New build and part exchange!

RuthiT

A bit of a long story really but I could really do with some advice.

We had a number of estate agents value our house in April as we wanted to sell it. All of those priced it beween £110,000 and £120,000. A few days later we saw a new build property that we liked. We decided to part-exchange our house for ease! We were offered £105,000 Part-ex which we accepted as we believed it to be a very good price. A couple of weeks after signing the forms on the new build, an estate agent rang me and said they had some one interested in viewing our house. At this point i did not know it was on the market and was shocked to find out that the builder has placed our house on the market at £90,000 to get a quick sale. Apparently a price was agreed with a buyer for our house which we knew nothing about until the buyer came back for a second viewing.

Unfortunatley that house fell through when it came to the banks valuing the new build (£35,000 LESS than the builders wanted for it) and that was after we had got a £50,000 REDUCTION in their original price (we were buying for £215,000).

Anyway, this week we have contacted our estate agent because we have had very few viewings. He has told my husband today that our house is over priced and if we want to sell it we must reduce the price to £85,000 as "because it was on the market for £90,000 we will never get anymore for it!".

I just wondered if anyone could help us with some advice. We can not afford to sell our house at £85,000 (we bought it 7 years ago at £105,000) and still have over £85,000 remaining on the mortgage. On the other hand, we need to move. We feel so let down by the estate agents as we did not give them permission to put our house on the market at £20,000 LESS than what they had valued it less than 3 weeks before!

We seem to have lost a major amount of money - I know that there were no guaruntees that our house would sell at £110,000 but £90,000 for it was a bargain - especially when we look at what others on our street have sold for recently.

Please does anyone know if we can go to anyone for some help and if the estate agents did anything wrong by putting our house on the market with the builders say so but not our permission - after all we had not signed a contract with the builders at this point.

Thanks xxx

not_loaded

RuthiT wrote: »

…I just wondered if anyone could help us with some advice. We can not afford to sell our house at £85,000 (we bought it 7 years ago at £105,000) and still have over £85,000 remaining on the mortgage. On the other hand, we need to move. We feel so let down by the estate agents as we did not give them permission to put our house on the market at £20,000 LESS than what they had valued it less than 3 weeks before!
We seem to have lost a major amount of money - I know that there were no guaruntees that our house would sell at £110,000 but £90,000 for it was a bargain - especially when we look at what others on our street have sold for recently.
Please does anyone know if we can go to anyone for some help and if the estate agents did anything wrong by putting our house on the market with the builders say so but not our permission - after all we had not signed a contract with the builders at this point.
Thanks xxx

If you bought it 7 years ago at £105,000 AND you didn’t overpay for it, then the lower valuations you’re mentioning cannot be anywhere near right. Prices surely haven’t fallen that much in your area?

I’m pre-supposing that it isn’t now subsiding into a coal seam or something?

I would sit tight for the present if you can.