Selling House

[kh70]

My parents are selling their house and it's been on the market for a couple of months. They did not expext much interest during the winter months however somebody went to see it yesterday and afte rthey left put a bid in with estate agents 25k less than the asking price when my parents said this was too low he said that he had put an offer in on the house next door to theirs for sale and it had been accepted. The estate agent has managed to buy my parents til next week to decide what to do. This is the first time they have sold a house and this has suprised them. I think this buyer might be trying to get a quick cheap deal as the house next door to my parents is completely different to my parents so i can't understand why he is thinking.

Can anybody give me some advice on this matter or have been in a similar position.

Thanks

[bednobs]

if his offer on next door has been accepted, he wont now want to buy your parent's house will he?

[sandyRoe]

Unless he has plans to redevelop the sites of both houses

[bednobs]

in which case if what sandy has said is right, they should hold out for more

[boxtops]

It's always useful to scope the local market when you put a house up for sale - I was watching the prog on the TV recently about houses which don't sell, and one of the reasons was that a house was priced way over what another local similar house was selling for. Perhaps the house next door is in less good condition than your parents', or has less facilities? What are other local houses selling for?

[kh70]

Apprantly the buyer has said that next door have accepted the offer but he would prefer my parents and wants a decision asap.

I wonder that about wanting to buy both houses.

It all seems abit odd to me although i have experiance. My concern is that he is playing a game with everybody and by putting in a low offer at a bad time when houses ain't selling esp this time of year he is hoping for a bargin again they way he is trying to rush everybody into making a decision immedialty.

[ummmm]

That's just how it works. Everyone puts a low offer in.

[Canary42]

They should haggle - that's what he's doing.

[andrew1707]

This buyer has an accepted offer on the house next door but is willing to withdraw the offer to buy your parents' house and muck the neighbours around. Is it not possible that he may then go on to muck your parents around as well? Leopards don't change their spots!!!

[kh70]

They did say they would drop the price but not down by 25k. There is a massive difference between the 2 houses. My parents house is priced they same as others similar in the area it's definalty not over priced.

[chrissa1]

If they're not desperate to sell, I think they shouldn't accept it. Two months is not long to have been on the market.

[Canary42]

... and incidentally DON'T TRUST ESTATE AGENTS.

[tonyav]

Agree with chrissa 1.

[magsmay]

Hi KH - perhaps he is playing the same game with the neighbours house - putting in a lower offer to them and saying you have accepted a lower offer? He seems to be playing the two sellers off and I personally would not accept an offer from this type of person unless it was very near the asking price - he's probably the type who will take the deal almost to Exchange then pull out as he's found something cheaper. I would advise your parents to stick to their guns -have in mind a price they will absolutely not go under and stick to it. If they do accept an offer from him suggest they do not take the house off the market and still show people around up until Exchange of Contracts.

[ladybirder]

What % does £25k represent of the sale price? If the property is on for £450k then £25k below the asking isn't that bad. If on the other hand the property is on for £140k then it isn't so good:-(
Check sale prices in your parents road on Zoopla to give you an idea what similar houses are fetching.

[tonyav]

I would not be at all surprised if just before exchange of contracts he would try and knock the price down some more, probably by using something found on the survey.

[Manymoves]

Hi Have you ever thought that the Estate Agent (EA) might be hand in glove with the buyer? In other words the EA tells the buyer/developer that the property has not had any viewings and they could pick up a "bargin". Have your parents seen something they wish to buy and need to move quickly? If not take the property off the market, remove the sale board, freshen up the decor, de clutter than put it back on the market 2 weeks before Easter. Even with a different EA. Any EA knows that the chances off a chain not breaking down this side of Christmas is very high.
Do not give your parents any extra stress.
My closing thought "if the purchaser REALLY wants the house he should raise the bid". Keep your nerve. GOOD LUCK

[cupotee]

My first reaction is a definite no from your parents. Stick to their guns and wait a while.

There are too many unscrupulous people out there with a bit of spare cash waiting to "rob" people on the pretext of seeing something better for their money.

What these are proposing to do it most likely is to sell it on rather than move in themselves.

Not the best time of year to see so wait until spring would be the best answer,

[Khandro]

Two months is a short time to sell, they should just say no, and bide their time, this is the worst time of the year for selling property, wait for the Spring.

[petercasts]

My advice is that you shouldn’t trust only real estate agents or buyers. People are always looking for a profit, the buyer wants a low price, and the agent wants commission for the work. You should always double-check the information by yourself. When I sold my house, almost every buyer tried to negotiate the price. But I thought my house was worth a lot more, so I found a company that evaluated my house and determined how much it cost. By the way, this company later had bought my house. https://www.thepropertybuyingcompany.co.uk/landers/sell-house-fast They're a leading genuine cash buying company and they did it fast.