Estate Agent - Taking Home off the market (Andrews)

kittensmith

My property has been on the market for 6 weeks for £210K with Andrews, I have had a few viewings and handful of offers at £200K mark. £210K is an optimistic price but I need to achieve fairly close to this so enable me to fund the purchase of the type of house I want.

My agent is recommending I accept the higher offer of £202K, but I am not happy with this as this will leave me short on the sort of property I wish to buy.

I am thinking about withdrawing my property from the market if I don't get offers of £208K soon. If I pull my property from the market will I be liable for any estate agent fees? I would intend to wait 6 months and try again, with the same agent.

brit1234

Just haggle the price down on the property you want. We are in a falling market in much of the country. In 6 months timeprices could be far lower.

kinger101

6 weeks is a long time to be on the market. I'm not sure where you are in the country, but £200K on a property advertised at £210K would be viewed as a reasonable, and possibly strong offer in some parts.

You might get the £210K eventually in a rising market, by which time the sort of property you wanted to buy might have gone up by a similar percentage. In today's cooler market, those £202K offers might be the highest you'll get. On the plus side, if prices do fall, so will your next home.

But potential buyers really couldn't give a toss about how much you need for an onward purchase. It's not how they (or surveyors) determine how much the property is worth. And the longer a property is on the market, the more inclined a buyer is to wonder whether it's overpriced, or whether there's something wrong with it.

G_M

What does your contract with Andrews say? We can't read it.

If there's a penalty/charge, just leave your property on the market till the minimum contract period with andrews has passed and serve the appropriate notice to end the contract.

eddddy

kittensmith wrote: »

If I pull my property from the market will I be liable for any estate agent fees?

You need to read your contract to find out.

(To be fair, you should have made sure you knew the answer to this kind of question before agreeing to let the EA market your property.)

But typically...

There's likely to be a minimum contract period (maybe 12 or 20 weeks). You cannot terminate the contract during that period.

But realistically, if you say to the EA that you will not accept any more viewings, they can't force you to.

Once the minimum contract period is finished, you can terminate the contract - but a few EAs charge a withdrawal fee when you do this. Read your contract to see if yours does.

Crashy_Time

Grab the 200k....with both hands.

caronoel

brit1234 wrote: »

Just haggle the price down on the property you want. We are in a falling market in much of the country. In 6 months timeprices could be far lower.

Love it!

Are you still standing by your prediction of a 50% fall by Xmas?

That was a classic!

ssparks2003

brit1234 wrote: »

Just haggle the price down on the property you want. We are in a falling market in much of the country. In 6 months timeprices could be far lower.

Some evidence for this claim / prediction?

[Deleted User]

kittensmith wrote: »

£210K is an optimistic price but I need to achieve fairly close to this so enable me to fund the purchase of the type of house I want.

But what was it valued at?

Slinky

Crashy_Time wrote: »

Grab the 200k....with both hands.

He's been offered £202K.........

AndyBSG

Slinky wrote: »

He's been offered £202K.........

From what i've seen Crashy Time doesn't let the truth get in the way of anything he posts regarding housing prices