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Help - should I sell?

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  • Help - should I sell?

    Our dilemma!
    My husband is about to retire and we intend to return to the UK from working overseas in October.
    Our 4 bed home, in a small market town in Lincolnshire, is a currently rented. We have received an offer to buy from our tenant.
    Our property is in excellent condition, having maintained the property to a high standard. Similar properties are priced at £239 - £249, they have been on the market some time (up to a year on one case) and there is a lot of other properties for sale in the area. Our price seemed reasonable at £240,000 including fixtures and fittings (including white goods), however our tenant is unable to offer more than £233,500. Is this a fair offer in the current situation?
    We have monitored the property market for some time and are aware of the current market, also property sales are very slow in this area. Once the market moves again the prices will rise more in the areas further south where we would be looking to move to nearer our family.
    As they say, timing is everything!
    Given that we will be 'homeless' or 'free as a bird' depending on one's perspective, we are confused!

    Some friendly advice would be very welcome!
    thanks

  • #2
    I think prices need to be defined on market conditions, so if property sales in the region have slowed and you're being offered £233k on a £240 asking price then this actually sounds fairly reasonable.

    However, I think the defining point is how much you need for buying a property for when you move back to the UK - you don't seem to have mentioned this at all?

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    • #3
      although I work in the London market and so my knowledge of your area is limited I feel that this offer is very good and I would advise you take it as long as you have seen proof of finances from your tenant ( many people are selling to buyers then finding out 6 -8 weeks later that they cant get the money). the market is falling across the country and at the moment the saying is " any offer is a good offer". I would sell now bank the money as next year it may only be worth 200k if predictions are correct.

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      • #4
        I think in this case i would personal sell given what your tenants are offering is not unreasonable.

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        • #5
          It's an awful time to sell at the moment, unless you really have to, I'd hang on to the property!

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          • #6
            If you need the cash or are keen/desperate to sell - take the money. With the prospect of the downward spiral of prices continuing, the tenants could be taking a bigger risk than you! One bit of advice - make it clear that the agreed price is final - to protect yourself against the possibility of gazundering. Have a bright day! Mike

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            • #7
              I'd go with Brian on this one.

              Remove the fixtures and fittings from the house and they are worthless to you, and that represents less than 5% knock from asking prices in the area.

              If you bear in mind analysts are expecting a further 10% reduction in prices that would see your house at around £216k and 3-4 years to recover to its current state.



              Originally posted by brian View Post
              I think prices need to be defined on market conditions, so if property sales in the region have slowed and you're being offered £233k on a £240 asking price then this actually sounds fairly reasonable.

              However, I think the defining point is how much you need for buying a property for when you move back to the UK - you don't seem to have mentioned this at all?

              Comment

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