Would You Reject £109k Cash Offer In Today's Market?

[It is different this time]

http://forums.moneysavingexpert.com/showthread.html?t=571385

Hi All,

If anyone has any advice/ experience/ thoughts they'd be gratefully received!

I put my flat on the market in June for £125,000. It's empty as I have moved in with my partner. After many viewings but no offers (all feedback said it was lovely but too small) I reduced the price last week to £119,950. Today I've had a cash offer of £109,000. I've said no as it's too low too early.

What are the advantages of a cash offer?

Ta!

The property is on the market for 4 months already and since then we had this

The first bank run in living memory

and the dimwit still says too low too early for cash offer. It will be nice to see these muppets chasing the market down!

[PotNoodle]

http://forums.moneysavingexpert.com/showthread.html?t=571385

The property is on the market for 4 months already and since then we had this

The first bank run in living memory

and the dimwit still says too low too early for cash offer. It will be nice to see these muppets chasing the market down!

In the foreground is Albert Sniffle, who queued for over 5 days and nights, trying

to recover the £86 he had deposited with Northern Rock in 2006.

"I noticed these lumps on my jacket after two days and didn't think anything of it,

but then they burst through the material and started sprouting.

I think it's privet."

Queuing pensioners took to watering Mr Sniffle's growths, accelerating the process.

"I never did my get money back," said Albert.

"I couldn't move after the fifth day."

Council workers removed Albert and planted him in the Memorial Gardens.

A spokesperson for Northern Rock said that Albert's £86 was "perfectly

safe" as the company (and Albert apparently) benefited from being

"well hedged".

[BTLlivingthedream]

In the foreground is Albert Sniffle, who queued for over 5 days and nights, trying

to recover the £86 he had deposited with Northern Rock in 2006.

"I noticed these lumps on my jacket after two days and didn't think anything of it,

but then they burst through the material and started sprouting.

I think it's privet."

Queuing pensioners took to watering Mr Sniffle's growths, accelerating the process.

"I never did my get money back," said Albert.

"I couldn't move after the fifth day."

Council workers removed Albert and planted him in the Memorial Gardens.

A spokesperson for Northern Rock said that Albert's £86 was "perfectly

safe" as the company (and Albert apparently) benefited from being

"well hedged".

Lol

[christhpc]

I do love these threads. But I love it EVEN MORE when we get reciprical linkage back too (post #8 on that thread)

[Tatty Teddy]

I do love these threads. But I love it EVEN MORE when we get reciprical linkage back too (post #8 on that thread)

And the following quote from post#11

"Talk of house price crashes make me laugh, aint never gonna happen".

[Badger]

And the following quote from post#11

"Talk of house price crashes make me laugh, aint never gonna happen".

So double negatives taken into account, it's on!

[Guest DissipatedYouthIsValuable]

Hello to the moneysavingexpert types. Come on over. We value your expertise.

The advantages of a cash offer are that you have cash rather than a flat.

You can use cash as a medium of exchange for something else.

Edited October 9, 2007 by DissipatedYouthIsValuable

[Lone_Twin]

Hello to the moneysavingexpert types. Come on over. We value your expertise.

*cough*

< muffled whisper to DissipatedYouthIsValuable >

.....really?

*cough*

[joey]

http://forums.moneysavingexpert.com/showthread.html?t=571385

The property is on the market for 4 months already and since then we had this

The first bank run in living memory

and the dimwit still says too low too early for cash offer. It will be nice to see these muppets chasing the market down!

Looks as though this muppet is already chasing the market down, with nothing shifting at present 109K on a 119K asking price is a good deal for the seller. And the way the market is if I was the buyer I wouldn't pay an iota over 109K as each day more and more is coming on the market and prices are falling. Even 109K is too high an offer.

[Guest DissipatedYouthIsValuable]

*cough*

< muffled whisper to DissipatedYouthIsValuable >

.....really?

*cough*

I place the highest value on all things comical.

[north/south divide]

I don't know why MSE people slate this forum. I come on here and on MSE for advice on things and don't feel the need to slate either forum.

I just chuckle when they call HPC 'end of the world doom mongering' prophets... ha ha

Edited October 9, 2007 by north/south divide

[TimD]

Doom Mongering's the new Rock'n'Roll

Cheers,

Tim.

[bearbullfence]

Post #27 is interesting.

House reduced by 10K and offer accepted that was 10k under that. Original asking was £230. Assuming asking was marked comparative to recent sales that makes nearly a 10% drop in price for that house type. Ouch. And this is just at the beginning.

Even looking at the OP on the forum. Flat originally £125 cash offer for £109. Assuming she takes it then that is nearly a 13% drop.

[Lone_Twin]

I place the highest value on all things comical.

it's just that i don't need my driveway tarmac'd right now.

.

ST

[Guest Shedfish]

Hello to the moneysavingexpert types. Come on over. We value your expertise.

The advantages of a cash offer are that you have cash rather than a flat.

You can use cash as a medium of exchange for something else.

i'm no expert. if i was an expert, i'd own staffordshire (apart from the rendering plant at Cheddleton)... but they should have trousered the 109k

[Fairies Wear Boots]

Hang on. Those guys were mostly going don't chase the market down! i.e. the market is definitely going down. The one joker who said they weren't and if they did he'd buy lots of BTL, got slapped down with , no one will lend you any cash.

Who needs house price crash any more? Let's go across to MSE and be informed on how the market will crash!

[Tatty Teddy]

http://forums.moneysavingexpert.com/showthread.html?t=571210

And here is a classic example of why it IS worth accepting the cash offer.

Edited October 10, 2007 by Tatty Teddy

[lament234]

That wasn't very nice thing to do. Why not show some respect?

Not everyone may not be an expert or spend a lot of time discussing property prices.

[margesimpson]

I like the really shrewd people who tell the OP to take the money - without even knowing whee the flat is, its condition, what others are selling for, what the OP can afford to sell it for, etc.,

[Guest KingCharles1st]

Well speaking from a bad experience of chasing the market down- and, I hasten to add, this was NOT helped in any way by the EA's advice at the time, when you are selling in a buyers market- you better be 1- an extremely good salesperson (but wait- YOU are not selling the property- the EA is supposedly doing that job- but do they really care about you, your money, and that particular property?) and 2- once you alienate that buyer- you have just lost your only method of selling that property.

I took an enormous hit- I was young , stupid, and thought this house I had gave me some rite of passage to financial greatness. It doesn't, so Mr house seller, if you are now reading this post, I suggest you come back and say- Look- I've had a long hard think about it- split the difference with me and it's a deal.

By doing so, you will make a lot of friends. perversely, the EA will love you, because he now gets his commission, and other "cant afford to live in this area" types will warmly welcome your dropped [price recorded sale wit hopen arms and be able to say- tut tut I'm not paying that much, when looking at other similar properties in the area.

Edited October 10, 2007 by KingCharles1st

[Guest DissipatedYouthIsValuable]

Well speaking from a bad experience of chasing the market down- and, I hasten to add, this was NOT helped in any way by the EA's advice at the time, when you are selling in a buyers market- you better be 1- an extremely good salesperson (but wait- YOU are not selling the property- the EA is supposedly doing that job- but do they really care about you, your money, and that particular property?) and 2- once you alienate that buyer- you have just lost your only method of selling that property.

I took an enormous hit- I was young , stupid, and thought this house I had gave me some rite of passage to financial greatness. It doesn't, so Mr house seller, if you are now reading this post, I suggest you come back and say- Look- I've had a long hard think about it- split the difference with me and it's a deal.

By doing so, you will make a lot of friends. perversely, the EA will love you, because he now gets his commission, and other "cant afford to live in this area" types will warmly welcome your dropped [price recorded sale wit hopen arms and be able to say- tut tut I'm not paying that much, when looking at other similar properties in the area.

The seller will get that fuzzy glow of negative equity....

[talksalot81]

I don't know why MSE people slate this forum. I come on here and on MSE for advice on things and don't feel the need to slate either forum.

I just chuckle when they call HPC 'end of the world doom mongering' prophets... ha ha

It does not make logical sense - most of the views on here are supported by fundamental arguements whilst MSE posters often feel that these arguements are without merit and one is better of ignoring all of the basic underlying principles because, as far as most can remember, house prices only ever go up.

I used to be a frequent MSE poster but just gave up on the HP threads - most people there simply are incapable of any form of analytical thought.

[Guest AuntJess]

Well speaking from a bad experience of chasing the market down- and, I hasten to add, this was NOT helped in any way by the EA's advice at the time, when you are selling in a buyers market- you better be 1- an extremely good salesperson (but wait- YOU are not selling the property- the EA is supposedly doing that job- but do they really care about you, your money, and that particular property?) and 2- once you alienate that buyer- you have just lost your only method of selling that property.

I took an enormous hit- I was young , stupid, and thought this house I had gave me some rite of passage to financial greatness. It doesn't, so Mr house seller, if you are now reading this post, I suggest you come back and say- Look- I've had a long hard think about it- split the difference with me and it's a deal.

By doing so, you will make a lot of friends. perversely, the EA will love you, because he now gets his commission, and other "cant afford to live in this area" types will warmly welcome your dropped [price recorded sale wit hopen arms and be able to say- tut tut I'm not paying that much, when looking at other similar properties in the area.

I agree with this principle. 'A bird in the hand...' and all that. The seller may find that the next offer he gets is MUCH lower. I took a low offer on my house, as houses were grinding to a halt a year ago, where I lived. The EA wanted me to hang on and 'get the price' but I scented danger. So I took a low offer for my very well appointed home, and was then free to rent, till prices dropped to meet my funds - in the area in which I now reside.

I look at 'Rightmove' for the area I left, and the dummies are still trying to 'get the price' after being on the market for 18 months.!!

More fool them: they will now face a serious drop in buyer's offers.

[Guest AuntJess]

It does not make logical sense - most of the views on here are supported by fundamental arguements whilst MSE posters often feel that these arguements are without merit and one is better of ignoring all of the basic underlying principles because, as far as most can remember, house prices only ever go up.

I used to be a frequent MSE poster but just gave up on the HP threads - most people there simply are incapable of any form of analytical thought.

..Most people are..period.

[Bloo Loo]

I agree with this principle. 'A bird in the hand...' and all that. The seller may find that the next offer he gets is MUCH lower. I took a low offer on my house, as houses were grinding to a halt a year ago, where I lived. The EA wanted me to hang on and 'get the price' but I scented danger. So I took a low offer for my very well appointed home, and was then free to rent, till prices dropped to meet my funds - in the area in which I now reside.

I look at 'Rightmove' for the area I left, and the dummies are still trying to 'get the price' after being on the market for 18 months.!!

More fool them: they will now face a serious drop in buyer's offers.

We were being offered Low may- Aug 2006 on a three bed semi- Asking £230K sold for £219K Three offers were "developers" but we took the offer from a young couple- Mazingly, their parents were forking out to get them on the ladder- Still at least a couple is housed- dont agree with how they did it, but there you are.

BTW, prices for simlar are still asking £230K in same area.