Guest bidsandrew

Should you accept a first offer?

    Recommended Posts

    Guest bidsandrew

    Hi, got an offer on our house today:smile: I said to my husband that you dont accept a first offer but he recons in todays market you accept what you can get! In our previous house sales we have never accepted the first offer but maybe my husband is right. Just wondering what is everyone elses thoughts on this who have sold recently??

     

    I have gone ahead and not accepted the first offer and now am so worried that we might have lost ourselves a buyer, I am just hoping if they cant increase their offer they give us the chance to accept their first one!!

     

    Feel like we cant get excited now until we know!

     

    Hopefully we can celebrate tomorrow!!

    Share this post


    Link to post
    Share on other sites

    TBH if it was in the margins of what you would accept then I'd have given it a close consideration and possibly accepted if I wanted the hell out of Dodge asap. Especially if it was the only real interest shown in many months and could be ages till the next sniff. If it was falling well short then no, I would have declined it. But so long as its within your margins, if they are serious buyers and ready to go, might be worth going for it.

     

    I know people make offers and most expect for the first offer to be declined, but whose to say how much they can increase by. They might be topping out already for them but they tried to get as close as they could.

    Share this post


    Link to post
    Share on other sites
    Guest teresa

    To be honest - we had 8 viewings and it was starting to feel like a showhome. I was constantly trying to keep the kids toys tiday, and concentrating on keeping the house in a saleable state rather than spending time with the kids. We got our first offer which was £13k lower than the original price we had it on the market for. I think the estate agents overvalued our property in the first place and we went with that agent thinking 'could we really ask that much'??. Maybe we should have accepted but our buyer had no chain and already had the mortgage agreed in principal. Another thing the estate agent pointed out was that a lot of prospective buyers we having problems getting mortgages and half of their sales had fallen through for this reason. We still came out with equity, but just not as much as we expected. What with that and what i have just had to sell my beloved car for, the dreams of the material things we were going to buy in Oz have faded away. But, we will still have enough to get settled and will hopefully be arriving in summer and we cant wait...

    Share this post


    Link to post
    Share on other sites
    Guest mark&rachel

    Really depends how how much it was below your valuation? Fingers crossed for you. They obviously had 'that' feeling as they put an offer in so hopefully you could go back to them if they dont come in. It wouldnt have been their max so hopefully they come back with more.

    Best of Luck and Keep us posted.

    Share this post


    Link to post
    Share on other sites

    Accept it, you never know when another one is going to come along!!! And if you think your house was a bit overpriced anyway then the lower offer is not as bad!!!

    If you do not accept you may have to come over to OZ to get your visa's validated, costing a lot of money, possibly more than the gap between your asking price and your offer!!!! The way i see it, you now have a window of oppertunity to sell up and go, you never know when (or if) that window will be open again!!! GOOD LUCK

    Steve

    Share this post


    Link to post
    Share on other sites

    Buying and selling your own home is really stressful. It's fair enough you want to get the maximum for it and any reasonable person would know that. This happened to a friend of mine not that long ago albeit in Adelaide. There was a keen family interested and she wanted a bit more. She instructed her real estate agent to ask the "potential buyers" if they would be prepared to come up in price. The real surprise she said was that her agent hadn't even thought of asking for a bit more and if she hadn't asked then the agent wouldn't have approached them again. It might be that your buyers don't mind paying more to get a home they really want but you won't know until you ask. Get your agent to do the work. People do change their mind and if your agent follows up after a few days they may think that a bit extra is ok to pay. It's called negotiating and many agents don't know how to do this for their clients. Don't lay all your cards on the table to your agent. Just be direct (your the boss) and tell him that you want him to ask them if they will pay a bit more and if they come back and say no then you can decide to accept the lower offer (but don't tell your agent that until after you've heard what they said). I have found that most if not all agents no matter how nice they are just want to sell the property, they don't really care if it is a few thousand less as their commission doesn't change a whole lot. My friend got $30,000 more just by telling the agent to go back to the buyers. (This was of course in booming times.) She didn't give them an amount she just asked that this was short of what they wanted to sell and they knew what her asking price was so they came up. It's worth a go and you have nothing to lose. Good luck.

    Share this post


    Link to post
    Share on other sites
    Guest bidsandrew

    We have accepted the original offer on our house!! I cant believe this is now all going to happen after 2 years in the making!! I feel terrified but so excited too. I definitly think a bottle of bubbly is in order tonight! I know its not all final until contract are exchanged but at least we are one step closer. our buyers are first time buyers with mortgage approved in principal so all being well this could be a quick sale! thank you to everyone for all the help although im sure i will still have many more questions to come!!

    Share this post


    Link to post
    Share on other sites
    Guest mark&rachel

    bidsandrew - best of luck. It will be worth it. Much better here (although Dorset prob is the best part of England) and no we arent from there.

    Share this post


    Link to post
    Share on other sites
    Hi, got an offer on our house today:smile: I said to my husband that you dont accept a first offer but he recons in todays market you accept what you can get! In our previous house sales we have never accepted the first offer but maybe my husband is right. Just wondering what is everyone elses thoughts on this who have sold recently??

     

    I have gone ahead and not accepted the first offer and now am so worried that we might have lost ourselves a buyer, I am just hoping if they cant increase their offer they give us the chance to accept their first one!!

     

    Feel like we cant get excited now until we know!

     

    Hopefully we can celebrate tomorrow!!

    Hi we are in the final stages of selling house just waiting on buyers solicitors to get land searches done been one long process of been messed about through delaying tactics on buyers side , if we didnt need to sell house to make the move think i would have told them where to go buy now its been 8 weeks, we accepted an offer 3k less than asking price which we are ok with. did try for an extra grand but they would not budge.

    Share this post


    Link to post
    Share on other sites
    Guest boesman

    Good on you. I know that awful feeling of waiting for a buyer. We just accepted an offer two days ago and only one grand less that the asking price. They reckon the sale can take about 8 weeks. OF course, it is another ton of forms to fill in. I also get angry with the solicitors saying they charge this fee and then when you add up all the extras it is actually double their fee. It feels that everyone wants a little bite of your money.

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now