Estate agent won't sell unless we drop price.

s@sha

Hi, I wonder if I could have some opinions on this situation? My husband is handling the sale of his mum's house as she has recently gone into sheltered accommodation. The house was valued by two estate egents, one local independant, and Peter Alan. It needs some work done to it and the independant valued it at £55,000, Peter Alan said £50-55000, but that they would put up up at £49, 995 to 'get people through the door'.

The house went up for sale with Peter Alan about mid February at £49, 995. As far as we know it had had a few viewings, but no offers. Today Peter Alan phoned my husband, and basically said that they want him to drop the price to about £38, 000 or they are not willing to market it anymore. They said that they have done 18 viewings.

We were really suprised, as firstly it has only been for sale for such a short time & secondly, I didn't think that an agent could basically say, 'we're not going to sell it anymore'. It just sounds like they can't be bothered with it now. We both think that to drop £12000 when it has been for sale for less than 2 months is too much too soon, especially as there is no real hurry to sell as his mum is not in need of the money.

They also said that there was another house for sale in the same street in immaculate condition which was marketed recently for £75000. They estimate £20, 000 worth of work is needed on my mum-in-law's house to bring it up to the same standard. But if someone bought it for the current asking price (or slightly less) and spent £20, 000 on it then that would bring it up to roughly the same value...so why would they ask us to drop to £38,000?


My husband was really annoyed and told them to go ahead & take it of the market then. But we'd like to know if people think dropping that much is reasonable, and also what you think about the agent saying they don't want to market it anymore?

toucanspeed

1. There are plenty of estate agents around -pick another
2. If you can afford to, invest in doing the property up and sell
3. As 2 but rent

BUT do your homework first

xycom1

They want you to drop the price.
They think it will cost £20K in work to make it worth £75K.

See a link? Perhaps one of their own people wants it for £38K so they can do it up and then make a quick buck. :rolleyes:

I would stand your ground - even get it advertised with the independant agent if you have nothing to lose.

abuokasha

You should have gone to several other estate agents before committing to one. Where is the house anyway? Have you looked at neighbouring properties? May be even arrange a visit to the other property the estate agent is talking about!!

With regards dropping the price, if your mum in law is not in urgent need of the money, why drop it? I would advise however, that you look at the financial implications of your m-i-l going into sheltered accommodation as the LA may expect a contribution towards the costs and you may be forced to sell the property to meet these costs.

Do let us know how you get on...

mountainofdebt

to drop the price by 25%.

I know its all subjective but would it be worth finding out what similar properties went for (I think https://www.houseprices.co.uk are useful for this)

Jorgan_2

The agent doesn't have to accept an instruction or continue to market a property if they don't want to. It does seem a little bit harsh after such a short period of marketing, if it had been on for 12 - 18 months then I could undertand it a bit more.

18 viewings isn't bad, firstly do you know if there have been 18 viewings and what has the feedback been from them? If the feedback has been constructive rather than 'it wasn't for them' what have the viewers been saying?

Do what has been already suggested, look at what other properties have actually achieved.

If it costs £20k to do a property up most people will want to be able to buy it & do the work for £20k & still have equity in the property, so they are really looking to buy it for £25 - 30k less than one that has had everything done to it.

Personally I would change agents, get a local one that knows the market & doesn't spend half its time trying to sell it s Financial Advisors or Legal services.

Is yours the property in Porth in need of renovation by the way?

UK_Landlord_2

See a link? Perhaps one of their own people wants it for £38K so they can do it up and then make a quick buck.

first thing i thought of!

i would do it up and rent it, but that is not for everybody, definately check web for house prices and if you want sell get a new agent.

libitina_2

This one definately sounds a bit fishy to me and I'm a dyed in the wool HPC bear.

meanmachine_2

The OP should have had three separate valuations in the first place.

Best get rid, get at least two more agents in then try again. The agent wants a sale - and quickly. They don't always act in the best interests of the vendor.

By the way, you seem to have lost a zero off your mum's house. At least, in my neck of the woods you'd be lucky to get a whole property for less than £380,000!

lynzpower

You could always sell privately...

I personally would not want to drop that amount and wouldnt.

bylromarha

If the EAs stop marketing the house, will they let you go with another agent contractually? Or will you have to wait until the time period of their contract expires before you can begin to market it again with a new EA?

Worth thinking through...it may be an issue.