Selling my house and have a buyer but......

tictac2013

My house has been on the market for a few years and i kept droping the price inline with forecasts each year, then the viewings stopped. I had a chat with the estate agent and he suggested i drop the price to see if i gain more interst from pitential buyers. I then got 9 viewers since last august and out of the 9 theres a few that are interested but still no offers.

Last week a friend of mine knows an irish cple from england moving home and theyre interested in buying it of me as a private sale and have made me an offer for the asking price. Im sitting here wondering will i accept it or not because i really needed (wanted) more. I told this cple that i really needed 10k more for it but theyve told me they will only pay the asking price.They actly offered me 10k less as a1st offer but a few mins later offered the asking price when i told them it couldnt be done.

Half of me expected this to happen when the estate agent suggested it but now i know it wasnt to good of an idea because im afraid if i dont accept this ofer, the house mightent sell for a few years. The houde is the best deal going in my opinion and also by going by daft.ie. Its a new house in the country with fantastic views and also in a quiet cul desac.

The reason for the sale is to clear my debts and will be left with enough to buy a cottage a renovate. Im sitting here not knowing whst to do because this is my first ever house sale and im wondering am i doing the right thing. I had my eye on 2cottages all last year but these have have now been sold. If i had of recieved this offer when i first seen tgese cottages i prob would have accepted but seeeing as tgeres nothing in my price range ill need this other 10k now so the reason for this thread us for some advice on whats best to do and to hear from people with experience in this situation.

I would also like to know the whole process about selling a house, how long doess it take and what problems can arise.Will i have to pay tax on the sale and is there any tax when buying an old cottage worth between 25-50k to do up. This house is my msin residence but when this house sale eventuly dors go thriugh, how do i prove to the tax man that it is my main residence. Will i need to show bank ststements,eletric bills etc...









On phone but will tidy up above later when on computer if theres any mistakes

D3PO

seriously OP get some cop on.

You set an asking price they are meeting it. WTF would they pay more, if you wanted more you should have set the asking price higher instead of wasting peoples time. If I were the buyer Id have withdrawn my offer completly and told you where to go.

NinjaTruncs

You've had the house on the market for "a few years" now you get offered asking and you want more. I see it you have two options.

1. Take the offer and move on
2. Reject the offer and hope they offer more, but risk loosing the sale and possibly having three house for a few more years.

If i was you I'd go with option 1.

TheDriver

as a buyer, I would be annoyed and tell you where to go, you drop the price, they even offer that price and you won't accept it?
Buyers are drying up, you will be stuck with the house but thats your choice.

djimi

Thank your lucky stars that they were even prepared to offer your asking price; most people would start with an offer significantly below the asking price with a view to getting a reduction. You are out of your mind if you expect these people to stump up 10k more than you were initially asking for.

tictac2013

I totally understand what yous are saying and if i eas the buyer id be sticking to my offer. In my opinion you this house is well under valued and if i let it go for this amount, ill be kicking myself in years to come. I would also say im emotionally atached to this house and selling it for thus amount will haunt me. I knew i shouldnt have took the advice of this estate agent because now i have a massive head f***. Im going to think long and hard about this over the next week and give them the decision early next week.

Can anyone tell me do i still havr to pay the estate agent theyre fee even thou i got a private sale. At a guess i wouldnt think so but im not that clued up on the matter. I would think theyd still be entilted to the advertising fee but what that wiuld be i dont know.

RATM

OP whether or not you are "kicking yourself" in years to come depends on your outlook for the housing market for the next few years.

If you believe, as I do, that house prices are nearing the bottom but will then stagnate for years to come then the best thing to do it accept that offer.

And even if house prices do rise your new 2 bed cottage will also rise in line with that.

I know that crystallising a loss in a painful thing to have to go through- I've had to do it on shares recently and its not nice because with the stroke of a pen there is no way back from that position. But in a way it is just facing up to reality, wiping the slate clean and getting on with things.

D3PO

tictac2013 wrote: »

I totally understand what yous are saying and if i eas the buyer id be sticking to my offer. In my opinion you this house is well under valued and if i let it go for this amount, ill be kicking myself in years to come..

you are a timewaster. Why put it on at a price if you thought it was under valued. I hope they pull out of the sale. Your acting like a 5 year old

tictac2013

have you not read the OP d3po, the only reason why i brought the asking price down was to generate more interest in the property as suggested by my estate agent. He advised me that if i drop to X amount then when theres more people interested we'll get what im looking for it. Im no expert but i thought the estate agent knew what he was talking about so i listend to his advice and dropped it. You cant blame me for that d3po

TheDriver

asking price=what you are asking to get.

djimi

Your estate agent was obviously hoping for some kind of a bidding war, which was wildly optimistic at best.

Right now you have one bidder who is almost certainly not going to offer more than the asking price. Your options are to accept their offer, sit on it for a while and hope that a second bidder shows some interest so that they might end up bidding against each other and driving the price up (unlikely to happen based on what you said; youll most likely just lose the currently interested party), or remove the house from sale and relist at the price that you are actually looking for. Bearing in mind that your desired asking price got you no offers it seems unlikely that bringing the price back up again is going to get you any more success than you had the first time around.

End of the day its really up to you how desperate you are to sell. You dont mention how much the current offer is, so its hard to tell whether or not €10k is a lot of money relatively speaking, but the bottom line is you have to ask yourself is it enough to make you miss out on the sale, potentially spend the next couple of years with little interest and eventually end up selling for the same or lower than your are currently being offered? Ultimately it only makes sense to hold out for more money if it seems likely that you will get it, and honestly from what you have described that sounds quite unlikely.

looters

Hang on, someone offered you the asking price and now you are considering accepting offer.
Why did you have it advertised at this price if you needed to consider it. This is the dumbest thing I ever heard. Who pays over asking price today.

But your op says it all, not much going on upstairs. What kind of advice can people give when no one has any idea what the asking price was or what the house is like.

If I was the people who made the offer, I would now offer 10k under asking price to teach you a lesson.

tictac2013

looters wrote: »

Hang on, someone offered you the asking price and now you are considering accepting offer.
Why did you have it advertised at this price if you needed to consider it. This is the dumbest thing I ever heard. Who pays over asking price today.

But your op says it all, not much going on upstairs. What kind of advice can people give when no one has any idea what the asking price was or what the house is like.

If I was the people who made the offer, I would now offer 10k under asking price to teach you a lesson.

under 10k to teach me a lesson lol. I just wiuldnt accept and they know this. The asking price is 150k and is a 5bed+ in turn key condition.The property is done to a highstandard and is in a great site in a cul de sac in the country side with only one other house in this cul de sac. Its only 8 mins away from the msin town in the county and is only 1min of the nstionsl road.

looters

tictac2013 wrote: »

under 10k to teach me a lesson lol. I just wiuldnt accept and they know this. The asking price is 150k and is a 5bed+ in turn key condition.The property is done to a highstandard and is in a great site in a cul de sac in the country side with only one other house in this cul de sac. Its only 8 mins away from the msin town in the county and is only 1min of the nstionsl road.

So give link and Ill tell you what its worth.

TheDriver

a house is worth what someone will pay for it. It can have Pamela Anderson cooking dinner topless everyday included but if no one wants to pay for it, then its a fictional figure. You must decide a) i want to sell or b) I don't want to sell.

I must admit from this whole thread, you want us to tell you to hold out for more money. But it doesn't work that way, you set an asking price and you got caught. Fair enough, don't accept but you will then be waiting for more offers which obviously aren't coming.
Also a palace to you can be a s**thole to someone else.

I have encountered people like OP in house dealings, they accept an offer eventually then delay signing contracts and then the whole deal falls through because they actually don't want to sell the house.

And lastly, you signed a contract with EA that all dealings going through them so then can ask you for commission on your private sale unless you first end the contract with them and then get an offer.

tictac2013

TheDriver wrote: »

a house is worth what someone will pay for it. It can have Pamela Anderson cooking dinner topless everyday included but if no one wants to pay for it, then its a fictional figure. You must decide a) i want to sell or b) I don't want to sell.

I must admit from this whole thread, you want us to tell you to hold out for more money. But it doesn't work that way, you set an asking price and you got caught. Fair enough, don't accept but you will then be waiting for more offers which obviously aren't coming.
Also a palace to you can be a s**thole to someone else.

I have encountered people like OP in house dealings, they accept an offer eventually then delay signing contracts and then the whole deal falls through because they actually don't want to sell the house.

And lastly, you signed a contract with EA that all dealings going through them so then can ask you for commission on your private sale unless you first end the contract with them and then get an offer.

I didnt sign no contract with the estate agent. He called out, asked how much i was looking then advertised it on daft and myhome sites. The people buying it never even looked on the internet fir the house as it was done through a friend of mine so i cant see how he is entilted to a fee for selling it when he didnt.

As for dealing with people like me refusing to sign etc.. Well, ive told this family ill get back to them in a week and if i do accept i wont pull out because im a man of my word and stick to it. Thats why ive told them ill be back in a week. Once i make my decision ill stick to it.

p.s this house is no ****hole. If it where i would have took his hand with the offer.

As for the didion, im leaning towards accepting the offer and worrying about getting the extra 10k when im debt free and have a cottage bought out right with what i have left after i clear my debts.

gravity10

tictac2013 wrote: »

have you not read the OP d3po, the only reason why i brought the asking price down was to generate more interest in the property as suggested by my estate agent. He advised me that if i drop to X amount then when theres more people interested we'll get what im looking for it. Im no expert but i thought the estate agent knew what he was talking about so i listend to his advice and dropped it. You cant blame me for that d3po

Estate agent wants a quick sale to earn his commission. Because thats how he gets paid.

hognef

tictac2013 wrote: »

...

How do you know another €10k will be enough when you don't even know whether you'll be paying tax on the sale?

the_syco

tictac2013 wrote: »

under 10k to teach me a lesson lol. I just wiuldnt accept and they know this. The asking price is 150k and is a 5bed+ in turn key condition.The property is done to a highstandard and is in a great site in a cul de sac in the country side with only one other house in this cul de sac. Its only 8 mins away from the msin town in the county and is only 1min of the nstionsl road.

Sounds something like http://www.daft.ie/1600832 that is also ona cul-de-sac, but is 7 minutes from a national road, and 16 minutes to the local village/town.

They didn't underbid to "teach you a lesson", they underbid as they thought your house wasn't worth 150k.

readytosnap

tictac2013 wrote: »

im a man of my word and stick to it.

your word was 150k they offered 150k,
you have not accepted so you are not "a man of my word" and you didn't stick to it. if i was the buyer i would tell you to eff off

Theboinkmaster

Post a link to your house and we'll give you our opinion on what it's worth

jmayo

tictac2013 wrote: »

under 10k to teach me a lesson lol. I just wiuldnt accept and they know this. The asking price is 150k and is a 5bed+ in turn key condition.The property is done to a highstandard and is in a great site in a cul de sac in the country side with only one other house in this cul de sac. Its only 8 mins away from the msin town in the county and is only 1min of the nstionsl road.

As someone else mentions it doesn't matter how good the house is if it is in an area that people don't want to live in (a limited amount of buyers) and/or it is at a price people don't want to pay.

As others have said you need to cop on.
Firstly your house has been on the market for ages.
Have there been any offers in that time, even ones you would no doubt claim were silly ?
Maybe if you had copped on ages ago and had an asking price 10-20% lower you would have sold for 20-40k more than you are now getting.
But of course you believed your house was worth more.

I have seen houses like yours, on the market for years and in the end people will have to accept a fraction of their original asking price if they are to sell.
If they had just dropped it a bit in the first place they would have sold years ago.

BTW you will be kicking yourself more when in a few years the only offer you will get might be another 10k-20k lower.

You are using proximity to national route and the main county town as selling points.
But take a look at that town and tell us honestly are there closed shops in the shopping centre, closed shops in the main streets ?
Are there closed factories, long dole queues and lots of people emigrating/migrating from the area ?

It all boils down to the old saying.
A bird in the hand is worth two in the bush.

gaius c

Deluded vendors are the bane of the current market...

the_syco

Don't leave them hanging for too long, or they may find a better house cheaper, and leave you dangling in the wind...

leeroybrown

The country is full of houses that have been for sale for years with a constantly sliding high price that's always been more than any buyer has been willing to spend. You basically have a choice between continuing being part of this group in the hope of a market rise or take the money and move on.