So angry at estate agent. Should I do anything?

(172 Posts)
TerrysNo2 Mon 08-Apr-13 10:43:44

We put our house on the market last week using the price the estate agent recommended and we have had about 20 viewings in the last week but no offers.

Today one of the agents said to me it might be priced a bit high, I replied that they told us what price to use angry angry

What should we do? Drop the price straight away or leave it a bit longer. Its currently on at £340k and so I assume we'd need to drop it to 320-325k.

We're not in a massive rush to move but DS is starting school in September and we're moving area so I would like to be moved before then.

sorry if this post is a bit messy, I need a rant and maybe some positive suggestions / thoughts. Its constantly on my mind at the moment and I am losing sleep over this

Thanks!

thebestpossibletaste Wed 17-Apr-13 11:08:02

Terrys,

2 weeks really is nothing! It's your house and you decide what to accept. I think if it had been months or even years (which is often still the case up North!), then yes, you would definitely need to reconsider, but the price can't be that far out as people are viewing your property.

Have the EA declined the offer and had a response from the viewer yet?

If it was me, unless I was absolutely desperate to move asap, I would decline the offer and wait to see what they come back with. You don't have to decide what the final figure you accept will be yet, just wait to see what they come back with.

In my experience no one accepts the first offer, the people putting in the offer will surely have a final figure they are prepared to pay in their head that they will go to! I'd be very surprised if that isn't the case ...

I too would hold out for £330 K tbh.

EAs always go on about getting an offer after an average of X viewings, but that's not always the case, and it is an average - each house and each case is different.

(Can't understand your EA - we wouldn't handle it like that - after two weeks! - and nor would my boss)

Let us know what the viewers say when you decline the offer smile

Alwayscheerful Wed 17-Apr-13 11:16:48

Would love a link please. Congratulations on the offer.

I would tend to agree with the agents, a reasonable offer based on the number of viewings but will look at a link and confirm.

Bear in mind first time buyers are often tight for cash but are usually emotional and buy with their hearts, they are restricted by the lenders requirements, always check how much deposit they have and who they are arranging their mortgage with. If the survey throws up in problems first time buyers will probably need a reduction in price to proceed.

Buy to letters make decisions based on hard facts, there is no emotion in their decisions, they will often make several offers and go with the one which is accepted.

I have worked in EA in the past and time after time I have seen 3 bedroom terraces and semis stick because the third bedroom is too small. I am not sure how small yours is but does it appear to be small?
Perhaps you should consider accepting the offer and adjusting what you offer on your new house, if you were buying thought the same agent, they would probably help you. At the end of the day it's getting moved before the end of the summer which is important.

Good luck.

TerrysNo2 Wed 17-Apr-13 11:17:01

thebest thanks for grounding me! I told the EA we wouldn't accept the offer and to go back to them. He was asking "what if I can get £325 and I said we would have to think about it but at £330 we'd have a deal.

He hasn't come back yet so lets see!

TBH I think they want to sell it because I am a major PITA wink I'm a bit of a control freak and so I call them quite often, I imagine they want to get rid of me grin

TerrysNo2 Wed 17-Apr-13 11:22:23

alwayscheerful thanks for your perspective too, our third bedroom is tiny.

I don't think we want to accept the offer as it is but rather see if there is any movement and then have a serious think.

We find out today what school DS has gotten into and so that will throw in a curveball if he gets into one of the "good" ones, although thats unlikely!

What a day!! smile

Alwayscheerful Wed 17-Apr-13 11:25:38

Op that's excellent news, the EA has an inclination he may be able to close the deal at £325, make him do his best to achieve £330 and hopefully the buyers will go for it, if he comes back at £325 you can always split the difference at £327,500.

TerrysNo2 Wed 17-Apr-13 11:29:36

That would be a decent outcome Always but he's not come back at all yet. I hate waiting!! Did I mention that I am impatient? grin

thebestpossibletaste Wed 17-Apr-13 11:44:52

It's possible that the EA haven't got hold of the people who made the offer yet or are waiting for a call back. I wouldn't call the EA today, as then I imagine they will pressure you again to accept the original offer.

Whilst I bow to alwayscheerful's experience, in my experience a lot of three bed semis have a small third bedroom.

Alwayscheerful Wed 17-Apr-13 11:57:17

Best possible - yes but some third bedrooms are very small e.g part of the stairs takes up floor space or a standard size bed will not fit or one of the measurements is less than 6ft, they can be very hard to shift. OP's house sound lovely I have everything crossed for her. Don't be surprised if the agents get back to you in the morning, no doubt the viewers will discuss it this evening.

joolsangel Wed 17-Apr-13 11:57:35

i certainly wouldnt reduce it after only a week and to get 20 people viewing in such a short time is really positive. i would keep it on for several months at that point and take into account the feedback which the estate agents ought to be giving you. remember estate agents usually price on the high side as they get a bigger cut when you sell. i wouldnt make any major changes either as everyone viewing will have their own ideas and want to put their own stamp on the house so people look through other people's tastes and furniture and consider what the house would be like with their own belongings and what be your taste isnt necessarily someone elses. i would also get another 2 or 3 estate agents round to give you a price and get onto the internet and check out other similar properties in your postcode which have recently sold and look at the sell price. good luck.

TerrysNo2 Wed 17-Apr-13 12:04:49

always our third bedroom is definitely a room, it has a door and a window and nothing impacting on it (stairs or anything) and it can fit a full sized single bed. It is just a small room though.

I will wait, might involve sitting on my hands for the day but I can do it grin

TerrysNo2 Wed 17-Apr-13 12:05:34

jools I guess you read the opening post but things have moved on a bit from there. Really appreciate your comments though!

magimedi Wed 17-Apr-13 13:47:45

If I had a £320 offer from a genuine non chain, proceedable buyer, I think I'd go with it.

I would want very good assurance that they were ready to proceed & I would want a very quick exchange.

Alwayscheerful Wed 17-Apr-13 13:51:49

Thank you for the link - a beautiful home. Third bedroom is fine.

There was an article on right move sometime ago, it was aimed at Estate agents and the interpretation of feedback, feedback such as - decor old fashioned, no garage, overlooked, third bedroom too small, dont like the main road, basically the article said if the viewers had seen the details & floorpan etc then the feedback was economical with the truth, what the feedback really meant was "its too expensive" the reasoning being, the viewers could see all those things before they viewed the property.

FWIW i love your house and I am sure someone else will too but I would look at prices recently achieved in your area.

TerrysNo2 Wed 17-Apr-13 15:07:32

£327,500!!!!! grin

Alwayscheerful Wed 17-Apr-13 15:08:26

Brilliant, well done.

Alwayscheerful Wed 17-Apr-13 15:09:22

Can we come house shopping with you?

TerrysNo2 Wed 17-Apr-13 15:14:03

please do, we want:

1 hour max train to London, 4 bed, 1700sqft+, good schools, nice small town or village, reasonable garden, not new build, west of London (bucks, herts, Berks, Oxfordshire, Surrey, Sussex), nice quiet road, preferably something we can add our own touch to so nothing perfect!

budget £500k Max.

go shopping! grin

thebestpossibletaste Wed 17-Apr-13 15:15:23

Nice one, well done smile

TerrysNo2 Wed 17-Apr-13 15:20:40

no, thanks to you guys, you have helped so much with this process and saved my sanity! MN is awesome smile

almondfinger Wed 17-Apr-13 21:45:51

Congratulations. That was a quick sale. I hope completion is as good.

We had an excellent solicitor in Richmond who helped us buy and sell the flat. She was amazing through all the crap during the sale and really kept the ball rolling even through brick walls occasionally.

Let me know if you want me to PM you her details.

Happy house hunting.

Wow super fast sale, Well done. I hope mine goes that quickly I hate having to keep it all clean and straight.

ILikeToMowIt Fri 19-Apr-13 21:20:03

Well done. Knew it would work out!

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