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Original poster

Should we accept a lowish offer on my late father's bungalow?

31 replies

Imoogi · 01/12/2008 16:18

Just wondered what other people would do. Dad died in August and we've had the bungalow on the market since autumn; it's one you'd need to do up but in v nice location. We started out asking £162,000, have dropped it to £152,000, and have had an offer of £130,000.

I'm inclined to take the money and run. But if the market picks up a lot in the spring, obviously I'll be kicking myself. There are other issues, like we want to be shot of it, no more hassles once it's gone, etc.

What would you do?

OP posts:
rubyslippersisappearinginpanto · 01/12/2008 16:19

take it

don't think the market is going to pick up that much

if anything, think next year will be much worse all round

CountessDracula · 01/12/2008 16:20

I would take it
Or do it up and rent it out

Original poster
Imoogi · 01/12/2008 16:21

Well, yes, that's what I think. And we don't want it hanging around. Anyone disagree, though?

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WaynettaSlob · 01/12/2008 16:21

How much would it cost you to keep it till Spring (mortgage, bills, trips to check on it etc etc).
There's no guarantee that the market WILL pick up before the summer, so if you could make better use of the money now then maybe you should accept the lower offer (although if they've offered 130 I presume they're just testing the water and would probably go to 138 ish)

Original poster
Imoogi · 01/12/2008 16:22

Too much hassle to do that, CD. Other siblings involved Tempting otherwise.

OP posts:
LulumamaLovesLatkes · 01/12/2008 16:22

take it !! will be 1 year at least before things start to pick up.. if you have an offer, then grab it with both hands

Original poster
Imoogi · 01/12/2008 16:22

No, Waynetta, this is their THIRD offer. We've pulled them up a lot.

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RubyRioja · 01/12/2008 16:23

This reply has been deleted

Message withdrawn at poster's request.

rubyslippersisappearinginpanto · 01/12/2008 16:23

in that case, take the offer

Original poster
Imoogi · 01/12/2008 16:25

I think that's right, RR. It's more the hassle of keeping it clean and kempt, but the money too. Just want shot of it.

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WaynettaSlob · 01/12/2008 16:26

Well there you go - it's unanimous!
What do your siblings think?

RubyRioja · 01/12/2008 16:27

This reply has been deleted

Message withdrawn at poster's request.

chocolateteapot · 01/12/2008 16:27

I would take it. Personally I think things are going to be a lot worse in the Spring and I'd rather have the money in the bank.

psychomum5 · 01/12/2008 16:28

my in-laws have had her mothers house on the market, it went on for £240k, anad then dropped to £225k as theree was no interest.

they had an offer for £182k 2wks back and have accepted as the estate agent reckons that in the next 3mths things are going to get worse and they would be lucky to get £150k come the new year.

I say take it.

psychomum5 · 01/12/2008 16:30

oh, and think of the money you would have to find to heat it thro the winter, as if you don;t you might run the risk of the pipes freezing and bursting.

and you will be liable to other bill IIRC for a property left empty for more than 6mths (if my MIL was correct in what she was told).

Original poster
Imoogi · 01/12/2008 16:31

Gawd, it is unanimous. Sadly one sibling is likely to hold out for more, so it's convincing him that'll be the problem.

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chocolateteapot · 01/12/2008 16:39

Can you get him to spend some time looking at the mortgage deals on offer to see that the best deals are for those borrowing up to 60% loan to value, then up to 75%, then beyond that the mortgage rates are much more as the banks and building societies are factoring in a drop.

Also get him to read the house price board on moneysavingexpert.com, they link to a lot of the articles in the press. You have to sift through them, there are some quite extreme views but you do get a good idea about what is currently expected to happen.

thenewme · 01/12/2008 16:47

Anything you get is pure profit.

In Deal or no deal I always think the contestants get it wrong. What would annoy them most - turning down £5000 to try and get £250,000 but actually get a lot less or accepting £5000.

A bird in the hand and all that.

FWIW a family member has been trying to sell a place for the best part of a year and no offers even with price drops. All relative though as it depends on the type of property that is sort after.

RubyRioja · 01/12/2008 17:12

This reply has been deleted

Message withdrawn at poster's request.

GinghamRibbon · 01/12/2008 17:14

Take it and hope you get to completion.

RetiredGoth2 · 01/12/2008 17:20

...it took 9 months to sell late MIL's house.

It was a detached 4 bed in a beautiful cotswold village, 18 months ago would easily have fetched 400k.

...when eventually a cash buyer offered 250k my BIL accepted immediately.

Take it, buyers are a rarity.....

LaDiDaDi · 01/12/2008 17:23

Take it asap.

sellorrenovate · 01/12/2008 18:34

take it

prideandprejudice · 01/12/2008 18:39

130 seems like a pretty good offer to me given the market- I'd take it

Original poster
Imoogi · 02/12/2008 08:31

RR, you're right that it's up to the executors - but the executors are allied to the siblings...

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