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Some (urgent) advice on a house sale appreciated!

(4 Posts)
AlicanteLullaby Mon 10-Feb-14 09:05:52

Hi. I recently decided to sell a cottage I had previously rented out. Rather stupidly, I only got one valuation, from the agent through which I let. I felt he undervalued it ('low hundreds') and put it on the market for 124500. Lo and behold, we received two chain-free offers on the first day of marketing. I will not be making any profit on the house sale, the sale will just about pay off the mortgage and the agent's fees if I'm lucky (bought in the boom). We took the offer from a cash buyer (the other was a buy to let investor requiring a mortgage)- after having received what we were told were 'best and final offers' from both parties. I have now received an email out of the blue (she found my work email on the internet) from the bu to let investor stating that she is still very interested in the sale, that the offer was not her best and final offer and that she was willing to increase the price on clarification of boundaries etc. She states that she felt the estate agent was acting unprofessionally and not in the best interest of all parties.

While I am reluctant to jeopardise the agreed sale, I am concerned that we have been taken for a ride by this agent, who has undervalued our house and gone for the easy option to get his commission.

Any thoughts about what I can do next?

Annianni Mon 10-Feb-14 09:14:31

I'd get a couple of estate agents round to value the house.
Before deciding anything else... Good luck.

AlicanteLullaby Mon 10-Feb-14 10:57:48

Thanks, I have another agent coming over in the week and the buyers have now both offered 130000. I bit galling that the estate agents so undervalued it, but nice to think that I might see some of my deposit back. Ho hum!

specialsubject Mon 10-Feb-14 12:25:39

the agent suggests a price but you accept it. This did look like a gazump but clearly it is now a bidding war - fair enough!

BTW if you do make any gain on this you may be liable for CGT.

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