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annoyed

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  • annoyed

    OK, to cut a long story short, I bought a 1 bed apartment on a shared ownership scheme 7 years ago. 50% My husband and I decided to put it on the market 2 years ago (at the wrong time just as everything started to go pear shape) In may last year, I had an offer of £53K which I accepted. 2 days before we exchanged the sale fell through. I was gutted because another guy had made us another offer which was £49K 2 days before I accepted the 53K...(greed I guess) .I stayed with the same estate agent. Then a few weeks ago the lady called saying we should try and market it from £40K....a couple of days later the guy who offered me £49k came in and offered £41k....I said no and he said £43k Max....he didn't even ask to view the property again. I think he is in for a bargain and I feel my estate agent just wants me off their hook. I decided I am not going to accept £43 and and tell him £48K or nothing. My flat is lovely, 5 minutes from the sea. I spent a lot of money on it. I know the property market is not good at the moment but I am not going to give in!

  • #2
    Re: annoyed

    Firstly not knowing where it is or the market in that area I can only generalise.

    What are other flats selling for ? Would a 100% share be £96K ? Usually shares are a bit higher than the multiple but there should not be a huge difference as it wouldn't survey up.

    It has been on 2 years, that buyer offered 49 (forget about the 53 - they no longer exist) he is now saying it has dropped 10% approx and I don't think that is far off the mark. However, it does depend on your area. Get your estate agent to justify that price with comparable sales. Also would you be making a loss at that figure ? If you bought it 7 years ago then I would think it is still higher than you paid. Just consider if you want to still be trying to sell in another 2 years.

    Of course the buyer wants a bargain they all do and that is only natural and equally you don't have to accept it.

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    • #3
      Re: annoyed

      Drhouse got it spot on to be fair.
      See if your agent can justify it using comparables. It may just be that the market isn't as good as you thought and that is a good offer now. But the only way to find out is to try it.
      Hope you get it all sorted soon

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