query the valuation. Check if they have put in offers on other houses and have then pulled out. Say you will accept the offer on the proviso any survey is booked immediately. This all must be conveyed to the FTB in a very nice way as most, not all, can get spooked very easily!

Read some of the threads on MN about FTB, do not let it put you off but forewarned is forearmed!

I would also ensure you have an up to date boiler service done and I personally would pay, normally about £100, to get an electical check done - it will provide you with a certificate which will say, although your house will not meet part P regs (most houses who did meet them are out of date the day after!), it will show the buyers the electrics, especially the consumber unit is up to date.

I'd be grabbing that offer with both hands. Houses are not shifting quickly ATM with mortgages still quite high.

Thanks for all of your comments and guidance. We’ve accepted their offer. Fingers crossed for a smooth house sale!