just had a pisstake offer on my flat

[pud1]

have been on the market for 3years and i have had an offer for 100k. we are on the maket for 125k. i am pissed off by this. i know the market is a mess but come on. i am no good at percentages but this is really low. need to sell for 115k or cant pay off the morgage. i am so desperate to move i am gutted

What's its value?

thats my question realy. its only worth what someone will pay. others are up fot about 125k like ours. i would say that they are worth about 117k.

Tell them 120 and final offer then send them packing. Gives you 2000 leeway on the survey.

ps don't be scared. They are playing hard ball so don't be afraid to do the same.

Have you had a look to see what similar properties have actually gone for? Its very hard to gauge by look at the asking prices of other properties at the moment, as people are knocking prices down so much.

Just say no then. Tell agent you are open to reasonable offers but cannot afford to accept that low an offer.

Presumably the potential buyers know you have been trying to sell for 3 years at 125K.

If this offer doesn't work out consider reducing price to 120K for a quick sale and see if that brings anyone out of the woodwork.

Was 125k the valuation price?

Sorry i should have said what was it valued at.

Try upmystreet.com - will tell you how much properties in your area sold for recently.

we are dealing with them direct not through estate agent. he asked for our number when they veiwed. my oh has told them that they are a million miles off. they are doing the whole " we have another 2 to look at". so we are going to have to sit back and let them come back to us

pud1 - sorry, but if your place has been on the market for 3 years, then obviously the amount you are holding out for is too high for this market. Negative equity is awful. but sadly a fact of life.

They are not 'a million miles off' - go back to them with a counter offer of £120.

Why are you desperate to move?

Are you signed up with an agent? If you are, you wont be able to bypass the agency when you sell.

Was it last valued at £125k in 2007 then ?
If so £100k is about right and if they are in a good position I'd think seriously about taking it and then you knock the £25k off the place you are buying.

If you signed up with an agency and they sent the viewers round you need to be honest with the agency - they can come after you when they find out who you sold your house to and get the money you owe them - you signed a contract which you have to honour.

Prices may well have fallen since 2007. We set the cat among the pigeons when ours went on the market a few weeks back because we were abotu 10k less than the other 2 - which have been for sale for up to a year. But ours is more realistically priced now

On the plus side you can probably offer less on anything you buy. Perhaps compromise and insist on 115 or something. Is that doable?

pud1 - you have had it on the market 3 years at £125k wich was at the top of the very market but it dod not sell. The offer you have is £100k and I presume you have had no better offers. By definition, at £125k it did not sell so it was overpriced in 2007 and stil is.

You are annoyed because it is less than the £115k you need. This is the problem in the whole housing market. People demanding 2007 prices or higher because that is what they need. What the market will offer is lower than what you need.

The reason is that lenders will not lend as much to first time buyers as they used to and rents are falling as wages are falling so buy to let landlords are very reluctant to buy at 2007 prices. On top of that capital gains tax may rise to 40% and be imposed on buy to let landlords. That is further weakening the market.

Sorry to be harsh but the market does not know or care what you paid or need to repay. If you need to move then try renting it out or try to get a lender to allow you to roll any loss you make on a sale into your next property.