Worried we've undersold

minibbb

Evening all

My gf and I sold out house six weeks ago. It's a two bed Victorian terrace in Eastbourne. The agent asked what we wanted for it and we said about 190k and he agreed the value and listed it on rightmove. If anything at the time it seemed ambitious! That day we had four viewings and two asking price offers!! Four viewings booked the next day too!! We accepted 192k in the end from a first time buyer. We had seen a house we wanted so were pleased with a prompt offer.

Since then though similar size houses within two roads have been going up for £210k and have sold! (Not sure what for but still went quickly)

Therefore we are concerned we undersold ours. Without being big headed our house is better- all done up and ready to move into whereas the others need work but may be slightly bigger.

Is this a common fear for sellers? We are buying an ex rental- no others in the chain, just us and our buyers.

Bluebirdman_of_Alcathays

Even if it was underpriced, what can you do about it? It's just money at the end of the day.

flashg67

Even if true, don't let it haunt you. You've sold quickly, enabling you to get the new house you want - look forwards, it'll all seem irrelevant in a few years.

Mickygg

The trouble is you can't win. You sell straight away and wonder if it was underpriced. You don't sell for ages and long for the original asking price.
You sold at a price you were happy with. End of, move on.

SuzieSue

Almost everyone who has sold a property thinks they have undersold and almost everyone who has bought a property thinks that they have overpaid.

You got a lot of interest because you put it on at £190k and therefore started a bidding war. If you had put it on for higher you might not have got the same amount of interest. You sold for over asking price, so if someone had thought it was worth more than £192k then they would have offered it but no-one did.

The other houses that have sold for more might have a longer chain or the people who have offered might not be able to get a mortgage. You also don't know what they sold for so they might have sold for around the price you got.

Ithaca

Have you actually exchanged and completed yet, or is your worry that you've accepted an offer that you think is too low? If you are still to exchange there's nothing legally stopping you from rejecting the offer you've accepted and asking for more money.

It's not a pleasant thing to do to your buyers, but this is a business transaction at heart so you're well within your rights to try. In fact, some sellers will wait until near the exchange date and then ask for more money, hoping that their buyers have invested so much (financially and emotionally) that they cough up the extra. This is a sort of "reverse gazundering" and is also not a pleasant way to behave (but again, entirely legal) - there's a special circle of hell reserved for sellers who do this though.

Ultimately you'll need to weigh up whether it's worth the delay and hassle of starting over again for the sake of £20k, and you're effectively gambling that you'll definitely receive a higher (or at least equal) offer from sellers who are in a position to move as quickly as a FTB... an extra £15k offer from someone who is stuck in a chain and causes you to lose out on the house you are buying might end up looking like a bad deal.

Chanes

It was priced to sell. You did want to move, didn't you? We pitched our house to sell, had 10 viewing and four offers in 3 days. You could have held on and waited but you have got what you wanted, quicker.

Look at the bright side.

FBaby

Sometimes two roads away is enough to make a significant difference. Out of popular school catchment area, closer to main road, next to council estate etc...

DonaldLMcVay

Always remember our house will be sold for less than its worth. If an agent is involved he wouls sell it for 3.7% less its worth because of the commission structure. Be careful it may help you sell it as it appeals first time home buyers. But when we buy a rental house, it can be an excellent deal or deferred maintenance nightmare. Check for the neighborhood. Talk and find out. Negotiate the deal of a lifetime. Tour the rental hous ein the absence of the owners.

minibbb

Thanks everyone and sorry for the late return to my thread- joy of nights shifts!

Anyway... some v valid points raised. I don't think we would have got 210K but 200 would probably have been achievable. Like it has been said though, FTB and a quick sale is probably worth a few grand at the end of the day. I have never been in a long chain and don't like the thought of it anyway!

Tricky old business this buying and selling- never feels like you've done the right thing!

Thanks again folks- useful to have other people's opinions!