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Can an estate agent force you to lower the price of your house that they valued?
star2sparkle
Posts: 88 Forumite
Hi guys
Really hope someone can help.
Quick story: my partner has worked very hard all his life, his former wife hardly contributed to mortgage of home or bills. No kids. Eventually (after 28 years) left him for another, made sure all the bills in her name were paid off with a PPI claim, Took money from joint account to leave him left him with all the other bills (which were mostly in his name because he was earning all the money, though of course she was spending it as a card holder) and he has remained living in the property ( joint mortgage) and has always paid the mortgage for the last two years and before that when they were together. She wanted him to sell said property (so that she can have name off mortgage because she wants another joint morgage with new chap), he put it on the market couple of months ago. No much interest. Even though he is in theory the estate agent's customer, this estate agent has been giving the ex information such as 'we think the property is too highly priced' (they valued it at that price) and when someone came round to look at property, they told the ex that the house was cluttered and untidy (and never told him this! He had to find this out from her solicitor!). Course he is very annoyed at such underhanded unprofessionalism. If he lowers the price, he will be left with next to nothing, all the bills still to pay, mortgage etc, etc. She is saying she will take him to court and he is prepared for that. They are already divorced. He has already been told by his solicitor that he has been foolish, all finances should have been sorted before, but she kept threatening him, and he could have avoided being fleeced like this but he trusted her... But can an estate agent force you to lower the price of the house that they actually valued?
Thank you very much for any response.
Really hope someone can help.
Quick story: my partner has worked very hard all his life, his former wife hardly contributed to mortgage of home or bills. No kids. Eventually (after 28 years) left him for another, made sure all the bills in her name were paid off with a PPI claim, Took money from joint account to leave him left him with all the other bills (which were mostly in his name because he was earning all the money, though of course she was spending it as a card holder) and he has remained living in the property ( joint mortgage) and has always paid the mortgage for the last two years and before that when they were together. She wanted him to sell said property (so that she can have name off mortgage because she wants another joint morgage with new chap), he put it on the market couple of months ago. No much interest. Even though he is in theory the estate agent's customer, this estate agent has been giving the ex information such as 'we think the property is too highly priced' (they valued it at that price) and when someone came round to look at property, they told the ex that the house was cluttered and untidy (and never told him this! He had to find this out from her solicitor!). Course he is very annoyed at such underhanded unprofessionalism. If he lowers the price, he will be left with next to nothing, all the bills still to pay, mortgage etc, etc. She is saying she will take him to court and he is prepared for that. They are already divorced. He has already been told by his solicitor that he has been foolish, all finances should have been sorted before, but she kept threatening him, and he could have avoided being fleeced like this but he trusted her... But can an estate agent force you to lower the price of the house that they actually valued?
Thank you very much for any response.
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Comments
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The house is in joint names ,so the EX has a say even if he dosent like it .The estate agent cant lower the price unless instructed by one of the parties .
He needs to have strong words with the agent on feedback ,but both parties have the right to ask for and be given information and feedback."Do not regret growing older, it's a privilege denied to many"0 -
No, but agent can decide to stop marketing the place, take all the adverts down & cancel his agreement with you.0
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The estate agents has acted unprofessionally. They cannot force you to do anything, change agents0
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If it's not selling at the current, it would appear to be that lowering the price is a pretty sensible option. Assuming he actually wants to sell.0
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They need to sort the finances properly with a consent order from the courts, the split is not necessarily going to be 50/50. And if I were the ex wife I'd be seriously questioning how committed he is to selling. The market dictates price. If EA got it wrong - possibly deliberately to get the business- then lowering the price is the way to sell it. Clutter is bound to be a turn off for many buyers.0
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Nostar2sparkle wrote: »can an estate agent force you to lower the price of the house that they actually valued?star2sparkle wrote: »Even though he is in theory the estate agent's customer, this estate agent has been giving the ex information such as 'we think the property is too highly priced' (they valued it at that price) and when someone came round to look at property, they told the ex that the house was cluttered and untidy (and never told him this! He had to find this out from her solicitor!). Course he is very annoyed at such underhanded unprofessionalism.
The estate agent has acted unprofessionally. In my view, regardless of who owns the property, they only act for the person who has contracted with them. If your partner was the only person to sign the sales agency contract, he is the only person they should be dealing with. I would be sending a formal complaint to the Estate Agents (If it is a big chain, they will have a compliance dept) regarding the failure to protect confidentiality.
Don't want to tar all Estate Agents with the same brush, but many marketing prices properties are overvalued. Value really is not even decided by the Agent, it is decided by the Buyer or the Mortgage Valuation.star2sparkle wrote: »'we think the property is too highly priced' (they valued it at that price)star2sparkle wrote: »If he lowers the price, he will be left with next to nothing, all the bills still to pay, mortgage etc, etc. She is saying she will take him to court and he is prepared for that.
I'm sorry to say this - it sounds like an unachievable sales price has been set because that it is what your partner needs to leave and payoff the debts. This is not realistic. If I were him - he either needs to stay in the property until it is achievable, or sort out a deal with the ex where they sell lower, but she takes some of the debt. Frankly, I think that is what any court would do - It is likely a judge would give your partner credit for the two years of mortgage payments he has made.0 -
Thank you very much for your replies. He does indeed want to sell as he wishes to move on but not at such a loss. I realised she would have a say as a joint owner, it was just that the estate agents have been so underhanded with their need for commission.
They should have had a financial order right from the start when the divorce occurred but she threatened him with allsorts to get her own way and he realises he has made many mistakes. I feel for him, he has been totally fleeced; she has hardly contributed, made many excuses not to work and contribute, he has paid all the bills and mortgage, he has been left with all the debts and she is now with someone else, trying to do the same! I think its good for it to go to court, in front of a judge, and for the judge to make the decisions and to make it all legal...at long last. He would lower the price but his solicitor has told him not to, she has had more than enough he has said, it is time for him to get some of his pride back. Let the judge decide. I just wasn't sure on the estate agent. He will be dealing with them and going to court. Thank you0 -
star2sparkle wrote: »She wanted him to sell said property (so that she can have name off mortgage because she wants another joint morgage with new chap), he put it on the market couple of months ago
Does he have to sell to achieve this? Can he not simply remortgage to get the same result? I assume that he needs to give her a share of the equity?Warning ..... I'm a peri-menopausal axe-wielding maniac
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Debt_Free_Chick wrote: »Does he have to sell to achieve this? Can he not simply remortgage to get the same result? I assume that he needs to give her a share of the equity?
He would if he could, but the amount of he would need to pay each month then for the mortgage would be huge...and all to do with based on his age, etc. He saw a mortgage advisor about doing this but not to be sadly. It is unfortunate to think that he has worked all his life and he is left after selling the property with renting, while the ex ends up with a property. If I had lots of money, I'd buy him a house. He is the most decent, kind hearted man in the world, and he really doesn't deserve any of this.0 -
Sounds like he is ready to take control, no doubt you have been the rock that has got him to this point. Wish you both all the best.0
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