Got an offer on my house - Advice please...
Discussion
I've had my house on the market since last September and someone has just come forward with a sensible offer after making a silly offer (£15,000 below what I wanted).
It was originally on for £205,000 then I dropped it to £199,500 before Christmas and had some interest but nothing concrete as there were slightly larger properties on the market and people wanted to spend the extra.
Now this couples original offer was £180,000 then £190,000 then a final offer of £192,500 all of which I declined. They have finally come back with a final final offer of £195,000 (which is the minimum I would accept) but they want me to take my house off the market while theirs sells.
My estate agent has communicated that they have an MIP in place which I asume means Mortgage Insurance Premium but I don't know why this is significant.
What would you do? I want to sell my house but do I take it off the market and gamble on them sticking to their word or that their house sells in the next few months?
Grrr frustrating!
It was originally on for £205,000 then I dropped it to £199,500 before Christmas and had some interest but nothing concrete as there were slightly larger properties on the market and people wanted to spend the extra.
Now this couples original offer was £180,000 then £190,000 then a final offer of £192,500 all of which I declined. They have finally come back with a final final offer of £195,000 (which is the minimum I would accept) but they want me to take my house off the market while theirs sells.
My estate agent has communicated that they have an MIP in place which I asume means Mortgage Insurance Premium but I don't know why this is significant.
What would you do? I want to sell my house but do I take it off the market and gamble on them sticking to their word or that their house sells in the next few months?
Grrr frustrating!
I dont think so!!!!!Stin Hambo said:What, pray tell, is in it for you? More risk, no benefit. If they sell their place next week are they really not going to buy yours because you didn't play ball? If they sell theirs 6 months from now in absolute desperation, are they still going to be able to afford your house? If they want you to shoulder some of their risk, then they need to compensate you for it. Non-refundable deposit sounds sensible. Or perhaps agree to take it off the market for a couple of weeks, just to show willing?
but they want me to take my house off the market while theirs sells.
MIP is probably mortgage agreed in principal which means they have had verbal agreement potentially subject to just about everything references etc etc. As far as taking the property off the market is concerned you havent by the sounds of things been inundated with offers so ther isnt a great deal to loose however i would suggest you offer to hold the property exclusively for a couple of weeks and reserve the right to review the situation with a view to remarketing there after if you want to email me with your number i will talk you through it direct.
i have been an estate agent for nearly 25 years.
Hope that helps
Paul
i have been an estate agent for nearly 25 years. Hope that helps
Paul
I think that MIP stands for Mortgage In Principle ?
i.e. They have already asked about getting a mortgage for the amount needed, and been given the green light ?
As others have said, if they want you to take it off the market, get a non-refundable deposit off them...
They need to prove that they are serious, and not just securing yours while still looking at others...
Sounds like they are fairly keen though, if they've come back with 3 offers...
Good luck, I hate moving house, so hope it goes smoothly for you !
Andy.
i.e. They have already asked about getting a mortgage for the amount needed, and been given the green light ?
As others have said, if they want you to take it off the market, get a non-refundable deposit off them...
They need to prove that they are serious, and not just securing yours while still looking at others...
Sounds like they are fairly keen though, if they've come back with 3 offers...
Good luck, I hate moving house, so hope it goes smoothly for you !
Andy.
Don't even think about it........
Been there, worn the tee shirt, to coin a phrase...
You are just asking for future heartache and trouble if you do as they ask, they are hardly in any position to make any demands on you, when they haven't even got a buyer lined up for their house, and even if they said they had, how do you know they are telling the truth???
No, I have learnt from bitter experience when buying and selling houses over the years, look after number one, and like all things always negotiate from a position of strength......
Been there, worn the tee shirt, to coin a phrase...
You are just asking for future heartache and trouble if you do as they ask, they are hardly in any position to make any demands on you, when they haven't even got a buyer lined up for their house, and even if they said they had, how do you know they are telling the truth???
No, I have learnt from bitter experience when buying and selling houses over the years, look after number one, and like all things always negotiate from a position of strength......
Any pictures of the house and rooms and gardens? What area? Whats the spec? The market is sloooooooowwwww, I dont think a few months means you will lose a potential buyer, try finding a buyer that will pay within 10k of your asking price in the housing markets current state.... I've had two of my mates sell up for 40k less than what their house would have sold for this time last year!
To allow you to make an informed decision you really need to know exactly where your proposed purchasers stand.
Your agent needs to establish if their property is correctly priced and what level of interest they have had. In fact go and look at it from the outside and get a copy of the particulars, also look at other boards in the street sold and for sale, you'll have a good idea if it's realistically priced. Your agent should already have spoken with theirs and able to give some advice.
The only reason to take your property off the market is to give them an incentive to get thier own sold, obviously how long depends on how the market's doing in your neck of the woods. Have your agent monitor the situation closely, i.e he needs to call them every other day and after each viewing. It is in his interests to do this so he shouldn't mind. Don't let your agent think he can take his foot of the gas because you have accepted an offer in principle.
In my experience when a market begins to slow the number of aborted sales increase.
If it were me I'd give no more than 4 weeks at this time of year and revise this if I hear they have had viewings with no interest or being piccy about their price beacuse in reality you've taken the pressure off them.
Selling houses is a crappy past time and brings out the worst in nearly everyone.
I hope all goes well for you.
Cheers
David
Your agent needs to establish if their property is correctly priced and what level of interest they have had. In fact go and look at it from the outside and get a copy of the particulars, also look at other boards in the street sold and for sale, you'll have a good idea if it's realistically priced. Your agent should already have spoken with theirs and able to give some advice.
The only reason to take your property off the market is to give them an incentive to get thier own sold, obviously how long depends on how the market's doing in your neck of the woods. Have your agent monitor the situation closely, i.e he needs to call them every other day and after each viewing. It is in his interests to do this so he shouldn't mind. Don't let your agent think he can take his foot of the gas because you have accepted an offer in principle.
In my experience when a market begins to slow the number of aborted sales increase.
If it were me I'd give no more than 4 weeks at this time of year and revise this if I hear they have had viewings with no interest or being piccy about their price beacuse in reality you've taken the pressure off them.
Selling houses is a crappy past time and brings out the worst in nearly everyone.
I hope all goes well for you.
Cheers
David
Advice from an Ex Estate Agent here.............
No - do not take your property off the market if your buyer has not sold to a complete chain. Your agent should be advising you that this is not a good idea - he is working for you not the buyer.
Are you on a sole agency agreement? If the agent is not too straight he could be using this to try and persuade you to take it off with the other agents and therefore protect his fee.
This is not a sale.
No - do not take your property off the market if your buyer has not sold to a complete chain. Your agent should be advising you that this is not a good idea - he is working for you not the buyer.
Are you on a sole agency agreement? If the agent is not too straight he could be using this to try and persuade you to take it off with the other agents and therefore protect his fee.
This is not a sale.
I wouldnt take your house off the market while they sell theres, I had this same problem when selling our house, young girl looking at what she might be able to get before actually selling her own - its a bit cheeky!
Tell them that you are not prepare to do that, and that you are still going to accept viewing on your house during that time, because after all - they may drop out, when a real buyer could be there just waiting!!
Good luck!
Jane x
Tell them that you are not prepare to do that, and that you are still going to accept viewing on your house during that time, because after all - they may drop out, when a real buyer could be there just waiting!!
Good luck!
Jane x
I have told the estate agent that I am not prepared to take mine off the market unless they have a deposit to put down now (therefore leading to exchange of contracts).
Should I have expected the Estate Agent to have advised me against taking my house off the market? What exactly am I paying them for?!
Should I have expected the Estate Agent to have advised me against taking my house off the market? What exactly am I paying them for?!
It depends what these 'buyers' mean by an offer.
An offer to me means they have the cash and can exchange contracts within a month, subject to a house inspection, searches etc.
If they don't have that then you could wait for months.
I would suggest that you agree to sell these people the house within 60 days and that you want a 2K deposit to show they are serious, they lose it if they lose their bottle, you pay them the money plus 2K if you find another buyer and close within that period. That gives them 30 days to get a buyer and 30 to close the deal.
In the meantime, still show the place and get contingent offers lined up for day 61 or over.
Putting time limits in place makes people work to make things happen, and if these people can't sell their place or get a bridge loan in 60 days then it's never going to happen.
An offer to me means they have the cash and can exchange contracts within a month, subject to a house inspection, searches etc.
If they don't have that then you could wait for months.
I would suggest that you agree to sell these people the house within 60 days and that you want a 2K deposit to show they are serious, they lose it if they lose their bottle, you pay them the money plus 2K if you find another buyer and close within that period. That gives them 30 days to get a buyer and 30 to close the deal.
In the meantime, still show the place and get contingent offers lined up for day 61 or over.
Putting time limits in place makes people work to make things happen, and if these people can't sell their place or get a bridge loan in 60 days then it's never going to happen.
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff