WWYD - Selling property?

It would depend on my motivation for moving. If I needed to move rather than wanted to move then yes I probably would accept that offer on my house. The saying that a house is only worth whatever some is prepared to pay for it is so true and at the moment there just arent that many buyers out there - if you dont accept it you could be waiting a long time for the next offer , which is likely to be lower as prices are still falling.

Thanks Smitten, That was my thoughts - things are looking pretty grim on the property front. It a bit of need to/want to move really. the house we have had the offer accepted on has approved plans for an extension which would mean we wouldnt need to move again. Although accepting the £140,000 would mean we would have to postpone the extension for a couple of years - but if Im honest the exsiting house is usable as it is so thats not really a problem.

I really just wondered if I was being a bit rash considering a lower offer iyswim?

No - I think people have to be realistic on what their properties are worth right now. As long as it doesnt put you into negative equity and you need to move then I would accept the offer. Afterall the house you are buying has taken a hit on their asking price too.

Only thing I would check before you spend out too much money is that others in your chain can actually get a mortgage - just check the EAs have properly qualified them and seen some proof of their ability to get a mortgage - before you spend out on survey fees, search fees etc. I have 2 friends recently lose money after spending out only for their buyer/ seller fail to get a mortgage and therefore unable to proceed. In the current climate I dont think its at all unreasonable to ask for some evidence that people are able to get the mortgage they need in order to progress the sale. If the EAs arent doing this then i would be wary.

Good luck !

If it doesnt put you into dire financial straits then Id sell. I say this because our house is on the market at £150k and we said we would take £140k if someone offered it. I look at it like this, we are looking at houses up to £185-190k with the idea of knocking a bit off to say £175k so Id expect buyers for our place would think the same.

Id love to put an offer in on a few of the ones we have viewed so far but dont think we should unless we have a buyer for ours.

I would, I gave up selling my property, it was empty for months so I started renting it out. It only had a few views in the whole 9 months it was on the market.

If you can afford to do it I would.

Depends why you're selling. You've had an offer accepted 18k under and have been offered 15k under so they are pretty comparable reductions.

If you can afford the mortgage payments on new house, it offers you much more than your current one and is upsizing rather than downsizing then it may not be a bad move. House prices, from what I've read aren't going up anytime soon so future offers (if you get any) will be less rather than more in all probability. Does the move involve a large mortgage increase or does it bring LTV above 75-85%. I wouldn't want one much above that as the mortgage market has tightened on high LTV and remortgages could well be at a less favorable rate. Crucially could you afford it of one of you stopped working (assuming you both do) or have you savings to cover expenses for 6m? I would be hesitant to commit to anything if we didn't have the fall back of either of these

How long is the chain and what are the circumstances of other people in the chain? I wouldn't want to enter a long chain in these times; far too much uncertainty in finance and the economy to enter into protracted exchange periods for me to be confident it'd go to exchange.

We are half looking to buy atm, we're doing two viewings today both in the 400k region. If we were to make an offer we would start at 320k ish and work from there. I wouldn't go above 350k.One is a repo and the other is for sale due to a death. I have heard advice that if you're not embarassed by your first offer then you've offered too high! We're FTB and have a huge deposit so are in a pretty good position but times are uncertain and unless a house was 100% right and was the house we wanted to live in forever.

Tough call - depends why you want to move. If your vendor is in a 'needs to go' situation, I reckon you'd be able to negotiate your offer to absorb some of the loss on your house. As someone who has had their market on the house since April (and has knocked £50k off too), any offer would be considered if the positions of those involved was solid. But as the poster above said, the offer you made and offer you accepted already seem pretty comparable

We're in a sh*t sandwich as we're downsizing. The property slump is great if you're upsizing as the differentials work in your favour, but it's doing nowt for us. OH is now a student, so we're down to one wage. Mortgage is still doable, but he is at med school in Sheffield and we live in Leeds, so the commuting is too much (and too expensive in the long-run). We've now decided to rent our house out and rent in Sheffield, crossing our fingers that house prices pick back up again, or at least let someone take the strain of the mortgage for a few years, and buy ourselves some breathing space!