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Property/DIY

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Original poster

offer on my house. massive dilemma - would YOU accept it?

48 replies

offerdilemma · 13/01/2009 21:33

my house sold in may for 137k, but I had to pull out as I had just split up from my husband, and wasnt in the position to move.

It has now been on the market for 3 months, at 133k, and I have had 2 viewings. The 2nd viewing has made an offer for 115k.

I really want to move. I KNOW what the current market is like, how hard it is to get a mortgage etc, that house prices are going to drop further. But 115k seems a bit low to me - if I do say so myself, it is a fantastic house in great nick, in a good location in my town, and with a driveway and garage that other houses dont have around here. I intend to go into rented for 6 month while I sort myself out in my new area, and then buy there. House prices will drop there too, but currently houses I would like are on the market for 135k.

I have asked them to up their offer a bit more, but I dont think they can.

Would YOU accept an offer like that?

I just feel that either way I will be kicking myself in a few months time... But at least I wouldnt be kicking myself HERE!

OP posts:

Lizzylou · 14/01/2009 13:40

I work in an estate agents on a saturday and we regularly have people offering very low prices and then coming upwards, for example £140k on a house up for £195k (reduced from £215k last autumn), they eventually agreed on £165k.
It is worth at least asking for a higher offer, doesn't mean you can't take the first if they don't go higher.

poundforpound · 14/01/2009 15:35

I would take it, I think that's a very good offer tbh. We have literally just accepted an offer 15% lower than asking price (which is 30% lower than we originally had the place on the market for at the beginning of the summer)

SwedesInACape · 14/01/2009 15:38

If it were me I would say yes provided they exchange contracts within say 4 weeks. If there is no chain that should be sufficient time.

lalalonglegs · 14/01/2009 16:40

I don't think £115 is a bad offer (only about 18% less than you were offered last spring, market has fallen at least 25% since then speaking to agents and anecdotally). I'd take it. I would make it clear that it has to be quick and that you are walking away if they try to chip away anymore but, yep, I'd take it and fast. Bet you can get one of the houses in your home town for £115, not £135 once you have the money to show them.

noddyholder - gosh, you've been gone a while .

Original poster

offerdilemma · 14/01/2009 21:08

talked to them today and got them up to 120k
you are right about saying that I will walk away if they try to chip anymore off.

phew. its less than I wanted, but it IS a buyrs market, and I dont want to stay any longer than necessary, so will accept first thing in the morning....

OP posts:

lalalonglegs · 14/01/2009 21:15

God, I think that is amazing. Well done - you have got a brilliant price.

Lizzylou · 14/01/2009 21:16

Oh well done you!
That's great.

Northernlurker · 14/01/2009 21:41

Good negotiating - now push for a quick exchange! Well done.

Original poster

offerdilemma · 15/01/2009 14:06

right, now they are saying, no not 120k, but 115k again. and then they went up to 118k...

its the dad allegedly - he is saying his daughter and her fiance shouldnt have gone up to 120k without discussing with him [him]

so, not sure what to do - I am thinking that if I go with them they will try to drop the price again nearer the time.

and all for 2k? but I need all I can get basically....

any advice?

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SexyDomesticatedDad · 15/01/2009 14:38

They may do a gazzundering before you exchange - thats the problem with English law - the price is agreed on exchange of contracts. Its difficult position for you - how do you agree a final figure that they will go through with. Have they got a mortgage offer - what is state of chain etc? You could leave property on the market and proceed but lack of buyers means anyone actually buying is in a strong position. What does your estate agent think about their position. Would push to try to get exchanges done asap and be clear about what is and is not included in the sale - maybe they will pay for some of the stuff you don't need to take.

Original poster

offerdilemma · 15/01/2009 14:47

they are no chain. they have a mortgage offer.

we havent even agreed on a price now... it has been left at them saying 118k (after previously saying 120k) and me saying no.

OP posts:

lalalonglegs · 15/01/2009 17:08

Well, I know I said to go with £115 but I would take £118 because that way they feel that they are in control and they are more likely to go through with it. My hunch is if they are being difficult about £120, they will be looking for excuses to pull out/push the price down.

Original poster

offerdilemma · 15/01/2009 18:09

well they have really pissed me off tbh. I have half a mind to just pull out, cos after their bargaining today I just think they will try to do it again near exchange. I hope I am strong enough to say F you to them if they do - they will have spent much more money than me on it by then, after all.
they went up to 118, then all sorts of various bargains which I refused. then agreed at 119.
Pushing for a v quick exchange, but I dont have anywhere to live yet!

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Original poster

offerdilemma · 15/01/2009 18:10

and I think if I had given in to 118 then they would have tried me on by exchange anyway. At least they can see I can stand my ground..

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lalalonglegs · 15/01/2009 18:13

Wow, you must have nerves (and fingernails) of steel. Good luck.

Lizzylou · 15/01/2009 18:15

Cor, you are tough!
Well done, at least you've upped them by £4k.

Original poster

offerdilemma · 15/01/2009 18:35

well, I didnt think I WAS being tough tbh
They offered 120k last night, then changed their mind in the morning. I wasnt going to let them do that. I mean, I WANT to move, but I dont NEED to. But I do REALLY want to move ;)

Just makes me wonder what they are capable of near to exchange...

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wendythepositivethinker · 15/01/2009 20:13

Perhaps they are not ruthless, just a bit naive and dependent on the advice of others? You may not get another offer like that. I'd snap their hand off at 118 tbh

Original poster

offerdilemma · 15/01/2009 20:28

hmmmm not so sure about that wendy
their father knocked on my door before they put in any offer and said he didnt want to mess anyone around with silly offers.
48 hrs later and he is trying to knock off money to get a new fridge because I refused to leave mine....
either VERY naive, for a 50yr old man, or ruthless...

OP posts:

morningpaper · 15/01/2009 20:31

I would take it in a second if it left me with more than 30% of the deposit I needed for buying another property

LaDiDaDi · 15/01/2009 20:38

I would take the 118k tomorrow but push hard for a quick exchange.

Friends have just accepted 20% less than the house would have fetched 1 year ago and I can't see the market getting better any time soon.

notreallycutoutforthis · 15/01/2009 20:43

I'd gor for 120, accept 118, but only on an immediate exchange and 13 weeks to complete - or whatever your timescale is - stops gazundering...

gaussgirl · 16/01/2009 12:33

What notreally says!

And you could let them know that you'll collapse the offer if they play silly buggers at exchange.

I have to say I'm still stunned at the state of house selling and buying in the UK! It's been one of the most talked about issues over the past what, 8 years, yet the machinations of sale are Dickensian! I put our property in Oz on the market via websites in mid December, then the agent held an 'open house'. 2 possible buyers came forwards on that day. We pursued one. We horse traded via the agent via email for 2 days, then agreed a price. They paid a 10% deposit to a solicitor's holding fund and all parties signed the contract of the intention to buy, subject to satisfactory inspections, searches and whatever else you've mutually agreed to. The buyers then gets 10 days to 'cool off' and/or get the searches and inspections done. Once that's elapsed and they're happy, they sign the sales contract and it becomes unconditional! (Or they decide not to proceed and get their deposit back- you the buyer have only lost 10 days AND you are permitted to continue marketing the house but not to officially accept any other offers til the first has either gone unconditional or been withdrawn). Once the contract HAS become unconditional, they can't back out without punitive compensation being paid, and nor can we. House is off the market; cash comes to us, keys to them, in this case, 21 days later. Whole process 7 weeks including Xmas. End of.

Sorry, not trying to rub any noses, just a disbelief that the people of England haven't risen up and crushed the sillinesses that make house buying and selling one of the most stressful periods of one's life!

Incidentally, a UK friend baulked at the Oz method asking -what if you the contract on the house you're selling in order to buy falls through? What if you're gazumped? What if my buyer pulls out at the last minute? WELL, as I pointed out, your buyer CAN'T DO THAT! They're as legally obligated to buy your house as you are to buy the next house! On a given date!

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