Selling a house – how much to accept?

Selling my mum’s house as part of her estate. What’s the view on how to determine the right/moment price to sell.

It’s only been up for a week – had 7 viewings so far with two offers 10% below asking price. Plus one from a developer at 20% below. TBH I thought asking price was a bit toppy as the house needs lots of modernisation, but huge garden and good for someone who wants a project and estate agent said ask high and see what comes in

4 more viewings booked in over the weekend.

Obviously selling houses is not something we do often so lacking experience on when to accept an offer. I guess it’s usual to get a flurry of activity early on then it tails off? Better to take something now rather than wait to see if someone is going to drop another 20/30k to get closer to the asking price but risk losing current buyers?

Ultimately I’d like to get shut relatively quickly to release funds, but equally don’t want to sell too low.

If you’re getting offers of 10% under, your asking price is about right, so you’re not selling too low.

I’d be getting the two at 10% under to
come up with best and final offers, and accept one of them. Life’s too short.

If you want to shift it quickly accept the ones who can move fastest and aren’t in a chain. That may be the developer!

Chains are a nightmare at the minute with loads falling through.

Personally i would tell a developer to do one outright.
10% below is probably a good place to start negotiating at the moment

Leave it to get a few more viewings in and hopefully offers then go to best and final then review best and final offers based on not just offer but buyers position

We went through this although in a much easier market

Stating the obvious

You need to know everything you can about each chain

On Monday ask for best and final offers from all credible offers. Apparently it’s rude not to

Make sure everyone making an offer knows what the problems are. You don’t want to be at square one in 2 months because some one has just realised the cost of doing the kitchen and bathroom etc.

Talk to the estate agent

My gut feeling is that I’m falling market you want to get it sold but I know nothing

Consider getting your own survey and making it available to potential buyers. Honesty up front etc.

I made it really clear to the buyers of my house that if they tried tricks of cutting their offer at the last minute without a bloody good reason I’d walk away from the sale even if it cost me money.

Are the people making offers precedable ? If the developer has funds in place and ready to go that counts for a lot when your selling.

Are you selling as executor of her will? If so sorry for your loss. You are under obligation to get a fair market rate for the beneficiaries, so you just need to show that. Getting a few estate agent estimates and then getting several offers is fine for that.

I agree with others saying accept the viewings you’ve got arranged, then ask for final offers and any circumstances that the buyers are happy to declare (like no chain). Again it’s better to get a sale that doesn’t fall through. Sales take 6 months typically so if there is outstanding mortgage or inheritance tax payable these are all considerations for getting the sale completed as quickly as practicable. Good luck.

For what it’s worth you may end up getting lower offers on the basis of it being subject to probate etc. I pulled out on a purchase under similar situations because six months went by with absolutely no progress, and that would either make me avoid similar in future or bid low.

Think back to all the questions on buying houses here & most replies say “if you’re not embarrassed by the low offer you’ve made then it’s too high”!

Prospective chains can be important in judging offers but not the be all and end all. As what looks like a short chain can still throw a spanner in the works.

I’d see what offers come in after the weekend & do as others have suggested re best offer to those interested?

How large is the garden? Large enough for another house as that’s where the developer is likely to be heading. Or even knock the house down & build 3 or more to maximise return.

Are you selling as executor of her will? If so sorry for your loss. You are under obligation to get a fair market rate for the beneficiaries, so you just need to show that

My sister and I are both executor and beneficiary so that isn’t an issue as long as we agree.

The plot is large enough for another house without demolition or 3 if you demolished the existing property. The margins would be tight and risk of not getting consent. The developer who has put in the offer redeveloped plot next door and put 5 houses on a plot about 75% bigger but with about 3 times the frontage.

TBH the best value for a buyer would be to purchase at a fair price spend the balance plus a bit more modernising and total cost would be less than equivalent new build with a much bigger garden.

When our dad died we accepted a lowish offer for a quick sale. On the market a month or two. The house needed lots of work. Conversely friends in the same street had their dad’s house on the market for 18 months before they got a price they were happy with.

In our case the estate was being split 5 ways, so if it went for 5 or 10 £k under true value we lost £1k or £2k each on a share of £45k each.

I was executor. After consulting the others we were happy for a quick sale rather than dragging it out for months to eak every last bit out.

If you want to shift it quickly accept the ones who can move fastest and aren’t in a chain. That may be the developer!

Chains are a nightmare at the minute with loads falling through.

This makes sense to me, but not sure if there are legal obligations to maximise the value if the estate though.

Just has to be a fair market price. Nothing about maximising values.

And if there are only two beneficiaries then it’s up to them. Get a charity involved and they’ll soon have their 2 penneth though!! 🤣

estate agent said ask high and see what comes in

two offers 10% below asking price

Sounds like the market has decided the price.
Ask for final & best offers from those 2 and factor in which will be the easiest/quickest sale.

Sounds like the market has decided the price.

Hardly, if it’s only been on the market for a week. I’d certainly be waiting to see what comes in after the next batch of weekend viewings

Maybe worth bearing in mind that house prices are probably going to be falling for a little while – holding out might result in lower offers. 10% under seems very reasonable imo. I guess I’d be asking myself how much that 10% would mean to me over having the cash in my pocket.

Out of courtesy to the people that have already booked viewings, I’d hold off on responding until they’d had a chance, though.

@Flaperon yeah houses can’t be sold until probate has actually been granted but can be marketed beforehand, always worth finding out where the process is at if you are viewing one.

How important is it for you and your sister to get as much money as possible out of this? If you just want to get it done, and don’t need to hold out, then just get it done. If the 10% below offers seem reasonable to you, then I’d let the other viewings happen (out of courtesy), and then let everyone know that you have potential buyers so no need for more viewings. Invite offers from those interested and see where you land.

I’d also look at their positions and take a more altruistic approach. For example a young family who would treat the house well and make a nice family home would win over a developer every day, even if I got a few grand less and it took a month or so longer.

Life is too short, we should be nicer to each other. This country is obsessed with making money out of pwoperdee and it’s really not healthy.

It’s only been on the market for a week so give it at least another week.
That will give you a better picture of the level of interest and achievable price.
Tell the estate agent you need to know which offerors are able to proceed – will they be in a chain, do they need a mortgage, do they have one agreed in principle, what LTV, proof of funds for deposit (say 20%).
A cheeky option would be a counter-offer to the developer; your low ball offer is unacceptable but we’re open to a profit share proposal based on any development of the site.

I think the buzz word to the developer is “overage” – a cut of any profit over and above an agreed level. Otherwise go with the ones in the least complicated chain and/or favour the bod which can exchange soonest

Also depends how many people are in the split.

10k is a lot of cash but say x4 inheritors broken down 2.5k for an easy life isn’t

Chap from Yorkshire building soc yesterday said housing market due to fall 10% this year so your offers are about right.

I m buying a probate house, got 4 valuations and all v similar. Loads of similar ones near here are still on for silly money but aren’t selling. Estate agents told me u can ask what u like but if u want to sell, this is the price.

I really feel for the recent buyers who paid top money, I was outbid on loads of v average houses.

Best of luck and sorry for your loss.

Mine was valued at £215k at auction, up to £255k if marketed well, with an Estate Agent last July. We’re finally getting close to marketing it.
I reckon if we advertise it at £230k, and take £225k, we’ll have done well.Lots have come up for sale locally, with few sold, they are all asking £230k+. There is one round the corner from us,one less bedroom, less garden at £230k, it’s a wreck, the photos even show unmade beds, and a filthy kitchen. No wonder it hasn’t sold, the EA reckons the market has fallen away, but, at the right price, anything will sell, so the £250k+ dream has well gone, and we may even accept £215k to get rid. That’s getting on for a 15% fall in 7 months, which, with the economic situation, is about right I reckon, 4 years ago, this house would have been worth £180k.

In the last 2 months every single reputable economist has been predicting 10% plus drop this year. in 25 odd years in property I’ve never seen that before. So after best and final, do as many posters have said, pick the buyer in the strongest fastest position.

Get a deal done. Market is falling. I don’t think will be low long term but athe trend is down which is needed as it (along with a lot of other things) have been overvalued for a fair while.

Ask about chains etc.

Pick the one with the best chain.

Unless you digaf about the area tell the developer to match and its his

Hope you got it sold a year ago.  Holy thread resurrection!!

VianettaFree Member
From my experience, it’s common to see a flurry of interest early on, which can slow down… If you’re getting offers 10% below asking and the house needs modernization, it might be wise to negotiate with current offers rather than wait. But honestly, my recommendation is to reach out for specialists. It’s the best investment u can make. Click here if you’re looking for a suggestion.

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