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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to feel I have sold house too cheap?

148 replies

PampassGrass · 10/08/2020 10:36

Put house on market just before lockdown. Valued by three estate agents who all gave exactly the same valuation.When market reopened, accepted a price £16500 less than asking price as thought there would be a crash due to pandemic. The reduction was 6% less than the asking price of £295000. The buyers are cash buyers with 25% deposit, so a good bet.
Now, it is a sellers' market and prices have gone up rather than down. I can't help feeling gutted we panicked into accepting too low a price. I know that there is nothing we can do now as we agreed to the price and will follow through with the sale out of respect for the buyers who have had the survey and all the legal searches done.

Has anyone else ever regretted selling too cheap?!

OP posts:
Jeremyironsnothing · 10/08/2020 10:38

I'd feel the same but good on you for honouring it. I would too, but I'd still be full of regret.
C'est la vie.

Ultimatecougar · 10/08/2020 10:40

I wouldn't honour it. Why would you give a stranger 16k? What is to stop them flipping it straight away for an increased price?

CausingChaos2 · 10/08/2020 10:44

For the sake of £16k you have committed buyers who are chain free. That is massively valuable in its own way. How sure are you that you’d secure a sale for full asking?

We had a similar situation with selling DGMs house just before lockdown. Yes we probably could have got a better price but the buyers were FTB who were keen and could move quickly.

sruitfalad · 10/08/2020 10:44

You're going to lose out on £16.5k because you respect the buyers?! Yes, it's the biggest purchase of their lives and it's good they're saving money BUT it's literally at your expense. Seriously- would they do the same for you? If you don't pull out now, you're always going to be left bitter and resentful and you don't want to take that feeling with you to the next house. If you've not yet exchanged, I'd seriously consider relisting the house.

Alexandernevermind · 10/08/2020 10:44

Withdraw explaining that the house you were after has also gone up so you cannot afford to sell yours cheap. Offer to refund the seller the cost of their surveys to be fair, then relist at market value. Do it all through your estate agent so you dont have to have the difficult conversations.

SlipperyLizard · 10/08/2020 10:47

If you pull out soon enough, all they’ll have is disappointment rather than wasted fees.

Also, they’re not “cash buyers” unless they have 100% of the purchase price in cash - they might have no chain, but they’ll still need a mortgage.

chargeorge · 10/08/2020 10:47

If you relist your house you could end up with accepting a slightly higher amount but be in a long chain with all the possible problems that can bring. I was in a chain that fell through several times even though I was at the end as a cash buyer - your choice

Ultimatecougar · 10/08/2020 10:48

From what I understand from your post, you're not just losing the 16k but also an additional amount that the house has risen by. Buying and selling houses is a business decision, not a point of honour.

You are effectively giving a stranger a massive hand out.

Deux · 10/08/2020 10:48

Agree with the PP. Why would you give your profit away? If the market has truly changed that much then you can go back to the buyers and try to come to an arrangement on increasing the price.

It’s the biggest sale or purchase you’ll ever make and it constantly amazes on Mumsnet that people put more effort into negotiating the price of a used car then they do a house sale or purchase.

It’s a business transaction.

titchy · 10/08/2020 10:50

Honestly I'd continue the sale. You don't know what's around the corner. It's not a massive drop at all. You could withdraw, remarket, and find yourself in the middle of another local lockdown in a few weeks, with bad weather on the horizon (good weather encourages houses to sell), and a massive crash because of Brexit.

titchy · 10/08/2020 10:53

Oh normally I'd say negotiate hard, it's a business transaction, take the emotion out of it etc. But right now lockdown has eased, the weather is glorious, people are feeling a lot happier and more enthusiastic than they have for months - that's what's pushing the market. Nothing tangible.

The picture could well be very different in a couple of months.

ivfdreaming · 10/08/2020 10:54

Property is always a gamble - you win some you lose some - we could quite easily have gone into a property price crash and if it wasn't for the stamp duty holiday then we definitely would have

If it's not affecting the property you are buying then you should honour it especially if they are chainless/cash buyers

LonelyFromCorona · 10/08/2020 10:58

Whats your evidence that the market has gone up? Just because EAs are listed high asking prices doesn't mean they'll sell for that. Unless you have insider access to the price that similar properties nearby have sold for in the last couple of months (won't be published by land registry yet to view publicly on rightmove/zoopla) then this seems to be in your head...

If you really think you can do better, tell your EA and cancel the sale. Buyer will be annoyed but if they are keen they may up their offer. It's a risk because who knows... you may not get offers that are that much better or only offers from people in a chain.

StatisticallyChallenged · 10/08/2020 11:00

If they are a genuine chain free cash buyer I'd say that is worth quite a lot. The market around here is pretty buoyant at the moment, but I'm also seeing lots going under offer then coming back on, and lots of people are finding it challenging to get a mortgage. If these buyers are solid and able to exchange soon I'd probably stick with it.

Totickleamockingbird · 10/08/2020 11:03

There is absolutely no evidence of house prices going up in the three main areas I am looking into (all commuter towns, great schools, etc).
I have no idea where this idiotic idea has come from. Most likely a campaign to keep the prices artificially up, as always. With so many job losses, a looming recession, a shrinking economy, if my home keeps its price I would be grateful. There is no price increase whatsoever. It’s only on mumsnet probably.

Original poster
PampassGrass · 10/08/2020 11:03

The price of the house wouldn't have risen by 6%, but I imagine would have at least reached asking price in a market where houses are going like hot cakes. Therefore, we would be £16500 better off if we had stuck to our asking price.

OP posts:
Totickleamockingbird · 10/08/2020 11:04

Estate agents are just like job recruiters. Remember who/what they are working for OP.

dontgobaconmyheart · 10/08/2020 11:04

Have the house revalued privately and go from there OP. It may not be 'worth' as much as you think. What are you basing the house price rise in your area on? Legitimate sold prices are the only way of assessing this, a for sale price isn't.

It is unfortunate but there is always a risk any house sale will fall through and many do. Honourable to say you will go through with it to your own disadvantage but there comes a point that martyring is unnecessary when it leaves you worse off and a random stranger significantly better off to the tune of a huge sum of money, if this is indeed the case.

As cash buyers and a 25% deposit they are better off than most. For me it would depend on my own finances, as to what is 'fair' in this scenario.

Original poster
PampassGrass · 10/08/2020 11:05

@Totickleamockingbird

There is absolutely no evidence of house prices going up in the three main areas I am looking into (all commuter towns, great schools, etc). I have no idea where this idiotic idea has come from. Most likely a campaign to keep the prices artificially up, as always. With so many job losses, a looming recession, a shrinking economy, if my home keeps its price I would be grateful. There is no price increase whatsoever. It’s only on mumsnet probably.
The evidence is that all houses going on the market in our area are being snapped up immediately.
OP posts:
AntiHop · 10/08/2020 11:06

Are you buying somewhere to move on to? Is there a risk of losing that if you lose these buyers?

VinylDetective · 10/08/2020 11:07

@Totickleamockingbird

There is absolutely no evidence of house prices going up in the three main areas I am looking into (all commuter towns, great schools, etc). I have no idea where this idiotic idea has come from. Most likely a campaign to keep the prices artificially up, as always. With so many job losses, a looming recession, a shrinking economy, if my home keeps its price I would be grateful. There is no price increase whatsoever. It’s only on mumsnet probably.
This “idiotic idea” has come from parts of the country - eg where I live - where houses are SSTC within days of going on the market and, for the first time in years, there are bidding wars.
Original poster
PampassGrass · 10/08/2020 11:07

@dontgobaconmyheart

Have the house revalued privately and go from there OP. It may not be 'worth' as much as you think. What are you basing the house price rise in your area on? Legitimate sold prices are the only way of assessing this, a for sale price isn't.

It is unfortunate but there is always a risk any house sale will fall through and many do. Honourable to say you will go through with it to your own disadvantage but there comes a point that martyring is unnecessary when it leaves you worse off and a random stranger significantly better off to the tune of a huge sum of money, if this is indeed the case.

As cash buyers and a 25% deposit they are better off than most. For me it would depend on my own finances, as to what is 'fair' in this scenario.

How do you get a private valuation?
OP posts:
Totickleamockingbird · 10/08/2020 11:08

That may be a local effect? In our area (very popular, always in demand), there is no evidence that people are willing to pay more. And you would imagine that as working from home is becoming more easy, people would be falling for this area. In your case, a bird in hand and all that is probably better.
May be get a private valuation if you like.

GiddapGreyWaynesKeat · 10/08/2020 11:09

Did you get a good deal on the house you are buying? Is there a risk you’ll lose your new home if you pull out of this sale? Tread carefully

userd · 10/08/2020 11:10

I wouldn't honour it. Why would you give a stranger 16k? What is to stop them flipping it straight away for an increased price?

And of course if the market had dropped & the buyers wanted to lower their offer you would have no issue with that?