Hopping mad

starsign47

I don't like letting people down but as its taken so long and now the survey on my proposed house shows up some structural issues I'm wondering why I 'm continued with it all.

Eejay

We went to three estate agents.

The first had sold us the property three years ago as a repo. He didn't come back to view it but told us our expectation of achieving £95,000 was totally unrealistic and we'd be looking at about £85,000 max. I think that was around January time.

The second came to view around March or April and said he'd list it for £95,000 or so with a view of achieving a little more than £85,000. Their fees were ridiculous so we said no.

The third came to view and said he'd list it for £100,000 as we'd requested, with a view of achieving about £85,000 to possibly £90,000. We explained how we'd come to the conclusion we could get £95,000 and he ummed and ahhed about it a bit and decided maybe we were right.

We later got a phone call from the second EA who said he'd revised his figure and he thought we could achieve £95,000. Funny, isn't that what we told him?

We went with the third EA. Two or three weeks later we had an offer of £95,500 which was later reduced to £95,000 because of a minor strop from the buyer - but we got what we knew it was worth so we're happy

I would definitely recommend doing as much research as possible and working out a figure you'd be happy with. If we'd have trusted the first two EAs we'd have potentially missed out on a significant amount of money! I think the trouble was, their commission would have been the same whether it sold for £60,000 or £99,000 (anything less than £100,000 was a set fee) so they just wanted a quick and easy sale. However I suspect they'd sacrifice a small amount of commission on a bigger property too if it meant a quick and easy sale (and none of the costs associated with listing the property on websites or in the paper!).

harrys_dad

This doesn't sound right to me. I suspect as you say that "they had this couple in mind", knew what they would pay, and advised you to accept accordingly. Fat commission, little work. Having said that, if it was valued lower than you expected why did you immediately accept an offer below even that low asking price and take the house off the market? It is usual to keep marketing a house if the only offer is below asking.

Where are you moving to? have you already purchased? Why did you want a "quick sale", which will usually lead to a lower price (and not always a quick sale as you have found out)?

Mrstickle

starsign47 wrote: »

I don't like letting people down but as its taken so long and now the survey on my proposed house shows up some structural issues I'm wondering why I 'm continued with it all.

That's an entirely different issue - pulling out as your onward purchase is not proceedable, is not the same as pulling out because you think you might get a better price. That is more understandable.

Whatever you decision, if you are pulling out, please let your buyer know as soon as possible. They will have spent a sizeable amount of money, and be planning their life in their new home. Do them the courtesy of being honest why you are pulling out.

We had someone pull out on us last year, without a given reason. And we still wonder to this day if it was something we could've resolved, mainly the price.

starsign47

I hadn't got a property in mind when I accepted the offer - I certainly didn't expect it to sell that quickly - and I trusted the agents word. Even when I found somewhere suitable my buyers conveyancers were still lagging behind.

m_13

When we sold our last property the agent definitely had somebody in mind who viewed it and offered full asking before it officially went on the market. We still had the brochure done (we've kept one) and the agent did very little work for their money. However, we liked their attitude and honesty. We've used them again for this sale but did have three agents round. One said she had somebody who wanted the house and would pay full asking if we signed with her. When we chose another agent she asked if her client could see the property still and if she bought it would we switch. Interestingly that person didn't view it with the agent we chose who did several viewings, generated three offers and have since had to work hard to get it to exchange. They've earned their money this time!

There were two bungalows in walking distance that went on the market at the same time as ours. Both have been refurbished by builders. Once has had the price reduced three times and is now close to our asking price but still unsold. The other has stuck at the same price and had several open houses but now is no longer on Rightmove and the for sale sign has been taken down. I don't think it's sold. As others have said, asking price is meaningless.

starsign47

Thanks everybody for your comments and I will let my buyers know the situation. I've got a headache now, so am going for a 'lie--down'. x

kiddy_guy

Hi Starsign

I'd happily let your buyers continue to do what they were doing but remarket the property at a higher price and see if that brings in any change in the position. Nothing ventured...

If your buyers complain, they can either get their backside in gear, or pull out (which given comparable property price increases might not be a bad thing).

Atomix

let the time-wasting buyer go - put it back on the market for more...

The EA just wanted a quick sale hence 'cheap'

business is business -

densol_2

Atomix wrote: »

let the time-wasting buyer go - put it back on the market for more...

The EA just wanted a quick sale hence 'cheap'

business is business -

I agree - get three other agents round fast - see what the average value is - check if you are tied into this agent - if not and the values are good - just pull out and re market the property - it's your house and your money and you never got a quick sale !