Dont really know what to do

claire-uk_2

Hello everyone.

Our house went up on the market at 135k, didnt get any viewings, reduced the price to 120k, had one viewing that amounted to nothing, changed estate agent who put it up for 119k and still no viewings with the new agent.

The agent is advising that we put the price down again to 110k.

No problem with putting the price down again as we need it to sell, but by putting it down by such an extent each time we wont be able to afford to pay the mortgage off and the EA fees etc.

we still owe 98k mortgage, plus EA and solicitor fees when it sells, so if we do put it down to 110k we wont be left with very much at all, no deposit for another house, so we will be back to renting which is fine.

We have been offered 100k by one of the "house buying" companies.

If we sold it to them for 100k, we could clear the mortgage, have 2k left and get a quick sale, but if we stay with the EA and he keeps putting the price down then we will probably get 100k anyway then not have the money to pay fees etc.

No idea what to do anymore.

ILW

Be careful with the house buying companies,. They have a habit of dropping there offer on the day of exchange.

claire-uk_2

ILW wrote: »

Be careful with the house buying companies,. They have a habit of dropping there offer on the day of exchange.

I have heard something about that before, thing is, I dont understand how that works, as in, we sign a contract with them, how do they then offer less than what was agreed in the contract?

ILW

claire-uk wrote: »

I have heard something about that before, thing is, I dont understand how that works, as in, we sign a contract with them, how do they then offer less than what was agreed in the contract?

The only binding contract is at exchange.

PPPingu

What is the house actually worth (ie comparible properties sold in same neighbourhood in last 3 months)?
If 100K is a real bargain, then you could try a couple of estate agents for cash buyers at 110k? some estate agents keep a list of property investors who would only be interested in sub-market pricing.

CloudCuckooLand

Try £110k. Fees should be less than £5k, so if you end up having to sell at £105k, you will still beat the quick-buy people - who will likely drop to £90k after you start getting serious, then under £80k before you sign...

claire-uk_2

Thank you everyone, I kind of knew that they might lower the price to buy it quickly, but had no idea how much.. think that idea is out then.

One other thing, I have heard people saying that estate agents sometimes have cash buyers on their books, how does that work??

Gwhiz

claire-uk wrote: »

One other thing, I have heard people saying that estate agents sometimes have cash buyers on their books, how does that work??

They probably mean investors looking for cheap stuff they can rent out at a decent return.

sonnythecat

I'm no expert, but how good are your photos on Rightmove, Primelocation etc? Maybe they need redoing to show your house in a more flattering light?? Good luck, anyway.

Tinkaf1

I know you say you have just changed your agent but are you tied into a long contract or can you get out of it?
We put ours on for 145k after a chat with an estate agent who gave us all the flannel (hindsight eh!!) about how we should put it on for 150 and look to achieving around 143k - we went for 145k to sell quicker. Hmm, photos and marketing was rubbish. They got ONE viewer in 4 months even though after 6 weeks we dropped price to £139995 (their request). I complained constantly about the pics, even took our own and emailed it to them but they faffed and made excuses and never changed them! When they sent the details for us to proof in the beginning i even said then that I wasn't happy with the photos, 2 days later they are up on their site and RM!!
Anyway to cut a long story short, with them urging we drop it again to 130k, we decided to tell them where to go and got an online agent in. (House Network) We paid about £425 I think it was, had about 30 photos, virtual tour, and floor plans done. Excellent photos, had 8 viewings in about 8 weeks. First viewers put in 2 offers and we declined, then 2nd viewers had offer on their place so came straight back to us and offered 125k, which we accepted.
The thing is, we don't have to pay out 3k in fees to an EA now, because it was up front. This meant we could accept a lower price and get moving.
Just a thought, maybe if you went with an online only agent you could benefit from being able to drop further without being out of pocket, so to speak.

bristolben

Tinkaf1 wrote: »

I know you say you have just changed your agent but are you tied into a long contract or can you get out of it?
We put ours on for 145k after a chat with an estate agent who gave us all the flannel (hindsight eh!!) about how we should put it on for 150 and look to achieving around 143k - we went for 145k to sell quicker. Hmm, photos and marketing was rubbish. They got ONE viewer in 4 months even though after 6 weeks we dropped price to £139995 (their request). I complained constantly about the pics, even took our own and emailed it to them but they faffed and made excuses and never changed them! When they sent the details for us to proof in the beginning i even said then that I wasn't happy with the photos, 2 days later they are up on their site and RM!!
Anyway to cut a long story short, with them urging we drop it again to 130k, we decided to tell them where to go and got an online agent in. (House Network) We paid about £425 I think it was, had about 30 photos, virtual tour, and floor plans done. Excellent photos, had 8 viewings in about 8 weeks. First viewers put in 2 offers and we declined, then 2nd viewers had offer on their place so came straight back to us and offered 125k, which we accepted.
The thing is, we don't have to pay out 3k in fees to an EA now, because it was up front. This meant we could accept a lower price and get moving.
Just a thought, maybe if you went with an online only agent you could benefit from being able to drop further without being out of pocket, so to speak.

So to cut a long story short, your house was really over priced intially despite the agent trying to get you to drop the price. Did I get that right?