Solicitor giving unsolicited valuation advice & affecting sale

DRP

saunaboy wrote: »

And we've now been told the agent has asked for the bank valuation to be on basis of 2 beds and we 'might expect lower price:

However, as sale fee they still want a % of the original 150k 4 bed marketing value.

Am I unreasonable in considering sacking them & going elsewhere?

Have you given us all the background to this? What sort of relationship does your EA have with the buyer's solicitor? THe original post is a totally different issue to this most recent update...

First of all the EA shouldn't be doing anything without your approval.

Secondly is is a pretty odd for your EA to do this on the random say-so of a totally unconnected person (the buyer's solicitor) ...

Thirdly, has the banks valuer been involved at all (with the current sale) ?

I would finding out exactly what the EA thinks he is doing and on what authority. I would give my notice to the EA, which might concentrate their minds a bit.

saunaboy

No idea of relationship of buyer solicitor to EA. We'd had a sale in progress with same pairing of sols & EA that a BTL buyer pulled out from on advice from sols. Issue was that sols thought place was unrentable due to nature of old loft conversion.

We bought the place as 4 bed maisonette ; 2 on floor 1, 2 on loft level, covered with indemnity insurance as conversion was in 60s & pre-building regs. Our sols opinion is that place is perfectly Ok as 4 bed.

Now we have had another viewing, another offer, and the same buyers sols. The sol has phoned the buyer, appraised them of the reason for the initial failed sale. The buyer has informed the EA who has changed their listing from 4 bed to 2 bed. They have also told us that valuation will be on basis of 2 bed . Hence warning to expect lower valuation.

DRP

saunaboy wrote: »

No idea of relationship of buyer solicitor to EA. We'd had a sleek in progress with same pairing of sols & EA that a BT buyer pulled out from on advice from sols.

We bought the place as 4 bed place, 2 on floor 1, 2 on loft level, covered with indemnity insurance as conversion was in 60s.

Now we have had another viewing, another offer, and the same buyers sols. The sol has phoned the buyer, appraised them of the reason for the initial failed sale. The buyer has informed the EA who has changed their listing from 4 bed to 2 bed. They have also told us that valuation will be on basis of 2 bed.

You need to take control of your EA.

1. What valuation are they talking about? there isn't one is there?

2. How are they "telling you" that the valuation will be on the basis of a 2-bed? how do they know this?

Neither the solicitor or your EA are surveyors and even if they were, neither of them can tell you how to market your house.

saunaboy

... Meanwhile our sols are firm on fact it's fine as 4 bed.

cte1111

It sounds rather like the solicitor is the one recommended by the EA, as it is very coincidental that both prospective buyers have chosen the same solicitor. I'd be pretty worried about your sale at this point.

Try and get something in writing from the council saying that they are happy that the property is 4 bedrooms and the reasons why. This factual response should hopefully trump the solicitors opinion.

saunaboy

EA refers to their initial marketing value of 150k. They've kept this price on website, but revised description to say 2 bed. They have told us that mortgage lenders valuation check will be on basis of 2 bed plus loft space instead of 4 bed & that below 150 could be expected because of that. We've also been forwarded a worried /confused email from buyer to EA wondering what they're actually buying.

We've not been consulted on any of this. Had email to say the above, I checked website out of paranoia & saw revised listing.

DRP

saunaboy wrote: »

EA refers to their initial marketing value of 150k. They've kept this price on website, but revised description to say 2 bed. They have told us that mortgage lenders valuation check will be on basis of 2 bed plus loft space instead of 4 bed & that below 150 could be expected because of that. We've also been forwarded a worried /confused email from buyer to EA wondering what they're actually buying.

We've not been consulted on any of this. Had email to say the above, I checked website out of paranoia & saw revised listing.

tell them to change the listing if that's what you want. I still don't understand why they think they are qualified to tell you this?

This is the kind of thing (in my experience) that EAs usually keep clear of ...

saunaboy

I don't get it either. All stems from email from buyer to EA saying they had call from sols who made them aware of reason for last sale pull-out. Buyer loves place & takes opinion of "I want the place, but I have to see what happens now re valuation".

Then this followed by comment from EA telling us to prepare for lower valuation by bank & as I mentioned, me finding the relisting.

Seems like conspiracy to get value down by everyone except the buyer and seller!

DRP

If it were me I would do as I said in the previous post: tell the EA to change back the details and get a proper explanation from them.

Post back when you find out, I'm intrigued ...

saunaboy

EA refusing to comment on specifically why it was changed. Just quoting that they are required to advertise correctly.

Just waiting for valuation but lending bank has been told it is only 2 bed...