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Original poster

Should we accept this offeron our flat?? Advice please!

38 replies

cherrysunday · 03/04/2009 11:59

It's our 7th offer and we've only been on the market for a month. It's 11 thousand under the asking price so we would loose 12 thousand.

Our agent is really trying to push us to accept but is that because they might well be a bit desperate?!

It's a lovely flat in very sort after city and we're still having lots of viewings.

Just don't know - we really need a house you see as have 2 boys!

tia

OP posts:

hf128219 · 03/04/2009 12:01

Hold out for another 8 weeks.

FiveGoMadInDorset · 03/04/2009 12:03

What were the other offers? How desperately do you want to move, can you hold out or make them meet you half way.

Original poster

cherrysunday · 03/04/2009 12:07

Think you might be right hf128219.

Apparently they are really 'good' buyers.

However they have got my back up a bit as they emailed the agent with all these demands as to what we finish with the property and told them all the 'flaws' i.e they would have to re paint some rooms because of sticky finger marks!

Get the feeling they might try to lower their offer on completion date? As they also said our flat is loosing money everyday! Can they do that?

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faraday · 03/04/2009 12:07

with 7 offers on board, I'd hold out for a bit- til at least after the Easter lull- providing those offers were 'ball park' not 'cheeky' (ie nearly serious, not testing your desperation!)

Original poster

cherrysunday · 03/04/2009 12:10

Their offer is the highest we've had so far FiveGoMadInDorset we're not desperate yet as we've not actually found a house yet.

But I always thought it was best to go looking once you're under offer. I am obviously looking on rightmove daily.

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clam · 03/04/2009 12:10

You've had SEVEN OFFERS in a month? No way would I accept a crappy one at this point. Especially from people who are aready being arsey.
There's clearly interest in the flat. Be patient and hold your nerve.

JaquelinehydeAllTheEggs · 03/04/2009 12:10

Hold out, especially if they are making demands on you already.

They either pay the asking price and make demands or lower the price and take the property the way it is.

They are trying their luck because they have been told they are in a strong position by the estate agent.

You have lots of interest, don't panic, a better offer will come.

Lizzylou · 03/04/2009 12:11

Have you asked for a higher offer?

You could accept but continue with viewings on the flat until exchange? I know of people who have done this to put a bit of urgency behind the buyers.

Original poster

cherrysunday · 03/04/2009 12:11

Thanks faraday I think I'm letting them and our agent panic me a bit as I've never sold a property before!

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Original poster

cherrysunday · 03/04/2009 12:16

Oh Mumsnet is brilliant! Thanks!

I'd never thought of these ideas - with the current climate I feel I'm being made to feel grateful for their offer!
The agent knows our threshold is 190 but not sure if they know that lizzylou. We paid 196 so we would still loose a bit.
Maybe we should try and hold out for what we bought it for?
We have made improvements.

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Original poster

cherrysunday · 03/04/2009 12:18

On the flip side maybe I'm being greedy and I should take it and run? Do you think our flat could be devaluing everyday?!

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Lizzylou · 03/04/2009 12:20

Nah, they are just trying to scare you, ask them to meet you in the middle. And keep up viewings until exhange of contracts.
Your flat has only been on a month, so was priced right for current climate (and has attracted a LOT of interest), get your Estate Agent working for you, it's you who'll be paying him!

thisisyesterday · 03/04/2009 12:28

if that's the highest offer you've had I'd be wondering if it was actually priced reasonably to start with tbh!
there must be something that's making people put in ridiculously low offers surely???

do you know what kind of price similar properties are going for? is there anything about your flat that could be putting peoiple off? (bright purple walls or carpet up the bath for instance )?

did you have several different people round to value it before you put it on the market?

and lastly, are you desperate to move? if not i'd wait a bit I think

thisisyesterday · 03/04/2009 12:30

btw, make it clear to your agent what the lowest you'll go is.
they shouldn't even be bothering to pass on pointless offers if they know you won't accept them. it just makes potential buyers know that you might be shakeable IMO.

the agents need to be telling anyone who makes an offer of under X amount that you just won't accept it

bellabelly · 03/04/2009 12:38

Thought the agents have a legal duty to pass on any offers, even if they are ridiculously low?

Personally, I'd take the money and run. We are in a similar position to you except we have had our flat on the market for 15 months and have only received 2 offers (within 24 hours of one another!) and we have accepted one of them - WAY below asking price and we'd already reduced the price twice - I mean really slashed it. You have been lucky to have so much interest this early on and I can see why you are tempted to hold out but how will you feel in 12 months time if nobody else betters (or even matches) the offer you've had? If you would genuinely be fine with that then maybe it's worth holding out...

Original poster

cherrysunday · 03/04/2009 12:38

That's a good idea thisisyesterday I'll talk to the agent about offers below our threshold.

There is a small section in our living room that needs skimming - which we will do but haven't got round to it yet apart from that very neutral, airy, light with amazing views - I wouldn't be moving if it wasn't for having 2 boys!

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LIZS · 03/04/2009 12:41

Agents are obliged to pass on any offer, however low. You have obviously already accepted that you will make a loss. If you have that much ineterest there is possibility of more if you decline now but if that potential buyer is chain free and able to proceed it can work in your favour on negotiations for whatever you are buying and that few £k may be worth the sacrifice to grease the wheels of the whole transaction.

Original poster

cherrysunday · 03/04/2009 12:42

Sorry bellabelly to hear of your situation, have you still had a fair amount of viewings?

If we had had very little interest I'd run but with one viewing this afternoon and two on saturday... that makes it on average about 4 viewings a week!

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Heated · 03/04/2009 12:43

I'd reject the offer, if they are coming in so significantly under the asking price & are asking for work to be done. Decide the price you would accept.

LIZS · 03/04/2009 12:44

Say you'll come back to them after the outcome of weekend viewings is known . They'll either up their offer now to get them cancelled and secure it or you hedge your bets. You still risk them cutting the offer up until point of exchange though, the nature of the system I'm afraid.

Original poster

cherrysunday · 03/04/2009 12:45

It's true LIZS I'm getting nervous again now...!

They are first time buyers, have a mortgage ready and work in the public sector (won't loose their jobs suddenly) and they've said they can wait whilst we look for somewhere.

I don't know what to do now! The agent has also said he'd help us negotiate down anywhere we bought! Is that normal also??

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LIZS · 03/04/2009 12:48

I would n't assume the ea will work fro you if he has his commission or that of another ea's at stake. All he can do is advocate the great situation of such a short chain .

Original poster

cherrysunday · 03/04/2009 12:49

I feel totally rushed by it all - we've not even sorted our new mortage out yet! As we were expecting a really slow market!

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Peeingmyselflaughingmummybunny · 03/04/2009 12:49

Sounds like he's just in a hurry to get his commission rather than acting in your best interests TBH! He could only negotiate on properties he was selling after all, so it's a double bonus for him. I'd be asking other local agents for their valuation/opinion if I were you!

Original poster

cherrysunday · 03/04/2009 12:51

Thanks so much for all your advice will show this to dh when he gets home!

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