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  • FIRST POST
    • gerbiljo
    • By gerbiljo 6th Mar 18, 1:48 PM
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    gerbiljo
    Estate agent advice
    • #1
    • 6th Mar 18, 1:48 PM
    Estate agent advice 6th Mar 18 at 1:48 PM
    Thank all for your help
    Last edited by gerbiljo; 07-03-2018 at 11:30 PM.
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
Page 1
    • new_owner
    • By new_owner 6th Mar 18, 2:43 PM
    • 211 Posts
    • 75 Thanks
    new_owner
    • #2
    • 6th Mar 18, 2:43 PM
    • #2
    • 6th Mar 18, 2:43 PM
    How long is the contract you have signed on for?
    • gerbiljo
    • By gerbiljo 6th Mar 18, 2:55 PM
    • 843 Posts
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    gerbiljo
    • #3
    • 6th Mar 18, 2:55 PM
    • #3
    • 6th Mar 18, 2:55 PM
    20weeks and weeks and weíre about 8 in
    Last edited by gerbiljo; 06-03-2018 at 2:57 PM. Reason: Error
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • keithdc
    • By keithdc 6th Mar 18, 4:09 PM
    • 285 Posts
    • 536 Thanks
    keithdc
    • #4
    • 6th Mar 18, 4:09 PM
    • #4
    • 6th Mar 18, 4:09 PM
    Hi ya
    To keep it simple I would like some estate agent advice.
    We have found a house we would like to buy and so signed up with the same estate that the house is up for sale with to keep it simple. We did this before with our last sale as the vendor and it worked excellently. The estate agent is very expensive but has done a great job on photos etc Iím not a great believer in estate agents as such but I thought having the financial incentive of 2 lots of commission might work in our favour and be worth the cost. Also on their write up they discussed they would fight to get you the right price etc so I guess I thought I would be buying a good service compared to cheaper companies who just want to give away your house cheap for a fixed commission rate.
    For the valuation my husband wasnít home so I signed up without his input but I was very honest about what we can afford and that the gap we can jump is around the 100k mark, obviously less the better. The agent said itís only worth putting on the market for a round figure and so I said the higher figure of the two he gave me because that was what we needed for the sale to happen the other was completely unrealistic and would make it impossible to buy the other house. He said they try to get multiple buyers interested and get them bidding to get a price over the asking price.
    The property was on at this price for about 6 days and we had 1 person round, at this point the estate agent kept calling to get us to reduce by 50k we said no, because we couldnít afford to take this drop but they said they would still expect to achieve our original price or very near to it if they could just get interested people thru the door and they were so pushy and wouldnít get off the phone or take no for an answer and in the end my husband literally said Ďdo what you wantí because she insisted we would not have to accept an offer so nothing lost with this new tactic.i felt really upset and completely bullied into the decision and so did he but I guess we thought maybe they are right so we thought we would see what happened. She also said the house we want was also being reduced by 50k so the Ďgapí if you like is no different.
    Obviously we independently want the best price for our house and for them to work for us not just sell our house cheap so they get their double sale. So in hindsight the same agent was probably an error. Since this time we have both felt deflated and unhappy about the decision because we know it is worth more and as it stands the asking price makes it impossible for us to afford the other house at asking price also the house we want subsequently never got reduced as they said it would, although they are saying they are keeping the price high to stop other buyers but in reality I really donít know what I can believe.
    Last week after just over 2 weeks at this price they had 2 people wanting to view but we were struggling to get a time to suit. My husband called them back to rearrange and there was only a record of the one family when speaking to another member of staff. Neither my husband or I am confrontational and we are quite honest people and we do not feel comfortable with this approach so yesterday we advised the agents in that we wanted the price to go up to what it was originally as the other property had not reduced and currently we couldnít afford the other house and as there was only 1 interested party it was obvious that no one in their right mind would pay 50k over the asking price. Also we both work and have kids pets and viewings are a pain so we neither want to waste theirs or our time when the price will not be met. So we sent her a firm but strongly worded email (as we are not phone people) advising her to please increase the price and ensure any viewers are aware of this change so we donít waste anyoneís time. A different EA called to arrange another interested party viewing later that day (but no reply to our email) for this Thursday so we now have two people but my husband advised weíd emailed them and we wanted the price up again and he just said he would pass the message on.
    Again we have not heard back. I am really not sure what to do now I am annoyed they have just ignored our correspondence and feeling very foolish for 1- not standing our ground in the first place and 2-signing up to such a long contract without considering other options. I thought we would get a quality service and arguably they might be very good negotiators but I just feel like weíve been pushed into decisions and they are not working for us at all. Any advice gratefully received.
    Originally posted by gerbiljo

    If i saw a house had been decreased by 50k then increased by 50k on rightmove, i would just not bother viewing.

    It does sound like you and the estate agent need to meet in the middle, but be aware that pricing your property based on what you need it to get rather than what it is worth is not going to end well.
    • mije1983
    • By mije1983 6th Mar 18, 4:28 PM
    • 2,980 Posts
    • 18,829 Thanks
    mije1983
    • #5
    • 6th Mar 18, 4:28 PM
    • #5
    • 6th Mar 18, 4:28 PM
    It sounds like you can't really afford to move to the house you want. You might think your house is worth more, but clearly buyers don't.

    What percentage of the asking price is the £50k? £50k on a £200k house is a lot and will count out a lot of buyers, but if your house is £2m then it probably matters little.

    How does the price compare to similar properties that have sold recently?

    • gerbiljo
    • By gerbiljo 6th Mar 18, 4:56 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    • #6
    • 6th Mar 18, 4:56 PM
    • #6
    • 6th Mar 18, 4:56 PM
    Thanks guys
    Last edited by gerbiljo; 07-03-2018 at 11:32 PM.
    • gerbiljo
    • By gerbiljo 6th Mar 18, 5:05 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    • #7
    • 6th Mar 18, 5:05 PM
    • #7
    • 6th Mar 18, 5:05 PM
    Thanks guys
    Last edited by gerbiljo; 07-03-2018 at 11:33 PM.
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • Thrugelmir
    • By Thrugelmir 6th Mar 18, 5:06 PM
    • 58,460 Posts
    • 51,837 Thanks
    Thrugelmir
    • #8
    • 6th Mar 18, 5:06 PM
    • #8
    • 6th Mar 18, 5:06 PM
    I don!!!8217;t think ours is over priced I could be deluded but that!!!8217;s my honest opinion.
    Originally posted by gerbiljo
    What's the feedback from potential purchasers. Always a good indication with more expensive properties. As to what somebody believes a property is worth. As it's Location, Location, Location that will ultimately set the selling price. If people have the budget. Then the condition isn't as important. If somebody is prepared to part with £30k for stamp duty. Then spending £50k plus on the house is a real possibility.
    Last edited by Thrugelmir; 06-03-2018 at 5:09 PM.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • gerbiljo
    • By gerbiljo 6th Mar 18, 5:08 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    • #9
    • 6th Mar 18, 5:08 PM
    • #9
    • 6th Mar 18, 5:08 PM
    Oh dear not sure why all the funny numbers come up
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • gerbiljo
    • By gerbiljo 6th Mar 18, 5:11 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    We;ve had 2 round in total. One guy said he couldnt afford it but the agent sent him round. The other people said they liked it but the driveway is steep and they were worried about water run off from the road. So neither commented on price. The first guy said he couldnt afford it well actually that he was self employed and didnt want to take the risk rather than it being over priced but he was a single guy and its a 5 bed house so I think probably just more than he needed, whether they thought it was over priced I cant say
    Last edited by gerbiljo; 06-03-2018 at 5:14 PM.
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • Smodlet
    • By Smodlet 6th Mar 18, 5:21 PM
    • 3,004 Posts
    • 6,036 Thanks
    Smodlet
    Can you afford some paragraphs? Your initial post is immensely off-putting.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • gerbiljo
    • By gerbiljo 6th Mar 18, 5:25 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    Thereís paragraphs but no spacing between them. Please dont read if it makes you uncomfortable
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • Thrugelmir
    • By Thrugelmir 6th Mar 18, 5:26 PM
    • 58,460 Posts
    • 51,837 Thanks
    Thrugelmir
    So neither commented on price.
    Originally posted by gerbiljo
    Good agent will ask them. Irrespective of whether they are interested in purchasing the property. Helps build a picture.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • gerbiljo
    • By gerbiljo 6th Mar 18, 5:28 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    I know nothing about this kind of thing clearly, hence me looking for opinions so ty to everyone for their help so far
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • Katgrit
    • By Katgrit 6th Mar 18, 7:29 PM
    • 504 Posts
    • 1,376 Thanks
    Katgrit
    If in 2 months you've only had 2 viewers then the price is too high. Simple as that. Ultimately the EA made the right call to reduce the price. Your overwhelming sentiment appears to be that you're put out because you feel bullied into this, not necessarily that its the wrong decision. Keep the price at the lower level, get the viewers in and then see what progesses. You can start thinking about the price you pay for the other house then, but not before.

    As others have said, pricing your house based the asking price of your upward purchase isn't a good idea. You can ask whatever inflated price you want, but until it sells you aren't going to get chance to put offers in yourself are you? x
    • Cakeguts
    • By Cakeguts 6th Mar 18, 8:12 PM
    • 4,363 Posts
    • 6,241 Thanks
    Cakeguts
    Our house was up for 800k the house we want is up for 900k but thatís been on since October. There are only a few houses in our town for this sort of value, one comparable in square footage but slightly less has sold when up for 900k (I donít know how much for) thereís a few on for 850 some with some better features some worse but there are some significantly worse houses on for 750/775 so I donít think ours is over priced I could be deluded but thatís my honest opinion. The maximum increase in mortgage we can do is £150k that has to include commission/ fees and a couple of jobs we would have to do when moving in such as some fencing, some appliances etc which we estimate to total 60k. So we can roughly afford 90k max increase in value. We are not big earners we just have a lot of equity so we will not be able to borrow more than that or be willing to. The agent knows these figures so we very much said we need 800k to offer 900k which is what I said, so I guess it is 10k over budget, tho they have said the lady was reducing to 850 and so they were saying by making ours Ďa bargainí it would generated a price war and we would get near to 800k which I never truly believed I just couldnít deal with the confrontation and ultimately we were paying for their advice. I also said to them that if this house didnít happen we would still be looking to sell so would want it back up to 800k which they said was fine.
    We have also messaged the boss who has also not replied and I feel a bit silly for entering into this so naively
    Originally posted by gerbiljo
    If you want £800k and the estate agents can't find anyone who will give you that for your house then you won't sell it. Your house is not worth what you think it is worth or the amount that the estate agent thinks it is worth it is worth what someone will pay you for it.

    It sounds as if the price that you have it on at is too much for people who have £800k to spend on a house in your area. If that is the case then you won't sell it. The estate agents can't force anyone to pay £800k if they don't think your house is worth that much to them however good they are as estate agents and however much you pay them.

    If you need £800k to buy the next house and no one wants to pay £800k for your house then you won't be able to afford the £900k house. You can't force this by changing agents because it is interested buyers at your asking price that you are short of.
    • gerbiljo
    • By gerbiljo 6th Mar 18, 9:37 PM
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    gerbiljo
    Sorry yes I agree that maybe we canít affird to buy the new house.
    Sorry re the typo tho because we have been with the agent for 8 weeks since we signed the contract but because they use external photographers and people to do floor plans and the write up the house was actually on the market at the original price for 6 DAYS then they reduced it by 50k and itís been on at the new price for 2w but has not generated much more interest but my feeling was that as there are less people looking around that mark that it would take longer to sell than this and thereís a lot of properties around that mark in this area that take 6-9months to sell and I didnít think that weíd given it long enough.
    Ultimately the house we want has been in the market for 6 months without an accepted offer but I donít think itís over priced it is a fairly unique property and will not appeal to mass market yet they havenít reduced so I feel the estate agent is pushing us to reduce as they want a quick sale before potentially the house we want are out of contract and can move to a new agent so thatís why I feel they are not acting in our best interest
    Hope that makes sense I appreciate everyoneís advice.
    Maybe it is over priced. Our old house has resold over a year ago with 25% increase in value over that time, if this sold at the price the agent are offering it would be about 15% that seems alot of difference but maybe we gave the old house away maybe we paid too much for this.
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • gerbiljo
    • By gerbiljo 6th Mar 18, 9:47 PM
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    • 3,323 Thanks
    gerbiljo
    Sorry I guess what I wanted to say is

    If I get an offer of the now asking price and I turn it down can I be penalised by the agent when I have advised them in writing twice to amend the price and they are just not responding to me

    I!!!8217;m not really saying I want to change agents nor can I however I am just worried about wasting our time and viewers when I made our financial situation clear at the start when they took us on their books and Took their advice to change tactic as advised by them but ultimately it hasn!!!8217;t had the effect they wanted it to and now it appears I!!!8217;m trapped. Because ultimately we can!!!8217;t afford the house we want at this price.

    I feel they agreed to the price we wanted to lock us in a contract and we took their advice but I feel now that I!!!8217;m stuck and not sure what to do without incurring a penalty because they did take us on knowing our situation but I felt pushed into a decision I think we took prematurely
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • Cakeguts
    • By Cakeguts 6th Mar 18, 9:51 PM
    • 4,363 Posts
    • 6,241 Thanks
    Cakeguts
    Sorry yes I agree that maybe we canít affird to buy the new house.
    Sorry re the typo tho because we have been with the agent for 8 weeks since we signed the contract but because they use external photographers and people to do floor plans and the write up the house was actually on the market at the original price for 6 DAYS then they reduced it by 50k and itís been on at the new price for 2w but has not generated much more interest but my feeling was that as there are less people looking around that mark that it would take longer to sell than this and thereís a lot of properties around that mark in this area that take 6-9months to sell and I didnít think that weíd given it long enough.
    Ultimately the house we want has been in the market for 6 months without an accepted offer but I donít think itís over priced it is a fairly unique property and will not appeal to mass market yet they havenít reduced so I feel the estate agent is pushing us to reduce as they want a quick sale before potentially the house we want are out of contract and can move to a new agent so thatís why I feel they are not acting in our best interest
    Hope that makes sense I appreciate everyoneís advice.
    Maybe it is over priced. Our old house has resold over a year ago with 25% increase in value over that time, if this sold at the price the agent are offering it would be about 15% that seems alot of difference but maybe we gave the old house away maybe we paid too much for this.
    Originally posted by gerbiljo
    It can also be changes in fashion. The people buying expensive houses now may be wanting modern properties in the centres of towns and cities. This then affects the prices of older properties on the edges of towns.
    • gerbiljo
    • By gerbiljo 6th Mar 18, 9:52 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    Yes katgrit your right I did feel bullied into it and I regret standing my ground it may be priced too high but I would have preferred them to have advised me that I was dreaming at the outset instead of thinking after a week they!!!8217;d push me into dropping and thinking I would find the extra money because I certainly know we won!!!8217;t. I!!!8217;m just not sure what to do now as I!!!8217;m worried about getting an offer of asking price incase that means I need to then pay out and not move anyway. But I feel frustrated as the house we want hasn!!!8217;t dropped in 6 months so I feel like they!!!8217;re fighting for the best price for that party but not us if that makes sense. Ty
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
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