Wanting to take property off the Market

WineDarkSea

We put the house on the Market about a month ago after three identically priced and reasoned valuations from local estate agents. We mid priced agent as they have good coverage of this part of London and seemed confident in how our property compared favourably to similar properties in the area.

Since signing the contract - I have been stitched up as didn't have a clue as a first time seller but have learnt for next time - they've been slow to get things on line, been rubbish at informing me of viewings/cancelled viewings - I'm at home with two small kids so have now limited viewing days due to this, I've had to chase for feedback and their confidence in achieving the asking price has plummeted. This has made me want to take the house off the Market. We don't need to sell in any rush so would rather stay or rent it out than lose money by being 'realistic' on price. If they had been more 'realistic' at valuation I would not have let them Market the property.

I now want out - it's a bad time personally due to ages of the kids and how frequent the viewings have been - I can't cope with keeping the house in a fit state when I haven't slept properly in eight months! The contract is amazingly awful I now realise so I am hoping to get them to agree to end it - is this likely? If not can I refuse all viewings and take my key back?

It just seems like a waste of time all round to continue and they even accused me of buying at too high a price - I bought it through them 2.5 years ago!

Any advice? I'm due to speak to the manager who did the valuation about the contract tomorrow. Thanks!

jjlandlord

Check your contract.
They should have no problem with cancelling, but obviously will want to be paid for their work, and your contract may specify cancellation fees.

FireWyrm

I'm sorry but the stark reality of the Market today is that houses bought just a few years ago are woefully overpriced if the vendor expects to break even, let alone make a profit. I'm sure you've seen the news, know about the current mortgage drought and the general housing situation?

You would need to review the contract that you have with the EA, but I suspect that you are probably locked in for 'x' months. However, just because they introduce buyers, doesnt mean that you have to sell at whatever the proposed price is. It's all about negotiation.

I can understand that you are stressed with small children and it sounds like you might have other more profound issues relating to a small baby. As a woman, I can completely sympathise with this and would suggest you examine whether your appathy at the idea of selling is really down to not achieving the price, market forces etc, or whether it's just too hard right now to keep going with the process. I know that during early stages of new parenthood, even a chipped nail can feel like the end of the world and simply keeping yourself vaguely presentable and dressed, a monumental effort. Perhaps your GP can prescribe something to make you feel slightly less overwhelmed and therefore perhaps more able to face life in general, but that's a judgement that only you can make. I wonder whether you might view this whole selling process in a different light if that particular stress were removed or at least kept under control. It is often the way in life that we cannot see what is right in front of us and it takes a stressful situation to clarify what is really the matter with ourselves.

WineDarkSea

Hmmm pay £500 or just wait it out and severely restrict viewings for free. No I don't want to pay the cancellation fee. I'm only obliged to sell at asking price, which is what I wanted all along so I won't have to pay almost £500 if I just wait it out. We don't have the luxury of being about to let go of that sort of money. And their service has been well below expectations.

jjlandlord

WineDarkSea wrote: »

No I don't want to pay the cancellation fee.

You should have thought of selling carefully.

You said: "it's a bad time personally due to ages of the kids and how frequent the viewings have been". Either you do want to sell and you make it happen and allow as many viewings as possible, or you don't and pay the agent for his work.

WineDarkSea

Blimey, not wanting to sell due in part to it being impossible to keep the house presentable is no reason for prescription drugs. Selling in itself is not overwhelming, it's stressful at any time but it's just not financial sensible and we don't need to.

I'm well aware of the house Market but the London bubble is not so badly off and we bought in 2010 so just as the market was picking up again from the bottom. According to the agent the prices have risen in the last two years. But if they haven't it doesn't matter we just don't need to sell.

jjlandlord

WineDarkSea wrote: »

we just don't need to sell.

Again, you should have thought of that before hiring someone to sell your house.
Seems to me that you don't even know why you instructed an agent in the first place!

WineDarkSea

If the agent was actually committed to doing as promised - selling at or damn near asking price I would be happy to pay up the huge fee once the deal is done. They have lost confidence and are no longer showin that level of commitment.

As for timing I didn't expect to have viewings almost everyday of the week. If they were confident of achieving the higher end price I'd be happy to put myself under the stress. They are not confident and so why should I bother when moving would no longer be sensible? If they do more work and see the contract out I won't have to pay them for their work.

JimmyTheWig

jjlandlord wrote: »

Again, you should have thought of that before hiring someone to sell your house.
Seems to me that you don't even know why you instructed an agent in the first place!

Strikes me that the main reason for not wanting to sell is that the agents will be asking them to reduce the price...

WineDarkSea wrote: »

If they had been more 'realistic' at valuation I would not have let them Market the property.

I would bet that the agent inflated the initial valuation in order to get the business. But now they've got the business they want to drop the price for an easy sale.
That, to me, is the agent's fault rather than anything the OP has done.

DRP

WineDarkSea wrote: »

Blimey, not wanting to sell due in part to it being impossible to keep the house presentable is no reason for prescription drugs. Selling in itself is not overwhelming, it's stressful at any time but it's just not financial sensible and we don't need to.

I'm well aware of the house Market but the London bubble is not so badly off and we bought in 2010 so just as the market was picking up again from the bottom. According to the agent the prices have risen in the last two years. But if they haven't it doesn't matter we just don't need to sell.

What is the length of the contract?
Is there a termination fee?

If no termination fee I would sit it out and then give them notice.

If there is a termination fee that you don't think you can get out of , I would start saving weekly to break down the fee into an affordable amount.

WineDarkSea

Thought about what? That the agents would stop being so confident about the asking price? We would like to move, but we don't have to. If we got an offer today at the right price we would take. If we knock off £20k it wouldn't be financially viable. All three agents were confident it was worth the asking price. I was pretty realistic about the valuation and I was spot on. We will make no money from moving but will lose money if we go much below asking price. If the valuations had come up at even £10k less I would not have agreed.