Just received offer 10% below asking price - what to do?

[otto3]

Hi everyone
Don't know what to do. We are hopefully emigrating and had 2 offers both in no chain, the highest is 10% below asking price.
Our house is in a very desirable location, completely renovated backing onto woodland, massive garden etc.
Do we hold out? Our house has been on market for 4 weeks.
THe agent has said this is the buyers best and final offer (they only saw it 2 days ago), how do you play this game?
Should I take the offer and run?
Got to pick up dd, will be back this afternoon

run like the wind . we got an offer about 12% under the asking price on tuesday, were just negotiating, all looking good, when the buyers got cold feet about the state of the market. so take the offer, but don't expect everything will go smoothly....

take the offer and run you are in the ideal window and it wont last lomng i think there will be few people around at the mo and you need a sale

what zippi said

take it!I have offered the same and am hoping they take it but they are making me sweat!

Is your house in an area that's keeping its prices ? if so I'd be tempted to leave it a wee while especially if you dont have a deadline date for Australia ?

If not, and houses are sitting around you or dropping in price then I'd grab it and run !

I remember when we bought our last house the estate agent advised us to begin negotiating by offering around 10% less than the asking price. So it could just be a starting point for them & if you say no, they'll offer more.

Otoh, that advice was given when the market was stronger (2yrs ago).

Sorry, not much help really am I?

Oh just got back, thanks for all your replies
So grab and run then. It is just so hard lowering our price when we have done so much work including an extension. A house selling down the road without extension is sale agreed at 300k. Our bungalow also has porch and much bigger garden, completely renovated. The market seems to be changing month by month. I can't stand all this hysteria, plus if everyone is being advised to rent, surely there will be a surge of property investors looking to buy to let?
Oh doom!
Though I may be very grateful this time next year...

Forgot to say the offer we have received is 305k

I'd reject it. You've only been on 4 weeks and have had 2 offers, plus you're chain-free.

The market is so volatile at the moment, it might not be a bad idea to take the offer. I'm guessing that your house will have risen in value by a vast amount since you bought it, so a 10% drop still give you a good return.

No mine isn't a bunglaow!

otto3 I doubt it most BTL bought now will be many years before they are in profit
(and you need to balls to sit out the 30+% drop in value in the meantime)