Are my estate agents doing enough?

TBagpuss

Havyou discussed this with your agents, for instnace to ask specifcally whetherthey have had any other enquiries or interest, to mention that as you have got offers over the asking price in the first week you are wondering whether it is worth seeing if there is further interest etc.
That sadi, if you marketed for £X, you've got offers above that - it's not unreasonableto assume that if you are serious about selling you'd be open to taking an offer. If youthought the house was worth significantly more, surely that should be a converdation to have had before you settled on an asking price?

nicknameless

Jenniefour said:

It's possible the EA's are not doing any more viewings because they've had no further interest - no-one to show around. 

lol.  Or more likely that they want to put 10 minutes work in and move on to the next property.

Ath_Wat

eidand said:

I am lost, you got an offer 6k over your asking price and you think your EA is not doing enough?
They clearly have, why are you not accepting that offer?

If the best offer you get in the first week of your house being on the market is £10K under the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  I don't think anyone would dispute that.

If the best offer you get in the first week of your house being on the market is £10K over the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  However, a lot of people do seem to dispute that.

Pricing a house is not an exact science.  If you have a lot of people throwing money at you within 48 hours of listing it, it's sensible to say hang on, I might have made a mistake here, let's see what happens.

Ath_Wat

TBagpuss said:

Havyou discussed this with your agents, for instnace to ask specifcally whetherthey have had any other enquiries or interest, to mention that as you have got offers over the asking price in the first week you are wondering whether it is worth seeing if there is further interest etc.
That sadi, if you marketed for £X, you've got offers above that - it's not unreasonableto assume that if you are serious about selling you'd be open to taking an offer. If youthought the house was worth significantly more, surely that should be a converdation to have had before you settled on an asking price?

They put it on for £X because that's what they were told it was worth.  If the interest they have received so far suggests to them that the valuation of £X was incorrect, why not give it a little time and see what happens?  Not everyone has such faith in estate agents as many here, who seem to think they are incapable of making an error in valuation.

TheCuriousSausage

We put our house on the market two weeks ago today and are about to accept an offer almost 10% below the agents valuation. We think his strategy of "offers in excess of" a lower price has backfired but after 40+ viewings in two weeks we think the market has determined the price rather than the EA. It's a bit disappointing but a house is only worth what someone is prepared to pay.

eidand

Ath_Wat said:

eidand said:

I am lost, you got an offer 6k over your asking price and you think your EA is not doing enough?
They clearly have, why are you not accepting that offer?

If the best offer you get in the first week of your house being on the market is £10K under the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  I don't think anyone would dispute that.

If the best offer you get in the first week of your house being on the market is £10K over the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  However, a lot of people do seem to dispute that.

Pricing a house is not an exact science.  If you have a lot of people throwing money at you within 48 hours of listing it, it's sensible to say hang on, I might have made a mistake here, let's see what happens.

Those are very different scenarios.

Offers over are usually hit by a bank's evaluation which brings people back to earth. That's the problem. Doesn't really matter how much over someone offers because too many people are stupid and don't think about the consequences of their offers.
Do you see what I mean ?

That's the risk you're taking for a few extra k.

Ath_Wat

eidand said:

Ath_Wat said:

eidand said:

I am lost, you got an offer 6k over your asking price and you think your EA is not doing enough?
They clearly have, why are you not accepting that offer?

If the best offer you get in the first week of your house being on the market is £10K under the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  I don't think anyone would dispute that.

If the best offer you get in the first week of your house being on the market is £10K over the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  However, a lot of people do seem to dispute that.

Pricing a house is not an exact science.  If you have a lot of people throwing money at you within 48 hours of listing it, it's sensible to say hang on, I might have made a mistake here, let's see what happens.

Those are very different scenarios.

Offers over are usually hit by a bank's evaluation which brings people back to earth. That's the problem. Doesn't really matter how much over someone offers because too many people are stupid and don't think about the consequences of their offers.
Do you see what I mean ?

That's the risk you're taking for a few extra k.

If enough people think your house is worth a lot more than the 19 year old trainee that the estate agent sent round to value it for you, why wouldn't you take a step back and re evaluate?  The OP only wants to have a look and see what happens  Your position is "the estate agent said that's what it's worth and that should not ever be challenged".

eidand

Ath_Wat said:

eidand said:

Ath_Wat said:

eidand said:

I am lost, you got an offer 6k over your asking price and you think your EA is not doing enough?
They clearly have, why are you not accepting that offer?

If the best offer you get in the first week of your house being on the market is £10K under the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  I don't think anyone would dispute that.

If the best offer you get in the first week of your house being on the market is £10K over the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  However, a lot of people do seem to dispute that.

Pricing a house is not an exact science.  If you have a lot of people throwing money at you within 48 hours of listing it, it's sensible to say hang on, I might have made a mistake here, let's see what happens.

Those are very different scenarios.

Offers over are usually hit by a bank's evaluation which brings people back to earth. That's the problem. Doesn't really matter how much over someone offers because too many people are stupid and don't think about the consequences of their offers.
Do you see what I mean ?

That's the risk you're taking for a few extra k.

If enough people think your house is worth a lot more than the 19 year old trainee that the estate agent sent round to value it for you, why wouldn't you take a step back and re evaluate?  The OP only wants to have a look and see what happens  Your position is "the estate agent said that's what it's worth and that should not ever be challenged".

that's a common misconception. What people think a house is worth is irrelevant unless they are cash buyers and can afford to pay what they offer. Anyone else who needs a mortgage will get a mortgage evaluation and that is what decides what they can offer.

We see quite a lot of people here with that particular problem, because if the valuation is let's say same value as the asking price then anything the buyer offers over that has to be covered with buyer's funds.That's the bit most people miss.

saajan_12

Think we all need to calm down a bit, an asking price is not all that. Its an initial guess at the value and a starting point for offers / negotiations (in either direction). There's no expectation that an asking price offer will be necessarily accepted
* the EA's valuation could have been off
* asking price could be set low to generate more interest / hit RM filters, so the seller can choose from more offers

As between vendor and EA, theres (likely) no explicit agreement on the number of viewings, so its all based on what's reasonable. A week of viewings doesn't sound like too many, and 6k over isn't massive. This is only more so if the expectation around the asking price was to start low or encourage bidding over. There would of course be a point after weeks of viewings with several similar offers, that it becomes unreasonable. 

Practically, its all academic - if you push, the EA likely will hold a few more viewings if that'll get you to accept an offer and get them their commission. If you keep pushing then at some point they'll get sceptical if you're ever going to accept and will give up on spending more time on your property. 

Ath_Wat

eidand said:

Ath_Wat said:

eidand said:

Ath_Wat said:

eidand said:

I am lost, you got an offer 6k over your asking price and you think your EA is not doing enough?
They clearly have, why are you not accepting that offer?

If the best offer you get in the first week of your house being on the market is £10K under the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  I don't think anyone would dispute that.

If the best offer you get in the first week of your house being on the market is £10K over the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  However, a lot of people do seem to dispute that.

Pricing a house is not an exact science.  If you have a lot of people throwing money at you within 48 hours of listing it, it's sensible to say hang on, I might have made a mistake here, let's see what happens.

Those are very different scenarios.

Offers over are usually hit by a bank's evaluation which brings people back to earth. That's the problem. Doesn't really matter how much over someone offers because too many people are stupid and don't think about the consequences of their offers.
Do you see what I mean ?

That's the risk you're taking for a few extra k.

If enough people think your house is worth a lot more than the 19 year old trainee that the estate agent sent round to value it for you, why wouldn't you take a step back and re evaluate?  The OP only wants to have a look and see what happens  Your position is "the estate agent said that's what it's worth and that should not ever be challenged".

that's a common misconception. What people think a house is worth is irrelevant unless they are cash buyers and can afford to pay what they offer. Anyone else who needs a mortgage will get a mortgage evaluation and that is what decides what they can offer.

We see quite a lot of people here with that particular problem, because if the valuation is let's say same value as the asking price then anything the buyer offers over that has to be covered with buyer's funds.That's the bit most people miss.

All very well but you are still not addressing the fundamental issue of an incorrect valuation by the estate agent in the first place.  You are assuming the bank will agree with them.  

The bank might, of course.  Or the bank might agree with all the buyers valuing it much more highly.   Everything you are saying is predicated on that initial valuation being accurate. Do you trust estate agents that much?  There's no reason for the OP not to take a few days to see the lie of the land