Had an offer a little below my bottom line

Hi Fellow Pinsters

I had an offer on my house 20k below my bottom line. Well I call it a bottom line, but its not pushing me into NE. Its more like what I think the house is worth. I know I know its only worth what someone will pay for it.

Suddenly the move has become real for me and the butterflies have kicked into the tummy creating all kinds of unpleasant scenarios in the mind. I’ve three small kids and anything the upsets the current status quo is disturbing.

I probably should ‘snap the hand off’.

What do pinsters think?

I think you should check if the other party reads the pin! Seriously though, its probably fruitless to offer any opinion without further detail.

I think there’s way too little information in your post

We sold up recently. If you could find out how solid and serious the offer is- i.e. if the potential buyers already have loan approval, they’ve viewed your place more than once and seem really keen- you might find it easier to make your decision. Having been warned by a very helpful pinster that 50% of sale agreeds fall through, if you accept this offer, you have to also accept that if your place goes back up for sale, that figure may become the new “top offer”. Believe me, it happened to us. Very hard to hide info from potential buyers especially if they are viewing with people who saw the place before the accepted offer came through. Just a thought.

Sounds like a job for Mr P. Hantom.

Has your Estate agent already tried to get a few more K out of them yet?
Don’t accept an offer straightaway or they will then think they could have offered less. Can the EA go back and try and get them to meet you halfway (like get another 10k out of them?).
Depending on the house, I think if someone likes it and is a serious buyer and has offered considerably less than the asking, then they may well able to go another 10k.

Had to check the date after reading that. It is 2009 isnt? We didnt somehow get moved back to 06 while I was asleep?

I think things are getting worse before they’re getting better. I’m thinking years not months.

Don’t chase the market down, it is what it is. You could be sick you didnt take that offer in 6 months time.

Are you looking to buy somewhere else? Could you offer €20K less than asking for it? - If so, sell.

Are you going to rent? Will you bank a lump sum? If so will the interest earned and any price drop of future purchase exceed cost of renting + €20K? - If so, sell.

It sounds more like the reality of getting an offer has caused uncertainty in your decision to sell. Uncertainties that don’t involve simple number crunching - but emotional uncertainties for your kids and other life issues. - If so, listen to yourself.

In my view it’s better to haggle, if even just a little. If I was to make a very low offer on a house, and it was accepted right away I’d feel I should have offered even less.
And I might try to offer less when it came to signing contracts stage. When I go to buy a house even in these times, I won’t be offering what I expect to pay first, my first offer would be lower than I really expect to pay.

This

This is good advice.
At least go through the motions (if necessary use the white goods / brown goods as bargaining chips etc).
People do like to think they are getting a good deal.
Also engaging them in negotiation gets them to give some commitment and show they are not tyre kickers.

Agreed. We sold 12 months ago this week. House on at €249k. Offered €230k. Said no. Then we were offered €235k. Said no, but settled at €237500. But I would caution that it is a different market now. That €20k could easily be dropped on the property you buy. My best call? If you REALLY want to sell than take it - no quibbles. But if you feel you want to hang out for another 5-10k than go for it. But you could risk losing what may be a fickle buyer.

To be honest, if a buyer walks away and refuses to come back after you merely try to negotiate with them, then they were never serious in the first place.

In the old days maybe. But it’s a different marketplace now. I of know someone who had their house on at €312k in 2007 - refused €308k :open_mouth: . The house has recently been valued at €215k.

I dunno, I’m a serious buyer with Loan AIP and I hate to haggle.
Walked away from a few houses because prices keep changing.

I said try to negotiate.
You can always accept their first offer if they refuse to negotiate.

I appreciate all the responses and advice. Its helped me to make a decision I feel is the right one. I cant say more at the moment, but when its safe to do so I’ll update y’all!

Emotions can cost a lot.

I took a 15K gazunder on the chin last year, but I knew that there were no other buyers for my property at that time and it could take months to get another, and I could expect to lose another 30-50k to secure a sale.
It is difficult to do but try to take emotion out of your decision.