Think EA ruined us!(19 Posts)
Im rather annoyed at the moment, i know EA have a reputation but i really thought they do what is best for their client.
We initially listed our property for sale with an online agent and after 6 weeks with dealing with time wasters and realizing that online EA are just a big CON we decided to instruct a high street agent. We are moving away from the area and found a house through another branch of theirs.
After a week with them and no offers we were scared of losing the house we wanted so we asked them to drop the price by 10k ( this would make our property the cheapest of its kind on the market) our EA said to drop by 15k as this would create more interest and it may even drive the price up again. I did state to the EA that we could not re-negotiate the price any lower than 15k and a few days later we got an offer for the new asking price.
The valuation survey and homebuyers report was done 3 weeks ago on our property and our buyers wanted to change layout slightly so last week they came with a builder to quote for it or so we thought!
After leaving the property for 40mins i called EA to see if safe to return home as had a 6 month old screaming for food. They said it all went well, buyers were very happy and they were just checking the outside of the building for a few mins. We got home to find them still outside and the builder looked a bit too friendly with the buyer and the same age, they continued to check property for an extra 20 minutes, also talking to neighbours etc. Now this week i get a call that the buyers are having a damp surveyor attend the property, weve not noticed anything and cant think of how this came about.
Ive been reading a lot on surveys etc and i just get a feeling that our buyers are now going to try to knock the price down even lower, which of course we cant, nor think it should be as its still the cheapest of its kind on the market and in very good condition internally in comparison to others, also the prices seem to be rising in this area.
Has anyone been the same situation?
Our first buyer made a lot of fuss over little non urgent things highlighted in the homebuyers report and came back with ridiculous quotes for the work (4x the quotes we got.) These quotes were also from a 'friend' who does roofing etc. In the end we had to essentially tell them to get lost because we got to the point of exchanging contracts and then they asked for £10,000+ off the price or they wouldn't exchange. We put the house back on the market and sold again within 6 days.
There are always chancers. You just have to decide your bottom line and stick to it firmly. It's very stressful, but so is being in too much debt in a new home.
Send a message to the buyers via the estate agents reminding them that you have dropped the price of the property by £15k for a quick sale and the price already reflected the current state of the property and to bear in mind that you will not entertain any negotiation on the price.
Im starting to feel like we have one of those types of buyers. The guy who did the report whilst i was here said he'd been surveying the houses on our street for many years and commented that they are always very good solid built properties considering their age, he even said our property was good for another 100 years before he left!
If we were to get to a stage where they demand money off and we have to re-market it, would you market it at a higher price so we can then drop the price if required?
I can understand your concerns and I'd be feeling quite twitchy about these buyers but I'm not sure putting it back on at a higher price would be advisable. Buyers can track quite a lot of history online now, including price reductions, increases, etc. Seeing a property that had been under offer with an asking price lower than it's now being readvertised at could possibly cause buyers to think you're not serious about selling. Hope it all works out for you.
When we put ours back on the market we put it £5000 higher than pervious asking price so we could drop and achieve the same sale price. However we did that because since we 'sold' ours to the first buyer two other houses on the street had gone up for sale at £10,000 more than ours, and we had three people bidding on ours when we accepted that original offer. A higher price didn't put buyers off ours the second time, but it is a risk.
I would definitely be tempted to send a message via the EA that you won't be moving on price. The last thing you want is for this to go on for months, which is what ours did before we told them we were putting it back on the market. Hopefully yours will be reasonable but I'd make your position clear now.
I am tempted to market it higher, a property a few doors down has gone up for sale a few days ago 15k above ours and it looks a right state inside and smaller, but then if we kept the same price maybe we will sell it quick again.
Im just so annoyed at the estate agent, they were told initially that we cant go any lower and i would have expected them to have already told the buyers that we can't drop the price.
The damp surveyor is coming on Wednesday so im going to follow him around and make sure he's not one of these dodgy salesmen guys trying to get business. My OH is a roofer and had a look yesterday and said a few tiles were missing and some downpipe wasn't secure and he suspects that is what raised concerns but he already fixed the downpipe last night.
You are worrying about something that has not happened. We bought a house last year, had damp proof people round, and an electrician but asked for no reduction. Do not get panicky with EA: explain it's already discounted and you won't go lower. No need to panic.
I'd also agree that you're worrying about something that hasn't happened and it's wholly reasonable for them to have surveys done. It's a big purchase. In addition it doesn't matter what someone else has put their house on, what matters is how much someone is willing to pay.
I wouldn't worry too much about the buyer being friendly with the builder. My DH's family all use his uncle's firm for quotes. Last purchase in the family the seller thought the buyer was trying to get one over on them so they went and got quotes that all came in higher...
You are worrying about nothing. The buyer is just doing what any prudent buyer should. It doesn't mean they will drop the price. And so what if the builder is their friend? Our builder is a mate of DP's which means he is bit cheaper for us, that's all.
A lot of buyers who feel they are getting a good deal will not seek to reduce their offer. Instead they think that with a bit of work to make the place their own they can add value.
Sorry I am confused - is your annoyance really with your buyer or EA? The EA hasn't told the buyer to haggle on the price. I presume the EA told them it was the lowest you could accept. A lot of buyers do haggle at the last minute, stick firm. Great to mend the downpipe and replace the loose slates. Maybe you are projecting your anxiety about not selling your house for the price you hoped on to your EA? or your EA has been annoying in other ways? If you want a higher price: re-market and slightly change your property, or look at the big picture and move on.
I don't think the EA is to blame here. I also think if your oh is a roofer he should have fixed the roof!!!! Try and not panic yet, but absolutely if they try and mess you around put it straight back on the market, it will need to be the same price as it will look strange to buyers if you increase it again.
I would gently remind EA that the £15k reduction was as low as you could go. IME They wont remember/care/understand
Not sure what's your EA has done wrong here?
The concern is that EA havent been that upfront with the buyers (there will be no further reductiions whatever the surveys find) and they may be expecting reductions and that any negotiations will drag on. OP doesnt have time for this.
I may need to read again but I don't think that's been established. All they said was drop by £15k which will hopefully generate higher interests and offers.
The OP is panicking. Perhaps the damp survey was just to put their mind at rest. EvEn if they do come in with a lower offer, just reject it.
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