Trusting estate agents? Who is on your side?

princessamy86

I don't think your estate agents are the ones who get to decide if it's unmortgageable, it may be possible for any number of options on mortgages, just not the ones the previous buyers were eligible for. It's just about perception really, some people might not mind doing work but they will want a substantial discount. Some people, particularly in that price range, are not looking to take on any work at all. What can you get for £300k i that area? Work done/not done? Houses similar or very different?

amyfm272

A house that was very slightly bigger but needed significant work done to it, in a road slightly further from the station but of a similar type sold for £400,000 at the end of February.

lostinrates

amyfm272 wrote: »

Thanks for your reply. The structural problems aren't significant.

Ifthe structural problems aren't significant why would it be considered unmortgageable?

A few people here and in the HP economy board follow surbiton prices -I remeber them coming up in conversation a few times on property bee and would be able to give insight into pricing that they have followed closely.

Interestingly, Surbiton would be somewhere I'd consider at about that sort of price bracket, if the property were right, while DH and I wait and see about a forever house.

princessamy86

I find it difficult to get my head around Surrey/South of England prices as I'm in the North West! But if that's the case then it doesn't sound like yours is priced unreasonably.

FoxtonsRIP

amyfm272 wrote: »

Another agent has approached us saying they can get £335K for the property. We are outside our lock in period with the first agent so can move to another agent if we choose. There is a really hefty re-mortgage on the property, so in order to buy anywhere for my mum to live, we have to get more than £300K for the house.
.

It wouldn't be long before they'd be asking you to drop the price too. They just lie to get your business in the first instance

amyfm272

Lostinrates - The buyers surveyor did not do a proper survey but wrote a dramatic email saying he thought there was ongoing structural movement. I paid for a full report by a structural engineer who said there was no ongoing movement etc and we could have some work done, but that it was not serious.

amyfm272

Foxtons RIP - Can you haggle around the locked in period or the estate agent fee? Is it worth getting different agents working at the same time? I know the fee gets hiked up, but is it beneficial to get the best price?

daveb975

amyfm272 wrote: »

A house that was very slightly bigger but needed significant work done to it, in a road slightly further from the station but of a similar type sold for £400,000 at the end of February.

Surbiton prices are very difficult to compare. Certain locations are much more expensive than others even if they are separated by a small distance. Proximity to the station is a factor, but not the only one.

For example, if you were to offer a 2 bed terraced house around Maple Road for under £400k, it would probably still sell quite quickly. The same house in the Oakhill area would not sell so quickly at £300k even though it is closer to the station.

That said, under £300k sounds very cheap for a 3 bed in Surbiton at the moment, even though it needs a bit or work. The problem is that prices are still going down, so £300k might look like a very good price in a years time.

Good luck with the sale.

QTPie

amyfm272 wrote: »

Is it normal for your estate agent to encourage you to drop the price by £85,000 when other properties in the area seem to sell for much more?

What it SOUNDS like is that the agent signed you at a price (£365k) that they didn't actually think that you would get... That is why they have been pressuring you - ever since to drop it. This is not completely uncommon: EAs know that sellers want the maximum that they can get for a property (and will often sign the agent that offers the - or one of the - highest valuations) - so the EA values high, with the intention of chipping away at the price (because they know it wont sell at that high a price).

The second agent (who is saying that they can get you £335k for the house), is probably playing the same trick... They are trying to tempt to away from your existing agent... but I would be very surprised if an offer around £335k materialises... most likely the interested buyers will evaporate and the new agent will start chipping the price down to £300/£290/£280k...

In this day an age, if a property is well priced and attractive then it shouldn't really matter which agent it is on with (motivated buyers are going to be scouring Rightmove and the local property papers for suitable properties on with any agent...). Of course you do what to make sure that your property does have good rightmove, property paper and shop window coverage...

Getting the structural work done does sound like a good idea... otherwise no matter what the price, you COULD come up against "un-mortgageable" time and time again . BUT it would be a bit worrying taking out a personal loan to cover the work in a falling market...

Anyway, very best wishes... sounds like a very tough situation. My Dad passed away when my Mum was 65 and I remember suddenly feeling VERY responsible for my mother. Fortunately their house was fully paid up (and was a big house that she could downsize from) and she was left with an ok pension from my Dad. She is ok financially, but - early on - was a very worrying time. I have always been good with pensions and thing, but it was a valuable lesson to me: showed me that my husband and I REALLY need to provide for our old age...

Good luck - hope that you sort this out.
QT

dougk_2

Getting the work don is a good idea - its a selling point if you say new guttering etc etc.
Buyers will like have warranties/guarantees on work and again its a selling point.
Lots of people can't see through simple problesm, some don't want to do any work and those that do want to do work want a bargain price!