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Should I tell my vendors?
indiegirl_2
Posts: 1,078 Forumite
I'm in the process of selling a Shared Ownership flat and I'm in the middle of a chain of three (I'm selling to FTBs [they have to be FTBs to qualify for the Shared Ownership] and buying from a BTL-er).
Here's the chain of events so far:
7th March - Went on the market
8th March - Viewing (couple #1)
9th March - Viewing (couple #2)
13th March - Viewing (couple #3)
13th March - First Offer (full asking price from couple #1)
14th March - First Offer Accepted
21st March - couple #1 (buyers) pulled out.
21st March - Flat back on market.
21st March - Viewing 4.30pm (Bloke #1)
22nd March - Viewing 6.30pm (Couple #4)
26th March - Viewing 5.00pm (Girl #1)
Given that the flat sold within 5 days I was hoping for a quick sale the second time around. SO properties are *very* desirable in Milton Keynes and for some reason seem to sell extremely quickly, so I am disappointed that I've still got mine on the market.
The thing is... I haven't told my vendors Estate Agents yet. Should I tell them? We have already had the survey done on the property we want to buy, and our mortgage offer came through the door with this morning's post. I am really worried that we'll lose the house we've offered on.
To be fair, we have had a few viewings, but the agents are now really slow at getting back to us. We also don't know how much to believe of what they tell us - for example couple #4 were "very interested and wanted to make an offer, but needed to think it over" - we haven't heard anything since. I'm beginning to think that they're not bothering to sell it. They also won't listen to me when I ask them to lower the price - they seem to think that they can get the asking price and it's "not a problem". I've said that we'll accept offers up to £3k lower than the asking price just to get rid of the thing and get the chain back on track - but they haven't acted on this in any way.
I have another 2 weeks with the agent. If I give my notice to end the contract now, is it likely that they'll stop bothering to market the property at all?? (my biggest fear). As a first time seller you can tell that I'm new to this business.
What would you do?
Here's the chain of events so far:
7th March - Went on the market
8th March - Viewing (couple #1)
9th March - Viewing (couple #2)
13th March - Viewing (couple #3)
13th March - First Offer (full asking price from couple #1)
14th March - First Offer Accepted
21st March - couple #1 (buyers) pulled out.
21st March - Flat back on market.
21st March - Viewing 4.30pm (Bloke #1)
22nd March - Viewing 6.30pm (Couple #4)
26th March - Viewing 5.00pm (Girl #1)
Given that the flat sold within 5 days I was hoping for a quick sale the second time around. SO properties are *very* desirable in Milton Keynes and for some reason seem to sell extremely quickly, so I am disappointed that I've still got mine on the market.
The thing is... I haven't told my vendors Estate Agents yet. Should I tell them? We have already had the survey done on the property we want to buy, and our mortgage offer came through the door with this morning's post. I am really worried that we'll lose the house we've offered on.
To be fair, we have had a few viewings, but the agents are now really slow at getting back to us. We also don't know how much to believe of what they tell us - for example couple #4 were "very interested and wanted to make an offer, but needed to think it over" - we haven't heard anything since. I'm beginning to think that they're not bothering to sell it. They also won't listen to me when I ask them to lower the price - they seem to think that they can get the asking price and it's "not a problem". I've said that we'll accept offers up to £3k lower than the asking price just to get rid of the thing and get the chain back on track - but they haven't acted on this in any way.
I have another 2 weeks with the agent. If I give my notice to end the contract now, is it likely that they'll stop bothering to market the property at all?? (my biggest fear). As a first time seller you can tell that I'm new to this business.
What would you do?
0
Comments
-
Wait and Hope!!!
No only joking, I would contact a couple of agents with the highest number of sold boards, and let them take a look, once the 2 weeks is up, put the property on the market with them, they should have people ready to view straight away!!!
Or you could try to sell it privately, put your own ‘for sale’ board outside! Also. newspaper & online ads help you further!!!
If you say the area is red hot with buyers, then you be successful in no time!
Colin0 -
It is a stressful time selling a property. It sounds like the agent is giving you good advice, an unscrupulous agent would reduce the price for a quicker sale.
You can go speak to a.n.other agents and see what they have to offer."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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