HELP! Estate Agents hasn't declared Personal Interest

SplanK

How much of a reduction are we talking here?

misslitt

Splank - Yes i know, you make perfect sense and i do not want to cut of my nose to spite my face. I am just disappointed that i feel like i could have been played.

misslitt

Thank you everyone for your replies.

misslitt

I origionally had it on for £174,000 and reduced to £162,500 and i accepted at £155,000.

SplanK

So a 7k loss based on your reduced figure. I would continue as based on other costs...






However a 19k loss if we base it on the upper figure is a bit of a sticking point. Have you had your initial value checked independently either with another EA or a survey you instructed yourself ?








Saying that, if you have found your dream house and you REALLY want that house, then I would just continue regardless and put it down to a bad experience being so close to potential exchange and look forward to popping the cork on the champers when you complete and move in!






It could however be worth checking over your contract you have with your EA regarding 'personal interest' and try and wangle a reduction in the cost of your selling fee.

Ozzuk

That's a pretty big drop, I assume you had at least 3 valuations?

Atomix

Not nice - being shafted out of £19,000...

so they advised you reduce the price by £12,500 -
then advised you to accept an extra £7,000 discount ontop?
then you realise its all a big lie, and your buyer actually works for the EA.
Is it a national EA?, doesnt sound right to me... surely this is'nt legal?

densol_2

I'd have a couple of other estate agents round and say you are putting it back on the market - what value do they realistically reckon you will get. I reduced a sale price once having fallen for a sob story - 165,000 down to 157,000 - that was back in 2001 and even now it still bugs me and I too got my dream house out of it Lol

DRP

agree that i would be feeling royally peed off if it were me.

However the pragmatic stance would be to consider:

Have you made (decent) cash on the sale or a loss?

Have you got a good deal on your purchase? (yes)

What would be the 'opportunity cost' of dropping the whole deal now? (a lot if it is your dream home at a good price)

Only the OP can assess those and other factors.

Whatever happens, don't go cutting off your nose to spite your face etc etc because in 6 months time when you are enjoying your new home, you'll hardly give it a thought (apart from bad-mouthing the EA at every opportunity to everyone you meet).

Better_Days

You've still got time to get some other EA's round to get valuations - they are usually knocking at the door at the speed of a rat down a drain if they think they can get business.

Emphasise you want a realistic valuation. You might not have time but you could also get a local surveryor round for his/her opinion. Are there any sold prices locally that you can compare with?

Also I'd have a word with my solicitor and see what they say. They could delay exchange on your instructions to give you a bit more breathing space. Also they will know the reputation of your EA (assuming you are using a local solicitor)


Not a nice situation to be in - the price drop is quite a big one.