[marshanite]

Finally online in our rental at Maraitai beach (just outside Auckland) & I see that we have 2 offers on our house in Halifax (UK) :raebanana . One is of £210,000, but the other one is £225,000 -10% under the asking price (asking price is £250,000).

We did tell the estate agent that we wouldn't take less than £230,000. Do you think we should hold out for the extra 5 grand or let it go as the current financial climate is not good. We have to pay the mortgage co just short of £9,000 as we are tied into a deal until jan 2009. We put the house on the market the day we left the UK less than a month ago.

Any opinions gratefully accepted - what would you do?

Thanks Fi.

ps. I can highly recommend Maraetai as a great spot to live :yes

[marshanite]

Oh yes - the top valuation for the house was £275,000, but we put it on at £250 for a quick sale & to avoid the higher stamp duty which could put off buyers.

Fi.

[caz]

Take the bull by the horns and sell. We accepted our first offer on our house, to me the stress of holding out and maybe not selling is a hidden cost, albeit not a financial one.

You need to go with the market and have some certainty about selling to start to make a new life in NZ!

[lockstock]

Go for it. The market is so uncertain at the moment. We have a house back in Lincoln which we bought as an investment. We turned down an offer last August a few days before the crisis in the US started affecting UK prices and now we're stuck with having to rent it out. Our daughter lived in it while she was at university but has now left and is heading over here in three weeks time.

Anyone in Lincoln need a two up two down to rent while they're waiting to come over?

[tea drinker]

what is that saying...a bird in the hand is worth?...

[shakyle2906]

Hi Fi

Yes, i would think about accepting the offer, as you dont know how the market will turn and this could be best option for you.

Funnily enough, this has just happened to us here, we saw a fab house about a month ago and offered a price, $10k under what they wanted, they said no and said they wouldnt consider our offer. Now a month later, they are back asking if our offer is still open as no one has been to see the house and/or put an offer in.......

Sharon
x


Good luck with your decisions!

[holland]

Snatch their hands off!!!!!!!!!!!!!!

[catt]

grab the money and run

[Carey]

Take it and move forward. We have accepted under our asking price for peace of mind and less stress.
Good luck!

[roddixon]

Accept the offer and move on. Our house was on the market for a year; it went on for £325k-we accepted £280k (my belief is that the "market" tells you what it's worth with what the "market" is prepared to offer; not the estate agents rhetoric) I now sleep at night after checking my healthy bank balance instead of worrying about an empty unsold house in the UK-that to me is priceless. Besides; the way the NZ property market is at the moment you'll make up any "loss" if/when you decide to buy.

All the best whatever you decide.
Steve

[nickydwuk]

Take it and run. We have accepted £3k less than we wanted - glad we did 'cos we have not had any other offers. With the UK market like it is it may be the best you will get. And £5k less would probably equal the mortgage payments you would have to make if you kept it on the market.

[peebles16]

Yep defo take the money and run if you can afford to do it - soo much doom and gloom around the UK market at present :( We had our house on the market since Augast last year and just confirmed sale in the last couple of weeks such a weight off our minds :) Have to say though the first few months in NZ with house still on the market total nightmare - so yep go for it and best of luck :D

Karenx

[mikewalkerfrom]

Take the money and run. We sold in January for £13k less than asking and count ourselves REALLY lucky. We couldn't even list it at the sold value now. House prices are dropping in Hampshire that's for sure...

[Paul]

If you have two offers, albeit lower than you were hoping, that kind of indicates you have a quite saleable house even in an uncertain market.
Get the £275k valuation out of your mind, you will always get an agent over inflating to get your business and that is probably what it was.
Is there any comparables you can look at for recent sales in your area on rightmove, ourproperty etc or other similar sold price websites.
Also what position are the buyers in, have they sold (genuinely, not just what their agent says!) do they need finance etc.
If they are not in a completed chain then consider keeping your house marketed if you accept a low offer, as an offer means absolutely nothing binding in the UK system of selling and buying unfortunately. One of the biggest problems according to one of my estate agent clients is putting completed chains together at the moment, not the lack of buyers or sellers

Finally do your sums and see if you can afford to accept a lower offer and how you are going to survive in NZ with less of a pot of money to take with you.

[chocolate cake]

I'd take it too, and insist on a quick settlement or it goes back on on the market. The UK market is certainly slowing down, if you sell you can pay off the mortgage and be earning interest on the remainder instead of paying out a mortgage on an empty house and renting too.

I was in similar situation, had an offer within a few days of it being on the market, which I initially rejected they came back with an increased offer which I accepted the offer, but since the has buyer pulled out prior to signing contracts and decided on another, leaving me back at square one.

[Alan]

What is the situation of the person offering, we assume they have sold? Also is there a huge chain or can things progress quickly, if so then sanity would have a huge cost attached! Go for it.

[Helsandfamily]

I would grab it with both hands !!!!

[cathgates]

Tell your agent to tell them "you were looking for more towards the 230 mark as the asking price is a good price", they can only say no, but may up it a couple of k - at least then you have tried for the best offer possible. If they say 225 is their best offer, say you will accept, but on condition the sale is quick, and make sure your agent checks that they are able to proceed. Your agent should ask them for proof of their deposit, if they have been to see a mortgage advisor, then this should be easy enough for the agent to chase up as to how good a position the buyer is in, if they are going with their existing bank, then your agent needs to get them to provide a decision in principle from their bank, then at least you know in theory that they are able to proceed. If they are in a chain, your estate agent can check the chain and see if it is likely to be lengthy or not time wise - no sale is guaranteed until the money is in the bank, but at least with your agents help, you can make an informed decision. - Don't accept the 225 until you know it's their best and final offer - good luck

Cath X

[Paul Blears]

Grab it quick, and be very, very grateful!!!!:yes

[themilkybarkid]

Money matters but bear in mind that it is not the only factor in the equation and not necessarily the most important factor.

Imagine that it may be possibly make £5k or even £10k more by holding out for 9 months - but may be you wont. Maybe you might hold out for 9 months and end up selling for less that £225!! - if the market continues to deteriorate.

Even in best case scenario (that is you get more money for your house by holding out) - the question is was it worth the gamble - the stress, the juggling, the inability of not being able to properly settle in NZ?

I guess the question is can you afford the other (non financial) factors - and not just can you afford to miss/gain more money.

As said already check the 'quality' / circumstances of the buyers position/offer. See if you can squeeze any more. Two offers puts you in a decent chance to try and get best/better offers.

But on balance I think if I was you I'd be 'chuffed' at having a decent buyer and delighted to be set free to properly begin a new life in NZ.

Never easy all the best!:cheers

[marshanite]

Thanks for all your suggestions & opinions - much appreciated. We decided to try for a bit more money, but haven't heard yet - yikes!

I might be crawling back begging for the £225,000 by tomorrow!

I'll keep you posted.

Best wishes, Fi.

[marshanite]

Oh yes :raebanana :raebanana . Had a phonecall on the mobile & then the landline at approx 2 am (luckily they didn't wake the twins!) & as I lay awake speculating, I felt sure it was the estate agent. sure enough this morning they upped their offer to £230,000. We wouldn't have considered it a year ago, but right now - we are going to snap their hands off :yes

Thank you all so much again for your input, I found it really helpful & encouraging. Who knows whether it will all go through. I am certainly going to keep every available appendage crossed :laugh

The agent says that they are not in a chain & have their finances arranged - so it sounds good so far.

For all those still on the market I am sending out some of our good luck to all of you.

All the best, Fi.

[lockstock]

Phew, that's a relief. Fingers crossed all goes well:clap

[peebles16]

Brilliant news Fi - hope it all works out for you :yes

Karenx

[JandM]

Oh, GOOD news.:clap :cheers :clap