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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

AIBU to not accept estate agent's advice

111 replies

namechangeforthisthread1 · 03/09/2018 19:06

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?

OP posts:

Ignoramusgiganticus · 03/09/2018 20:38

Yep, hold your nerve.

Melliegrantfirstlady · 03/09/2018 20:39

Ime

You need to look at what similar properties have sold for in your street or surrounding streets. And also when.

If they went for 170k then your house is worth similar

If they went for much less then the agent has valued your property at that price initially to get your business only. Most folk tend to go with the agent who values their property the highest. Thats what some do to get your signature.

If this is due to the bungalow thing then I’d be surprised. It would show as a house and right move doesn’t ask if you want a bungalow (I don’t think)

onlyk · 03/09/2018 20:40

Have you asked friends/family to phone the estate agents pose as buyers and say they are interested in a property similar to yours. Then see if your property is offered for potential viewing.

I’ve done this twice for friends who thought potentially their estate agent wasn’t doing their jobs as there were few to no viewings. Both times my friends properties details were not offered to me. So they moved estate agents then sold their houses.

Not saying it’s an issue for you but costs you nothing to do.

BewareOfDragons · 03/09/2018 20:46

I would say it depends where the house is.

Around here, very little is moving, which is a massive change to last spring/summer when everything moved quickly. Now houses sit on the market for months, with reduced prices a regular siting now, and yet they still sit. All the villages around here are doing the same, and we are not a deprived area!

Brexit, housing correction ... definitely a buyer's market at the moment here.

BewareOfDragons · 03/09/2018 20:48

I agree with the poster that suggested you have some friends call in to see how they're marketing your house.

Original poster

namechangeforthisthread1 · 03/09/2018 20:50

it's in east anglia

OP posts:

Oliversmumsarmy · 03/09/2018 20:53

onlyk

I did that on one house we were selling and hadn’t had one viewing.

I asked them for any 3 bed houses that were South of a particular town.

They didn’t mention mine so I pulled them up on it.

Apparently mine was South South East of the town so they would only include mine if someone specifically said they were looking for a property South South East of the town.

Needless to say they the property was taken off then immediately

MrsStrowman · 03/09/2018 21:00

I disagree with PPs saying listing it as a bungalow wouldn't put people off, I wouldn't even look at a bungalow, and I know lots of people with young families who wouldn't either, I filtered them out when we did our last search, your listing wouldn't have even come up. So I think this will have narrowed your market. Change EA if you can and the suggestion to get someone to call up and say they are looking for a house that matches the description of yours and see if they actively try and sell it, is a good one.

steff13 · 03/09/2018 21:33

What if you have a house that isn’t like your neighbours.

It's necessarily the neighbors, just the same area. And if your house was not comparable to anything else, then there won't be any comps. That's what comp means, comparable.

Original poster

namechangeforthisthread1 · 03/09/2018 21:43

In the street in the last 2 years similar houses have gone for between 140 and 200 k depending on their condition. Ours is one bedroom bigger though than all these others though. But has a slightly unusual layout (long and thin)

The house isn't in bad condition, it's fundamentally sound, double glazing, central heating etc.. but needs modernising. If i was buying it I'd redecorate, and put in a new bathroom and kitchen. possibly re landscape garden. SO we thought 170k was about right. It'd cost about 30k to get it up to the spec of 200k house, but with an extra room.

OP posts:

rosablue · 03/09/2018 21:46

Just read through the thread and immediately thought that you need to get a friend to ring up and enquire about your house and a similar one or two (just so that they don't suss that it's a friend asking for you) - so you can see how well they sell it vs the others that it is competing against. See that I've just been beaten to it

I've also done this for friends in the past and discovered that the EAs were really down-playing it - not least because they had a builder mate who wanted to take similar houses cheaply and revamp them then sell at a big profit through the EA, so they both made much more money out of them. They also told the seller that there had been no enquiries despite the seller knowing that I'd called.

When they changed to a different seller they were advised to put it on at a higher price, said that the other EA had undervalued it, gave them a higher but still reasonable price that they got within a couple of weeks (other EA had had it on for a couple of months with apparently no interest...).

GinUnicorn · 03/09/2018 21:48

I think offer 150 for a 160 property is a fair offer. Why not counter 155?

Original poster

namechangeforthisthread1 · 03/09/2018 21:50

the estate agent is saying that they came in at 147k, he got them up to 150k and that he doubts they'll go past 152k without walking away. Apparently they've had to take a 17k hit on their won property

OP posts:

Original poster

namechangeforthisthread1 · 03/09/2018 21:53

*own

OP posts:

1CantPickAName · 03/09/2018 22:01

Not really your problem that the potential buyer had to take a hit on their house sale is it?

Original poster

namechangeforthisthread1 · 03/09/2018 22:04

yeah that's what I thought too. twas a bit weird

OP posts:

BackinTimeforTea · 03/09/2018 22:05

Got to wonder if your EA also advised the potential buyer!

Havaina · 03/09/2018 22:12

I would find another EA. Are you bound to this one for long?

PickAChew · 03/09/2018 22:20

You can filter out everything but bungalows, on rightmove, but you can't only filter out bungalows, as eg selecting semi-detached will include both houses and bungalows.

AIBU to not accept estate agent's advice

Troels · 03/09/2018 22:27

I'd dump the EA and start again with new EA's. Get three valuations this time and read the listing before you let them put it up. Also make sure there are lots of good pictures and a floor plan.

notdaddycool · 03/09/2018 22:28

Read your contract, you may need to give the EA a month’s notice to cancel before the 3 month point (but you may have grounds due to incorrect particulars). If you do give notice now they have a month to get a good deal for you (158+) and get commission. If they’re being lazy they’ll get nothing and you move onto your next EA.

trojanpony · 03/09/2018 22:30

There are complicating factors that are really outing to talk about , but suffice to say that we can only really wait another 10 months to sell and the quicker the better . And that the whole process is long distance.

I bet they know all or some of this.

Hold out for more and get a friend to call up and book a viewing and see what happens.
When London property was overheating the RA of the place I was buying kept “forgetting” to take it off rightmove.
My friend booked a viewing and I went to it with her the EA’s face was a picture.
After that it was no longer on rightmove.

GabsAlot · 03/09/2018 22:33

you can always go in at 155 and see what happens

if u need to sell it xmas isnt a great time so you'll lose a couple of months anyway

Original poster

namechangeforthisthread1 · 03/09/2018 22:45

yes they know all of that.. somewhat unbelievably the estate agents are kind of family :-(

OP posts:

aybeeseedee · 03/09/2018 22:50

If you've only had four viewings in four months and then four since the price is dropped, the price is probably more realistic now. Personally I'd sell it and accept the offer on the proviso completion is within a specific period.

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