What would you do????

[ladymuck]

My house has been up for sale since Monday & so far we have had 5 viewers and 5 offers, the highest offer I have is �2000 below the asking price. The estate agents have advised not to reduce it so early because its not been up for a week, there's been loads of interest & there is still chance of getting the asking price. I have decided to wait until next week. I have put an offer in for another house that has been accepted & that I don't want to lose. What would you do? Would you accept the offer �2000 less than the asking price or wait?

[sense4all]

Sounds like the house is sensibly priced if you have received decent offers.Depending on where you live and if you are moving up or sideways on the ladder, I might wait, OR
You could always ask the agent to phone them back and see if they will up the offer to the asking price ( you are paying them for this service make them work for their money.) Also consider who is in the best position : they have sold, short chain behind them, mortgage in principal approved. It is in the agents interest to make you wait for the asking price to up their commision for no effort on their part!

If the house you want is an absolute gem/ rariety the benefit certainly outweighs the loss. Have you asked for the house you want to be removed from the market.

[hiphophol]

It's a catch 22 situation. What I would do is speak to your agent and ask them to ask your buyers if they would meet you halfway and increase their offer by �1000.

That way you're not going to lose out the house your buying and you've got slightly more for your house. If your worried that your house is under valued and thats why you had so many offers, go to nethouseprices.com, type in your postcode and it will tell you what houses on your street have sold for.

[hiphophol]

There's also no way the house you are interested in are going to take there house off the market if you are not in a position to proceed with the purchase, so agreeing an offer on your house means they probably will then take it off. Is the house you are interested worth losing over �1000 or �2000? If so, hold out for the asking price! Hope this helps

[ladymuck]

Thanks for your answers, we've received offers from 2 people both with asking price!! Going to see who is in the best situation to buy quickly.

[hiphophol]

Good news! Good luck!!!