Take the offer, too small to quibble over and whilst South East property is holding up for now, Central London is definitely down and tends to ripple out in the end. Interest rates on the up, affordability tests biting, tax on tax on tax for buy to let owners and Brexit suggest there is more down side risk than there is upside at the moment IMO.
Ps. If I was buying I would have dropped my price to £400K in line with the valuer. I think it is fair to take advice off a professional, it is what you employ them for, it is the buyers who try to take the piss seconds before exchange just to have you over that grate.
My mum bought a lovely two bed McCarthy & Stone flat in Gravesend almost ten years ago.
She lived in for a grand total of six nights before she died.
She paid £280k for it and we managed to sell it 14 months later for £160k. In that time period, we also had to pay £14k in service charges and other expenses.
£3k on £400k is a drop in the ocean. It could be so much worse.
Take the money mate , the sake of 3k ain’t worth worry about
Your mum and dad bought well I bet they would be as pleased as punch that their home on eltham sold for over 400k
How much was the purchase price when they moved in , losing a grand a piece between the siblings is not the end of the world and it’s not a great selling place
Sure.. you are right...my WTF was directed at @LenGlover and @Riviera :-) somehow your comment crept in between ...
My brother is one of those people who does not understand the meaning of the word "market". The agents proposed a guide price of 410-430k when it first went on the market in January. We had over 30 viewings. This is the best offer we have had that has got to the stage of agreed price, subject to survey. My brother however still thinks we have already offered a "discount". Doing my head in. But if I have to put my foot down, (my sister and I are executors) at least I know 15 plus Lifers all pretty much agreed they would take the offer.
My mum bought a lovely two bed McCarthy & Stone flat in Gravesend almost thee years ago.
She lived in for a grand total of six nights before she died.
She paid £280k for it and we managed to sell it 14 months later for £160k. In that time period, we also had to pay £14k in service charges and other expenses.
£3k on £400k is a drop in the ocean. It could be so much worse.
Many people on here have said £3k isn’t worth the hassle over - is this the same for the prospective buyer?
Like you have said the issues were already apparent at the time they viewed the house, so what real excuse have they got for now suddenly chipping you?
They’ve got more to lose (Valuers fees, survey costs, solicitors etc) than you do.
I’d say stick to your guns. If £3k isn’t worth hassling over then it’s probably not worth hassling over for the buyer too!
Surprised us as well. We had several offers in those 14 months, all below £150k and one below £100k.
It was a beautiful apartment in a lovely friendly scheme. The only thing we could think of was the service charges were really high and probably far too high for Gravesend.
It was costing my sister and I a fortune to keep up with the the costs, particularly as I was paying a mortgage on two houses on top and had packed up work six months earlier to become my mum's carer, something that I'll never regret doing.
I agree with everyone else. Take it, unless you’re convinced you are going to get a better offer.
If you’re brother is fixated on his share of 405k, I’d see if your sister will split the 1k to make him whole. And if he still wont budge, tell him he needs to start paying rent to you and your sister.
Haven't read all the posts but if I were you I'd bite her hand off fir the £402k - thought you was going to say she asked for £400k. Not only are you only losing £1k each you are all getting £134k each NOW. If you brother doesn't like it tell him as from next week he'll be paying £1k pm in rent. That should incentivise him.
For what it is worth I would take the £402k. In the scheme of things it is not a big "hit" per sibling and if you are trying to wind up your Mum's affairs you have other things you need to progress.
I'd bite her fucking hand off... a few grand not worth quibbling about and certainly not worth losing a buyer over....sorry to hear about your mum Prague.
Despite me reminding my brother that the agent needs us to speak with one voice, it turned out that he rang them this morning anyway. When i rang the agent later this morning to discuss what we thought was the overview she told me that he had already rung her (they know each other from a running club) and had been adamant that we (he claimed wrongly that my sister agreed with him) insisted on sticking at £405k. So she had communicated this to the buyer. I reminded her that my brother is not an executor. She sheepishly admitted that she had forgotten that, and she should have called me or my sister first. She said the buyer had asked for time to think it over. So we held our breath...
And it turns out that almost alone, @AC above was right. the buyer called back in the afternoon and accepted !!
Well the agent pointed out that we still have the mortgage valuation to get through but then at least we will have some leeway. We also have a very smug brother.
The biggest irony is that I don't think I ever saw a CL thread wherebnearly everyone had the same opinion on the issue under discussion :-)
I wouldn't eat any humble pie just yet Prague, cos like you say, the valuation survey could be the real kicker. What are you going to do if it comes back at 395k?
Despite me reminding my brother that the agent needs us to speak with one voice, it turned out that he rang them this morning anyway. When i rang the agent later this morning to discuss what we thought was the overview she told me that he had already rung her (they know each other from a running club) and had been adamant that we (he claimed wrongly that my sister agreed with him) insisted on sticking at £405k. So she had communicated this to the buyer. I reminded her that my brother is not an executor. She sheepishly admitted that she had forgotten that, and she should have called me or my sister first. She said the buyer had asked for time to think it over. So we held our breath...
And it turns out that almost alone, @AC above was right. the buyer called back in the afternoon and accepted !!
Well the agent pointed out that we still have the mortgage valuation to get through but then at least we will have some leeway. We also have a very smug brother.
The biggest irony is that I don't think I ever saw a CL thread wherebnearly everyone had the same opinion on the issue under discussion :-)
I feel the advice here was simply to not gamble, potentially cause yourselves grief and lose the buyer. You(r brother) gambled and won.
3k is nothing. I was going to suggest that you and your sister split the £1k loss for your brother, had you accepted the lower amount. Glad it's seemingly worked out for you in the end.
Despite me reminding my brother that the agent needs us to speak with one voice, it turned out that he rang them this morning anyway. When i rang the agent later this morning to discuss what we thought was the overview she told me that he had already rung her (they know each other from a running club) and had been adamant that we (he claimed wrongly that my sister agreed with him) insisted on sticking at £405k. So she had communicated this to the buyer. I reminded her that my brother is not an executor. She sheepishly admitted that she had forgotten that, and she should have called me or my sister first. She said the buyer had asked for time to think it over. So we held our breath...
And it turns out that almost alone, @AC above was right. the buyer called back in the afternoon and accepted !!
Well the agent pointed out that we still have the mortgage valuation to get through but then at least we will have some leeway. We also have a very smug brother.
The biggest irony is that I don't think I ever saw a CL thread wherebnearly everyone had the same opinion on the issue under discussion :-)
Good luck with the buyer’s mortgage valuation. If the buyer is close to their limit you can expect another bout of haggling. Don’t let the agent rest on its laurels, there’s no sale til the contracts are signed and the deposit is paid. On the matter of the deposit - make sure your agent gets and keeps strong evidence that the buyer actually has the £20k or £40k in real liquid funds cos that can be another arse ache come contract exchange time. Keep your solicitor on a short leash and your agent on a shorter one, they earn the most out of this and will do a shade short of the square root of fuck all while blaming everybody else for delays and miscommunications. FWW I’d have taken the £402k in a heartbeat (subject to firm proof of funds)
Comments
Ps. If I was buying I would have dropped my price to £400K in line with the valuer. I think it is fair to take advice off a professional, it is what you employ them for, it is the buyers who try to take the piss seconds before exchange just to have you over that grate.
She lived in for a grand total of six nights before she died.
She paid £280k for it and we managed to sell it 14 months later for £160k. In that time period, we also had to pay £14k in service charges and other expenses.
£3k on £400k is a drop in the ocean. It could be so much worse.
My brother is one of those people who does not understand the meaning of the word "market". The agents proposed a guide price of 410-430k when it first went on the market in January. We had over 30 viewings. This is the best offer we have had that has got to the stage of agreed price, subject to survey. My brother however still thinks we have already offered a "discount". Doing my head in. But if I have to put my foot down, (my sister and I are executors) at least I know 15 plus Lifers all pretty much agreed they would take the offer.
Many people on here have said £3k isn’t worth the hassle over - is this the same for the prospective buyer?
Like you have said the issues were already apparent at the time they viewed the house, so what real excuse have they got for now suddenly chipping you?
They’ve got more to lose (Valuers fees, survey costs, solicitors etc) than you do.
I’d say stick to your guns. If £3k isn’t worth hassling over then it’s probably not worth hassling over for the buyer too!
It was a beautiful apartment in a lovely friendly scheme. The only thing we could think of was the service charges were really high and probably far too high for Gravesend.
It was costing my sister and I a fortune to keep up with the the costs, particularly as I was paying a mortgage on two houses on top and had packed up work six months earlier to become my mum's carer, something that I'll never regret doing.
If you’re brother is fixated on his share of 405k, I’d see if your sister will split the 1k to make him whole. And if he still wont budge, tell him he needs to start paying rent to you and your sister.
Despite me reminding my brother that the agent needs us to speak with one voice, it turned out that he rang them this morning anyway. When i rang the agent later this morning to discuss what we thought was the overview she told me that he had already rung her (they know each other from a running club) and had been adamant that we (he claimed wrongly that my sister agreed with him) insisted on sticking at £405k. So she had communicated this to the buyer. I reminded her that my brother is not an executor. She sheepishly admitted that she had forgotten that, and she should have called me or my sister first. She said the buyer had asked for time to think it over. So we held our breath...
And it turns out that almost alone, @AC above was right. the buyer called back in the afternoon and accepted !!
Well the agent pointed out that we still have the mortgage valuation to get through but then at least we will have some leeway. We also have a very smug brother.
The biggest irony is that I don't think I ever saw a CL thread wherebnearly everyone had the same opinion on the issue under discussion :-)
3k is nothing. I was going to suggest that you and your sister split the £1k loss for your brother, had you accepted the lower amount. Glad it's seemingly worked out for you in the end.