Do we accept this offer or wait for the market to pick up??

[Sunset54]

Hi All, we’re struggling to come to a decision so I’m hoping MNers can help.

After 5 very difficult years renovating our house (unplanned but we discovered was necessary after buying it) we have decided to sell and move to an area with better schools. Where we currently live is very popular with house-buyers but due to the school holidays there are not too many viewings at the moment.

The house has been listed for a month and we’ve had 5 viewings. All have loved the house and have raved about it in their feedback but three didn’t want to make an offer based on not suitable for their disability/hadn’t decided whether to sell theirs/1acre field wasn’t big enough for a garden (??) (they hadn’t listed their house so we weren’t too bothered about this).

Two have been very interested but one still needs to sell theirs (but have said they would like to make an offer when ready), and the other made an offer in the first week. They offered £60k under the asking price, then £40k, then £10k, then the asking price but with no chain, and now the £5k under with a chain. Now, the asking price was for offers over so we feel accepting the lower limit is a compromise for us but one we’d consider. Our agent is putting pressure on us to accept the latest £5k under offer (even dared tell me that the other party were being very reasonable in her opinion and we weren’t!).

The houses we’re looking at are selling for the same price as ours so we’d have the stamp duty, fees etc to cover out of our own pocket. Accepting £5k under is an extra expense to us plus all the messing around to get to this point makes us worry they’re not committed to paying it and they will mess us around when it comes to the survey etc and try to lower us again.

As the holidays are about to end should we wait to see if we get more interest, or should we accept this offer (possibly stating no further compromise on the price going forward?)??

I don't think the decision is really about the £5k, it's about whether you think they'll actually proceed and it seems like you don't.

It all seems normal negotiations to me, but you appear to have taken it personally and can’t see this as a business deal. So just reject it and hope for a buyer who doesn’t negotiate

I think I agree with this tbh. The 60k under asking is a piss take and would have got my back up as well as making me worry they can't afford it.

How long do you have before school applications?

@Apolloneuro that’s exactly it. They’ve also said the £5k would cover costs on a rented house for them whilst we look for a house but they’d already told us they were staying with their parents (with no mortgage) so it all seems a bit untrustworthy.

I don’t like the sound of them too much and agree it’s about whether they will proceed without trying to reduce price further down the line . Usually I would say yes at 5k under, Starmer going on about the budget etc.. However with the timing and these buyers I may say no and hope someone else comes along.

Also there may well be other sellers waiting for the end of summer who may then be a bit more realistic about accepting offers if what they are holding out doesn’t materialise.

@SatinHeart our kids are at primary school so we’re looking at mid-year transitions for them. Our eldest is about to go in to year 5 so we have to be moved in by next year’s application for secondary (Oct-Jan 2025/2026?).

Nah. There’s normal negotiating and people who are obviously going to be a PITA. I’d keep it on the market and see what happens, unless you’re desperate.

EDITED Are they first time buyers? It’s not your responsibility to pay their rent while you look for something 😂

With the timeline of moving in by next October in time for school applications, should we be desperate at this stage? I’ve recently gone through some anxiety issues so I’m struggling to unpick whether I should be panicked at this stage or whether we can relax.
The agent said current sales are taking 4 months on average to process from the offer stage.

Think if you get the feeling they aren't trustworthy and are likely to mess you about - given there previous behaviour, don't accept.
If the EA is putting pressure on you, look at changing agents - you have the final say as to whether you accept an offer or not! As you say, quieter time of year and you've had 5 viewings (resulting in offers) absolutely give it a few more weeks!

No @Sunset54 I don’t think you need to be desperate with over a year’s wriggle room.

Again, it’s not about the £5000, it’s the bad feeling their overall behaviour is giving you.

I’d keep marketing your house, but perhaps loosen your grip on the ‘offers over’ sentence.

You may eventually accept an offer a few thousand less and if this significantly causes you issues, you may have to rethink your expectations about what you buy.

There are always costs associated with moving, as I’m sure you know.

I think part of the issue is that they are offering £5k under an offers over figure. So it feels like you're losing a lot more than just the £5k. These people seem like chancers and I'd be tempted to sack them off and give it more time, seeing you're not in a hurry!

You’d be in a worse position if you accept the offer and in January they pull out, after all sorts of ridiculous shenanigans.

I think some people do feel uneasy to pay full asking price and coming up to £5k under is practically that. They feel they haven't got a deal, I get that it's psychological. If they are in good position and happy to wait I'd accept it.
I suspect the £60k under was them watching too much a place in the sun 😆
Accept but make it clear you need all of that and if they try to come back for more off later then you will immediately relist

Yes you should accept the offer. There’s no guarantee of anyone else coming along. Houses can stick and I’d agree a price with the buyers you have. Some schools have residency requirements too. A few might want you in catchment next April. Not October.

You should probably separate out the 2 issues in your head, i.e. the offer and these particular buyers.

£5k under doesn't seem like much if you have a large house, sympathetically renovated in a good area but with no other offers. There's obviously a reason you're not getting offers, and you may find your 'offers over' figure is unrealistic if you look properly at what houses are going for in your area.

These buyers are another issue. I can see why you might not want to proceed with them. You may need to accept that if you don't, your next offer may be lower (or you may reduce asking price).

That comment from your agent is a red flag, transactions vary HUGELY from 6 weeks to over a year. Sounds like he's spouting crap to sooth you.

Just learn to ignore most things he says and you'll be fine

£5k is nothing IMO.

I think it is clear they want your house so are less likely to pull out.

Don't worry about the criticism - it is completely normal to 'justify' why you are offering lower because of an issue with the house e.g. a lift bedroom isn't officially a bedroom due to lack of PP. Haven't you ever watched LLL or APITS?!

Personally I wouldn't trust them, what I can't understand is why you're up for sale without even knowing where you want t move to. Plus why put it up in the school holidays when the market goes pretty dead. Do your groundwork first, decide your area and move forward confidently, you sound all over the place.

Would you consider accepting the offer but continue to market your house @Sunset54?

https://www.ellisandco.co.uk/news/should-i-accept-an-offer-on-my-house

@1983Louise not at all actually. There are definite reasons why the house had to be listed now which I won’t go in to here as it could be identifying. We know which general area we want to move to but have a number of towns and villages as options. We’ve selected a number of houses to view and each have pros and cons to consider. We’ve contacted councils and know which schools have places for the kids, we’ve looked at school performance, Snobe ratings and general reviews for schools and we’ve looked at proximity to swimming and dance classes for the kids. We’re as ready as we can be at this stage but have been waiting for the right buyer before we book the viewings.

@beetr00 i think this is what we’d want to do- at least until they’ve given proof of funds (which we have some doubts about). We might also state there’s no future negotiation on the price and it’ll be listed again if they try.

Putting a house on the market in summer is a mistake, like putting it on just before Xmas.

And Whose advice/decision was it to list the house “offers over”? I think psychologically it’s a terrible marketing strategy in a slow market. In a fast market, where you have an open weekend with 20 back to back viewings and an offer off 50% of them - sure, “offers over” is works. But in a slow market people want to feel they are getting a bargain - especially a chain-free proceedable buyer who is prepared to wait while you sell.

Just because the buyers are living with relatives doesn’t mean they are living rent free. You seem disinclined to believe a thing they say - something in your gut is saying “don’t accept the offer”. So don’t,

See I have the opposite view. However I’m in business for a living and I have bought and sold several houses in my personal life. I’d simply see it as part of a negotiation. I can’t imagine getting upset, irritated or taking it personally.

You will struggle with that, as you’ve survey to come yet.

From a buyer POV, this is just greed.
I offered X on two houses advertised as 'offers over X' and each time the EA came back trying to make me increase my offer as the seller is expecting "X+Y".
They are still on the market months later.