Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

1 2 3

Original poster

Not sure if I sold home too cheaply!

75 replies

Amon3422 · 18/04/2022 01:28

Please help me. I’m having sleepless nights and panic attacks. I live London. House was put on market early March and on first open day we had 6 offers. 5 of them were 10-20K under the asking price and only one was offering the asking price. EA urged me to accept but I asked for another open day as it was only 4 days since listing. Had another open day but no real offers (only offer from someone whose house not on the market). EA Urged us again to go for the first offer as it’s a FTB. We have t signed anything yet but house has been taken off the market with UNDER OFFER on right move.

I’m confused as EA seem in-experienced e.g. they gave our contact details to the lowest bidders surveyor who kept calling us to access house to do survey. We found out as they called us later and told us to ignore the person. I spoke to actually told me their new!

I’m so confused. What would you do? Realistically I feel we could have gotten 25-30K more but would we? EA doesn’t seem like they care they just want a quick sale. I’m regretting going with them.

OP posts:

Lemonlemon88 · 18/04/2022 01:34

Why did you set your asking price lower then what you wanted?

Original poster

Amon3422 · 18/04/2022 01:41

@Lemonlemon88 I didn’t realise we could negotiate the asking price. We saw 5 EA and they all suggested a price and we narrowed it to the EA’s who suggested the highest price.

OP posts:

Nomunkat · 18/04/2022 01:47

It's a seller's market at the moment.
Ill hold off until you get the price you are satisfied with

Original poster

Amon3422 · 18/04/2022 02:30

Thanks @Nomunkat

But we’ve had around 7 offers in total all under asking price except the one from FTB who have the asking amount. If it’s sellers market then why haven’t the others upped their offers?

OP posts:

Undertheoldlindentree · 18/04/2022 02:51

Because you went with the agent who suggested the highest price. So the usual market price for your property in your area may be closer to the average of the other four agents. That's also indicated by you not getting a flurry of higher offers on open day. Essentially you already have your over-market offer.

grotsnags · 18/04/2022 03:03

London hasn't seen the same demand as other parts of the country. You went with the highest value & only got 1 offer at asking. I'm not sure why you think you could have got more.

WrinklyDad · 18/04/2022 03:04

Firstly you are in control, not the EA. I have dealt with numerous ones over the years and they differ massively in quality, experience, and knowledge. They only earn a commission if and when the house sells, so it is in the best interest to get the deal done. Especially when an extra 10k may only earn them a couple hundred quid extra at most. And that's money to the company not what the actual EA will earn extra.

If you have already gone with the highest listing price quoted out of the 5 EAs you spoke to why do you think that the house is worth anything more?

Sounds like you are overthinking this. You've to an offer at full asking price. I'd take it and be happy.

Step1234 · 18/04/2022 03:45

Why do you think your house is worth more? Sounds like your offer is about right if the buyers and estate agents are all aligned.

Fleur405 · 18/04/2022 03:51

If you’ve seen 5 estate agents and they all think it is valued at or below the offer you have received then it seems you may be being unrealistic about getting another £30k. However if you are not happy it is always open to you to put it back on the market at a higher price.

Original poster

Amon3422 · 18/04/2022 03:52

I think I’m overthinking as property was on the
Market for no more than 11 days. I’m just thinking if more people enquired, then estate agent wouldn’t have told me, as I can sense they just want to get on with the sale.

OP posts:

Original poster

Amon3422 · 18/04/2022 03:54

Also Inlaws told my DH today that we were very silly to sell the house at that low price as most houses they’ve seen and heard about have all gone way above the asking price. I just feel maybe we’ve been idiots selling so quickly and should have “holded off” as suggested by DH uncle at dinner today.

OP posts:

Original poster

Amon3422 · 18/04/2022 03:55

In my mind it was all done n dusted but so many people have told us today (in DH family) that we made a mistake. My family are not from here so I can’t ask their opinion.

OP posts:

sunshineforest · 18/04/2022 05:00

You has six offers and only one at asking price. There's your answer. If it had been underpriced you would have had more offers at asking price surely

carefullycourageous · 18/04/2022 05:01

@Undertheoldlindentree

@Amon3422

Read the post from @Undertheoldlindentree carefully - I agree.

You have had five valuations and lots of offers. The market value of your home is clear.

teezletangler · 18/04/2022 05:03

You have had five valuations and lots of offers. The market value of your home is clear.

I have to agree with this

CuddlyCactus · 18/04/2022 05:11

Does DH's family know that you had several other agents value it for less? If so then they may see this more as a "good" offer.
These other people they're referring to that sold way above asking price may have gone for a mid-market valuation rather than top as you have

TheLadyDIdGood · 18/04/2022 05:13

I'm in the south east in red hot commuter belt area and lots of properties are now being reduced. They were bnitially over priced and now mortgage companies are refusing to mortgage them. So sales break down and the property goes back on the market at a reduced or 'market appropriate' price. If you refuse offers because you want more money, you'll either price yourself out or have to reduce because nobody can get a mortgage. It may be a sellers market atm but mortgage lenders are getting wise to overpricing.

icklekid · 18/04/2022 05:19

You went with highest valuation and got an asking price offer. You had lots of lower offers. I don’t think you’d get more. If your asking price was lower (like some of the other valuations) then the other offers might have been higher than asking price! What matters is will the amount you get be enough to secure your next house or do you need more in which case you might not be able to afford to sell? I get it in that I bought my first house it was top of asking price but I loved it and could afford to. When I sold it (3 years later) I made very little (sold for couple of k more) if I’m honest I was disappointed as had hoped to make money on it but ultimately it didn’t matter as my circumstances had changed and was now buying with my then husband and I hadn’t lost money. If I’d waited a few more years it would have been worth more as market rocketed but then so did the price of my next house!

RedMake88 · 18/04/2022 05:26

The asking price you were offered is the market value of your house as you went for the highest pricing EA. Sell to the person.

Februarymama · 18/04/2022 05:36

@sunshineforest

You has six offers and only one at asking price. There's your answer. If it had been underpriced you would have had more offers at asking price surely

I think sunshine has hit the nail on the head here. We’ve just sold our own home and we also had offers after only one open morning. I told my agent I would like to proceed with the other open morning (which we’d already booked and had viewers for) as I didn’t feel like we’d given things enough of a chance.

9 people viewed our home in total, and 8 of them offered. Of those 8 offers, only one was below asking price. When it went to best and final, it sold for 20k over asking price. But that’s because I went with the middle valuation of the four I got, not the highest. The highest valuation I was given was the same price as it actually sold for. So if I’d gone with them, my situation may have been more like yours where all my offers were below asking.

If everyone else who has offered has offered below asking, then it sounds like you have done well to achieve asking price.

Original poster

Amon3422 · 18/04/2022 05:49

Posted this message in wrong thread! So pasting it here;

Also we are looking to buy through same EA and only viewed one property so far and difference has been stark! Such as EA kept us waiting 45 minutes to view a house then didn’t turn up! Then rebooked and we waited again and after viewing there has never been a follow up phone call. Other EA We viewed were always there before us, showed us around and seemed to know lots about the properties and next day would call us to have feedback on the viewing.

That’s what makes me think we do sold it too cheaply as the EA don’t seem professional or organised, God knows how many offered they let slip between their fingers (is that correct saying? I’m too tired)

OP posts:

Original poster

Amon3422 · 18/04/2022 05:58

I’m just wondering what if I had gone with another EA?

OP posts:

Butitsnotfunnyisititsserious · 18/04/2022 06:01

If you went with the highest price valuation, and got it at asking, then you've sold for the highest price. Estate agents can easily overvalue a property and the difference in valuations can be huge. Also people can easily overvalue their own property. Go back on the market if you want, but it's not a sellers market everywhere. No guarantee you'll sell for higher or even asking.

ukborn · 18/04/2022 06:03

It's not true that all houses are selling above ask. I bought mine last summer and had three offers accepted on houses in a very desirable area - all under ask (the first two fell through due to various reasons, nothing to do with price), and another I was unsuccessful on (lost out to cash buyer) sold for under ask too.
If you had five valuations, went with the highest and got that after 7 offers - what is your issue? From the agents point of view they have absolutely done their job. I think you are being greedy to expect more and your relatives are not the professionals here.
Not all agents ask for feedback and if anyone sees a property they are interested in they'd be calling the agent not vice versa.

ImBurtMacklin · 18/04/2022 06:05

Are you willing to relist?

Flip

1 2 3