Selling/buying advice, Unsure what to do

Scotbot

How many offers did you have? A house priced 30k below market value would see multiple offers and you EA would have advised going to sealed bids. If you only got the one offer that suggests you are unlikely to sell it again at 330 if you remarket

eddddy

dangermouse1977 said:

Suppose I shall call the agents tomorrow to see what they say

I don't think you'll get any helpful advice from your estate agents. They'll just want their commission as soon as possible - so they'll just say anything they can think of to persuade you to go ahead with the sale at £300k.


If you're thinking of pulling out, it's better to make your final decision and then tell the estate agent - and then brace yourself as they do their best to make you change your mind.

Irishpearce26

Do tread carefully here.

How do you know its undervalued? Surveyor or market research of comparable properties?

Say you feel it is undervalued by £30k, you pull out and you relist it but you don't get many bites. You accept an offer £15k below as you have found a property you like that fits the budget if you sold lower than listed. They then have surveys and request even more money of to get things fixed. Then they wither pull out or you have to because you don't have the funds to proceed etc. (this is just a scenario but you catch my drift)

Make sure before you do anything you get a valuation by a surveyor and compare this with similar properties in the area, there is one thread about a seller thinking they're property is worth way more than it is and is struggling to get viewing's. If its maybe £10-£15k undervalued then perhaps talk to your buyers for a compromise?

jimbog

I would contact the EA and simply state that the market has raced too far ahead in the last 2 months for you to be able to continue which isn't desirable but perfectly understandable

pinkshoes

dangermouse1977 said:

We knew it was under priced as soon as we'd sold but obvs too late as we hadn't done our research and since have gone up more.
I can't ever see is finding anywhere unless the demand goes down

YOU hadn't done your research? Isn't that what you paid your EA to do - after all, it is their business, so they should know the market in the area and what price could have been achieved...

If the EA has under-priced and undersold your home, then get on the phone to them and point out that as your next step home has risen in price, then unfortunately the price you have sold at is not going to be enough, so you will need to either negotiate a higher price in line with current prices, the EA will have to negotiate a good discount on something you like, or you will wait for something affordable to come onto the market to allow you to move.

Check your EA contract... they might start to demand their fee for having a proceedable buyer, but that doesn't mean to say you cannot wait as long as you like to find something else.

Nasarhayat

Well, the first and foremost thing is that you should be clear that why do you want to sell this house i-e to earn some money or to change house and get a better one. If you can buy a better house after selling this then just do it. But If you are unable to find a better one then obviously you should not sell this one.

steampowered

Why did you agree to sell your house for less than it is worth? 

There is a difference between asking prices and sold houses. It is very normal for people to delude themselves into thinking that their house is worth more than it is - so do look objectively at what similar houses are actually selling for in your local area.

Anyway, if you truly think that your house is worth £30k than you are selling it for, and you haven't exchanged contracts yet, then the best thing you can do is contact your buyer ASAP. If you do this, perhaps you should offer your buyer £1000 or so as a goodwill gesture to compensate them for messing them around and for wasted conveyancing/survey costs.

NameUnavailable

Nothing to stop you getting another agent or two around for a valuation.

Just because you can't find the property you want for a price you can afford doesn't mean that your home is worth extra to make up the difference.