Should I question the integrity of my estate agent?

Elze

I am selling the family home with my ex-partner. He still lives in the property, while I live in a rental property, and we have chosen an estate agent jointly.

The house has been on the market for 5 months, and we haven't found a buyer. My ex-husband has now suggested he buys my share of the house. However, the price he offers is below the last offer we have received. When I commented I would like a fair price, I received a letter from our joint estate agent that the current market appraisal of the property is... exactly the price my ex is offering.

This all seems rather convenient. Should I doubt the integrity of the estate agent? I would like to ask some kind of trade association for estate agents, or standards association for help. Is there such a thing? My initial Google searches didn't bring up anything in particular. 

Clearly it's in the interest of my ex to get the house for a low price. It's also in the interest of the estate agent, as he will get his fees without having found a buyer.

For background. 

- The house was appraised by this estate agent for 1,5 mln in January 2023, then went on the market for 1,4 mln in Nov 2023, as indeed all graphs showed house prices had fallen significantly in the area due to rises in mortgage rates. We then received an offer in March 2024 for 1,3 mln, which we accepted. However, the offer fell through. The current offer of my ex is 20K below that, and the estate agent supports that is a good price.

- The contract with the estate agent clearly states they will get their fee if they have initiated negotiations. So, indeed, they haven't found an external buyer, but will still get their fees as they started negotiations between me and my ex

- The divorce settlement only states we 'agree on a market rate'

Your thoughts would be appreciated.

user1977

Elze said:

- The house was appraised by this estate agent for 1,5 mln in January 2023, then went on the market for 1,4 mln in Nov 2023, as indeed all graphs showed house prices had fallen significantly in the area due to rises in mortgage rates. We then received an offer in March 2024 for 1,3 mln, which we accepted. However, the offer fell through. The current offer of my ex is 20K below that, and the estate agent supports that is a good price.

So you're quibbling about a 1.5% difference? That's nearasdamnit the same price. It's certainly not a sign of some sort of conspiracy involving the EA.

Keep_pedalling

By 1,5 do you mean £1.5 million? 

RHemmings

Isn't it possible to get another, independent, EA or two to  value the house? That should either back you up or put your mind at rest. 

mark_cycling00

I don't think integrity is the issue. 
Get two more independent valuations and use the average.  I believe that this is a typical way of dealing with these situations.

Yiu could pick one new agent and your ex could pick one too so it all seems fair

theartfullodger

Apologies for being cynical but I start out always questioning the integrity of any estate agents.

Millsandovis

20k in that ballpark is peanuts and certainly not enough to think the agent is in cahoots with the ex. Maybe the ex spoke to the agent first and is offering that based on the same valuation he’s given you? 

MeteredOut

Question the integrity of an estate agent? Always.

But, in this case, I suspect all is above board. As stated elsewhere, get another couple of valuations if you need convinced.

ThisIsWeird

Elze said:

- The house was appraised by this estate agent for 1,5 mln in January 2023, then went on the market for 1,4 mln in Nov 2023, as indeed all graphs showed house prices had fallen significantly in the area due to rises in mortgage rates. We then received an offer in March 2024 for 1,3 mln, which we accepted. However, the offer fell through. The current offer of my ex is 20K below that, and the estate agent supports that is a good price.

Two things strike me;

1) After the appraised value has effectively been dropped by £200k, seemingly for justifiable reasons (high interest rates, changed market, and it just ain't selling), you are concerned about presumably losing half of a further £20K? Ten £aaay?

2) After the appraised value has effectively been dropped by £200k, seemingly for justifiable reasons (high interest rates, changed market, and it just ain't selling), your ex is seemingly concerned about presumably gaining half of a further £20K? Ten £aaay?!

You seem made for each other :-)

Seriously - since it hasn't sold even at £1,300,000, I reckon you're lucky to obtain £1,280,000.

Albermarle

Seriously - since it hasn't sold even at £1,300,000, I reckon you're lucky to obtain £1,280,000.

Plus it is not unheard for a buyer to agree one price, and then reduce the offer just before exchange of contracts.

Hopefully in this case this is unlikely to happen.

So for the sake of £20K better the devil you know, than the devil you don't.

Bigphil1474

Assuming this is about £20k - I'd grab his hand off. Maybe he can only raise £640k, but either way are you that bothered about receiving £640k that you are willing to wait months on the chance that you get £650k? Agree to his offer, or as others have said, pick another EA each and use the average valuation.

If that's a typo and that's another £200k, that's a different ball game, but even then just get other EA's in to value and proceed from there.