Feel a bit duped by my estate agent

JennyP

I'm in the process of selling my house. Yes, I know, bad timing. I've taken an offer that is almost £30K below this asking price (on a £250K property). That's a lot off but my theory was that I might be able to buy a new place with a similar drop. Having said that, no-one so far has been interested in any of my offers in the area where I'd like to buy.

Having dropped so much, I really was unwilling to drop anymore. If I can't move, I'm not really that worried. I would like shut of the house as it holds bad memories but three more years or so till the market bucks up, wouldn't be too disastrous.

Anyway, the EA rang today and told me that the buyer has had to have loads of extra surveys to satisfy the mortgage company. The mortgage company are happy with the results, and haven't asked for a price reduction. But the EA said that the surveys showed that £3K worth of work "needed" doing and that the buyer wanted to negotiate £1500 off the already reduced price.

I said no. The EA then argued and argued and eventually I agreed to £500 off plus I will fix the drains since they need fixing whether I stay or go.

Anyway, later my partner (in the building industry himself) said that I shouldn't have agreed (it is my house but he knows loads about building and surveys etc) unless I had sight of the reports.

I rang EA who said, You can't back out now. I said, rubbish. I can change my mind about anything till the day of exchange. I want to see the reports and see exactly where the £3000 is going and why. She then admitted that it didn't say £3k on the report and that this was a figure the buyers had come up with based on their own back-of-an-envelope calculation and their own reading of the survey, not an expert cost at all. She also admitted that it was £2500 - £3000 (she NEVER said that this morning) and that the buyer had included money for fixing the electrics in that though she had not actually had the electric report yet as it was only carried out late this afternoon!!!

I feel really duped. I basically want to revise my offer or say to the agents that since they have deceived me, I will only go through with the sale at the revised price if they deduct £500 from their commission.

What do you all think?

Mr_Friendly

I'd be tempted to take my property off the market with this agent (check their terms and conditions to ensure you wont have to pay any fees) and wait the desired amount of time before relisting with another agent in the area.

If your estate agent can act like this in favour of a buyer then they're not doing their job correctly. They are selling your house for you, not providing you with something that you should be grateful for and make you jump through hoops for.

Tell them you've decided to keep the property and you're taking it off the market.

beecher

I think it isn't worth jeopardizing the sale for £500. I would be really annoyed too, but you're talking about a minsicule % drop from £230,000 and from your buyers' point of view, they're probably getting jumpy about possible negative equity and it might not take much for them to say 'forget it'.

beingjdc

I think if you have got almost 90% of the asking price in the current market, then unless you set the asking price deliberately low, you have done very well.

There is no guarantee the market will 'buck up' in three years, indeed the futures market suggests house prices will fall further, and the house that was worth £250k and is now worth £220k will be worth £175k before it starts going up again.

Still, no harm in haggling.

Max_Headroom_3

In the current market I wouldn't argue over £500, I'd take the money and run!

PasturesNew

I'd not argue. I'd just want to get out of the house and move on with new plans.

JennyP

And I am just being stubborn.
But I can't help feeling that they weren't really acting in my best interests and hsouldn't therefore benefit from the sale. I think they should deduct the £500 off the commission since they duped me into agreeing to it.

Max_Headroom_3

In principle you are quite right and I agree with you.

In practice, take the money and run...

real1314

Estate Agents do not act exclusively in the interests of the seller or buyer. Imho they act in the interest of getting a sale.And therefore getting their commission.
In many ways it's actually the buyer who pays the EA, as it's the money they hand over that funds their commission.

chickmug

JennyP wrote: »

And I am just being stubborn.
But I can't help feeling that they weren't really acting in my best interests and hsouldn't therefore benefit from the sale. I think they should deduct the £500 off the commission since they duped me into agreeing to it.

I am an EA and have never reduce my commission in such a case because I don't handle matters in the 'ham fisted' way of your agent. However many others (EA's) I know, to save a sale, would sacrifice an amount of commission on the basis of some commission is better than no commission.

So my advice is to ask them for a reduction.

JennyP

chickmug wrote: »

I am an EA and have never reduce my commission in such a case because I don't handle matters in the 'ham fisted' way of your agent. However many others (EA's) I know, to save a sale, would sacrifice an amount of commission on the basis of some commission is better than no commission.

So my advice is to ask them for a reduction.

Thank you. I'll wait and see what these surveys say. The EA actually had the nerve to say, the buyer paid for them and doesn't have to show you them. I said, the buyer wants a price reduction so the very least she can do is show me the evidence that supports that.

The estate agent then said, you've agreed to the reduction so there's nothing you can do. I then pointed out I could still pull out! That didn't seem to have occurred to her!