Selling house advice

jakem_2

I would like your thoughts and advice on the following matter and hopefully an EA can give me some advice.

I am selling my house, been on the market for approx 8 weeks, and have had a few viewers with a couple offers a good bit below the asking price and even below what I would let it go for.
I dropped the price by 10 thousand, and had a couple more views with a better offer nearer to what I would settle for.

Now I have had this offer 6 thousand lower that what I would settle for and in all honesty viewings have slowed down.
The EA rang me on Tuesday to see if I would think about the offer, and I said give me till after the weekend and I would let him know, and also he said he will still get more people round to view in the meantime, but have had nothing, no phone calls of people wanting to come and view.

I have this thought in my head, and hope that I am wrong, in that the EA is not pushing for me more views in the hope that if I get no more views by the weekend that I would accept the other offer, then the house gets sold and he gets his commision quickly.

Just like to mention that I have had 3 EA value the house and they all came in with approx the same valuation, so of course I started with that as an asking price, but then dropped it by 10 thousand hoping to get more interest, but it hasnt made much difference.

I know property has slowed down, but I am in a good prime area with easy access to everything, and in a good road, so what I dont want to do is to accept the offer thinking that he is holding back so I will accept the offer and then his job is done and he gets his commision, sorry if this sounds horrible what I am saying, but its just strange I have heard nothing since I spoke to him about giving me the weekend to think it over.

Any thoughts and advice regarding this?:)

BitterAndTwisted

It's in the EA's interest to get the property sold for the highest price possible if they're on a percentage. Only a fool would encourage you to sell for a lower price just to get the commission in quickly. Hanging around could result in any other offers being lower. Only you know whether what you're being offered is realistic given the current market.

GAH

I agree with Bitter and Twisted.

Only you know whats acceptable to you. You can go on waiting months and months and may not receive an offer thats as good as the one thats on the table at the moment.

Of course the agent wants to earn a commission off you, but their duty is to get you the best price.

How long have you had it on the market for?

You will always get the most interest in your property when it first comes to the market or when their is a significant price adjustment.

July and August or always quietest months as well because people are all on holiday.

Other thing to do is reject the offer and tell the agent you want more, its then up to the agent to try and get best price for you.

jakem_2

Thankyou both for your helpfull advice

This is my first time selling and dealing with estate agents by myself, so really I am quite ignorant of how things work, but am learning by reading through other threads.

What I would like to know is that if I accept the offer I mentioned, but someone came in at a higher offer and I accepted, is that called gazumping?

tyler80

The 6,000 below offer that you mentioned? Is that a first offer?

If you're inclined to accept the offer then why not go back and say we can't accept 6k below but we will accept 3k below. They might not go for that at all, they might increase their offer by 1k, or they may stick where they're at but I don't think it will do any harm. As a buyer I'd be more inclined to negotiate if it was apparent the seller was willing to negotiate too.