AIBU to not accept estate agent's advice

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Named changed as outing.

House has been on market since May at 170k . Only 4 viewings. Estate agent advised us to drop price 2 weeks ago to 160k . Since then it has transpired that in our opinion they were marketing the house poorly/incorrectly (not coming up on search engines/ described as a bungalow rather than house) and we complained. They deny it.

In the last week there have been 4 viewings. Today an offer was made for 150k. The estate agent has advised us to take it on the basis of

• it's a difficult house to sell, hence only four viewings in 4 months
• winter is coming and it's unlikely to sell over winter
• brexit

We don't want to go under 160k but they have advised us to accept offer.

AIBU to go against the advise?

I would turn their offer down. The estate agent sounds useless. Ask them to change the right move listing. You could post on mse house buying forum if you are feeling brave with a link to your right move advert for constructive opinions.

I admittedly don’t have as much experience in this area as other posters but it feels a bit like they’re trying to push for a quickie sale? But then they’d get less commission, which isn’t good.

Was it Purple Bricks?

I would go back and say £160k. If someone wants it enough to pay £150k for it, another £10k won’t be enough to put them off and is a good compromise between the asking price and their offer. If they say no you can always reconsider the offer, but if you feel that the agents haven’t done enough to market it, you obviously have faith in the house itself and that it’s priced correctly.

Or Bridgfords? I believe they encourage fast sales, great for buyer, rubbish for seller.

If you've had 4 viewings in a week that's a good sign - I guess you need to decide how long you have to wait, its a possible gamble but I would hold out for 160k.

It's entirety up to you and how much you need to sell. Personally I'd pack up and wait until May 2019 if you have that option.

In my experience if something doesn't sell quickly it's either the wrong price or something else is wrong. In your case, the bungalow thign is a big issue.

Once it's hit the market wrong and been on for some time you'll keep getting chancers with low offers.

Either haggle upwards, if they'll negotiate or wait again until next year
.

So are you saying there have been four viewings in total, or four viewings in as many months until you asked them to update the marketing? If you’ve had four viewings in a week it doesn’t seem like that difficult a house to market.

It’s worth checking your contract. Most estate agents ask for three months’ exclusivity, but you’ve gone beyond that. You can ditch them altogether or take on a second agent .

Sorry. Mis read. 4 viewings in a week since they sorted the issues is a good sign. Hold your nerve and not let chancers take the piss :)

Of course, they’re only estate agents! It’s not like your doctor telling you to give up smoking. You can sell in your own time for whatever suits at the time

Seems a fairly low offer, assuming it’s their best and final offer?

Sept is not a great time of year for selling property as people never like to be moving around Xmas, and put off selling/purchasing till spring, unless they have good reason to move before due to a new job causing change of location, growing family needing more space.

Brexit is causing uncertainty, prices may fall, but who knows what the effect of brexit will be.

Does an offer of 150k work with your plans? Why does the EA think your property is difficult to sell?

Of course the agents want you to accept the offer, assuming that the sale goes through they will get paid!

Good luck OP☘️

People will have been away during the last 6 weeks, if they have children they will also have been spending time with them and not looking for a house that is described as a bungalow.

Can you change agents now that people will be back to normal after the heatwave and holidays?

P.S. I once viewed an apartment which, according to the marketing, had an en suite. It didn’t. The agent got quite huffy when I pointed out their particulars were inaccurate and said I must be mistaken. I bought a place a couple of streets away. Months later the first place was still on the market, still with the wrong info on Right Move - the only thing that had changed was a price drop of 30k.

4 viewings in 4 months, then 4 in the last week since price dropped.

If you cannot afford to accept the low offer, it’s all irrelevant but I’d recommend going with what you think, not what an estate agent tells you.

4 viewings in 4 months, then 4 in the last week since price dropped.

This screams to me that your house was overpriced.

What about it makes it hard to sell?

Also, do they give you comps there? Lists of what similar homes in the same area have sold for? If so, is $150K in line with the comps or not?

You typically get a rush of viewings when your house drops into another search price bracket on Rightmove. If your estate agent is on a 3% commission, a drop in £10000 only makes £300 difference to them so they will be keen for you to take it. Is it the final offer or is there scope to negotiate? You will have a sense of whether the offer is acceptable for the neighbourhood and whether you can afford to take it, or whether you’d rather wait till next spring and go with a different agent.

I once worked with someone who bragged that his friend was an estate agent and had discouraged viewings to a property that he was interested in. He made a lower offer and grabbed a bargain! Maybe a change of estate agent may work. Also, many people would rush things through at this time of year to get in before Christmas, i did!

Change your estate agent! Your house will be stale after 4 months.

I'd go back and say you want the asking price.
And also talk to another EA and get an alternative valuation.

I wouldn’t accept a first offer, regardless of what it was. The buyer doesn’t expect you to either .

Could you get the same amount knocked off the house your hoping to move into? Because that would in effect finance it.

Definitely negotiate! Go back with £160k, be prepared to maybe take £157 or £158. The estate agent is just lazy, as far as I can see, and can't be bothered to do their job.

CatsMother66 - I think you'll find that's illegal!