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

ACG

flakjack wrote: »

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?

No. I was just being a bit sarcastic - not towards you but the agent.
£475k may be overvalued, it may not. I just cant understand in the space of a couple of months (which is basically the quiet period anyway) they would be suggesting knocking £60k off unless they valued it incorrectly in the first place.

If they did not value it incorrectly, then it means they are more interested in their commission than you as a customer of theirs.

MEM62

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?

Yes, but you will probably need to terminate your current arrangement first. Check the T's and C's that you signed up to.

flakjack wrote: »

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?

Think about that for a moment. You are proposing to increase the, no doubt not inconsiderable, sum that you already agreed to pay the EA as incentive for him to sell the house for the amount that he valued it at in the first place. Madness? I think so :-)

Crashy_Time

flakjack wrote: »

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.

If we go "No Deal" (my bet because to try and somehow ignore the referendum result is going to really undermine parliament and most MP`s don`t want to do that when it comes right down to it IMO) there is going to be economic turmoil, possibly for a long time. If we go the "Let`s just cancel Brexit Because only thick people voted for it" route there is going to be a LOT of political turmoil and more uncertainty for a long time, both options will be bad for selling houses. Someone might pop up and offer somewhere in the middle of what you hope to get, or they might not, to save yourself a lot of drama it is probably easier to take the offer that is on the table.

Gwendo40

£415k is only lowball compared to what is probably a pie in the sky asking price of £475k... an inflated and unrealistic figure given to you by the agent to get your business in the first place.

AnotherJoe

flakjack wrote: »

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?

You missed the sarcasm

AnotherJoe

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?

It's very unlikely the contract you entered into that I can't see will allow that except , at best, at the cost of paying commission to two agents.

flakjack wrote: »

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 are wildly overestimating the capability of EAs.

Doozergirl

Have you actually looked around to see what is selling and what the competition is at both price points?

51mm5

Crashy_Time wrote: »

If we go "No Deal" (my bet because to try and somehow ignore the referendum result is going to really undermine parliament and most MP`s don`t want to do that when it comes right down to it IMO) there is going to be economic turmoil, possibly for a long time. If we go the "Let`s just cancel Brexit Because only thick people voted for it" route there is going to be a LOT of political turmoil and more uncertainty for a long time, both options will be bad for selling houses. Someone might pop up and offer somewhere in the middle of what you hope to get, or they might not, to save yourself a lot of drama it is probably easier to take the offer that is on the table.

No deal is not happening. It’s going to be voted against by a majority today, sorry.

lisyloo

Crashy_Time wrote: »

If we go "No Deal" (my bet because to try and somehow ignore the referendum result is going to really undermine parliament and most MP`s don`t want to do that when it comes right down to it IMO) there is going to be economic turmoil, possibly for a long time. If we go the "Let`s just cancel Brexit Because only thick people voted for it" route there is going to be a LOT of political turmoil and more uncertainty for a long time, both options will be bad for selling houses. Someone might pop up and offer somewhere in the middle of what you hope to get, or they might not, to save yourself a lot of drama it is probably easier to take the offer that is on the table.

This is complete rubbish.
Crashy Time is well known to have his/her own agenda.
No deal will almost certainly get voted down today. If you’re not sure then just wait a few hours and we’ll know but I’m prepared go o. Record saying it’s a racing certainty.
The market is slow I agree due to uncertainty, but surely none of your beneficiaries are reliant on this inheritance to live on?
Waiting for a house to sell is not drama it’s normal, they are not liquid.
I sold a flat 2 days before going to market in sept 2018 for full asking price. It was attractive as a rare 2-bed, but we just got lucky that the
Right person was looking. For this elderly lady downsizing to the right flat for her future needs was more important that either brexit or haggling over a few £s. You just have to wait for the right buyer, that’s normal.
We got lucky but houses have never been liquid. It really hasn’t been on the market that long and I’d certainly be waiting for the spring bounce. I’m. Ot sure it’s been mentioned but the most popular buying season is just round the corner.
Yes some people will be unhappy when we don’t leave and we may well have some protests but most people will be quite relieved.

What are the preferences of the other beneficiaries?
Do they want less sooner?

Crashy_Time

51mm5 wrote: »

No deal is not happening. It’s going to be voted against by a majority today, sorry.

And the alternative will be what? How do they avoid the political turmoil that will ensue causing even more volatility and uncertainty? There is no such thing as "No Deal", you don`t honestly think that we are going to stop trading do you? There will be much more turmoil in the EZ come May anyway, and it is global economic/credit conditions that ultimately affect house prices.