Selling House Brexit - Accept a lowball offer or hold-out?

flakjack_2

Hi All,

I'm currently in the process of trying to sell my late grandmother's house. It's in Horsham, is valued at £475k and has been on the market for several months. We're currently receiving pressure to sell from the estate Agent and accept a low-ball offer of £415k despite a lower limit of £450k.

With all the talk of potential housing market crashes, would you consider this offer or hold-out longer term? With several beneficiaries, the reduction would represent a substantial drop in the individual pots.

We had a different offer of £435k but the buyer pulled out last minute. I realise there have been other similar threads but with tonight's 'meaningful' vote and a possible extension to A50 later this week it feels like a unique time to be making this decision and I'd genuinely appreciate any advice you can give.

MEM62

Horsham, a lovely part of the world :-)

Of course the agent is pressing you, he wants his commission and he would rather have it now at a lower figure that later at a higher one. You decide what offer you are comfortable taking not the EA. Have faith in your own judgement.

PS: I can't see a crash but that's just my (uninformed) opinion.

ACG

Ask the agent if they will waive their commission, lets face it, it is only a fraction of the £60k drop they are pressuring you to take. Ask them why they valued your home at £475k and are suggesting you accept £415k where has such a big difference come from?

hazyjo

Have they been marketing it - people actually through the door - or do you think it could be a friend of theirs looking for an investment?

I'd say that sounds very low, but hard to say without knowing what it's like inside/outside.

Personally, I would try it with another agent first.

lisyloo

I’d wait, it’s only been a few months.

flakjack_2

ACG wrote: »

Ask the agent if they will waive their commission, lets face it, it is only a fraction of the £60k drop they are pressuring you to take. Ask them why they valued your home at £475k and are suggesting you accept £415k where has such a big difference come from?

I'd not considered this as an option, is it common to make this request? Does this remove the incentive to sell a property? Would this be based on the substantial deviation from the original valuation?

flakjack_2

hazyjo wrote: »

Have they been marketing it - people actually through the door - or do you think it could be a friend of theirs looking for an investment?

I'd say that sounds very low, but hard to say without knowing what it's like inside/outside.

Personally, I would try it with another agent first.

This is an interesting option, I've not got any of the paperwork to hand but would we legally be able to offer the opportunity to a competing agent?

As another option, do you think it would be possible to offer a commission incentive if an offer closer to the original asking price could be secured?

hazyjo

flakjack wrote: »

This is an interesting option, I've not got any of the paperwork to hand but would we legally be able to offer the opportunity to a competing agent?

As another option, do you think it would be possible to offer a commission incentive if an offer closer to the original asking price could be secured?

You will have signed a contract for X number of weeks. There will also be an agreed notice period. You can probably remarket with another EA after that - but check your contract just in case there's a fee to pay now or when you find a buyer through other means.


I doubt anyone will bite with that commission offer as it's not selling easily.

Comms69

I'd hold out. 60k is quite significant

flakjack_2

Thank you,

I've made this suggestion to the Executor, seems like a good idea.

flakjack_2

Some great suggestions so far, thank you all, this was my first post on the forums and every reply has been really valuable!