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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:
stuntbubbles · 18/04/2022 06:16

I don’t think things are going above asking in London, especially to FTB – London is its own micro market and people are willing to cast their geographical net wide for their first purchase to get on the ladder, or even relocate to make the jump up to the next rung. So if you’re selling in London you’re often competing against thousands of houses. Whereas elsewhere there’s less on the market: the city we’re buying in has 48 houses in our size/price bracket; six – 6 total! Regardless of price/size! – in the neighbourhood we like. Much more likely to sell for over.

Also: you’ve accepted this offer. Do you really want to be that person, who reneges on it?

TheLadyDIdGood · 18/04/2022 06:20

Why are you restricting yourself by looking to buy your next house through the same agent who is selling your house? Surely, if you see a house you like on rightmove or zoopla then you view it regardless of which EA.

HairyMuttttt · 18/04/2022 06:21

What was the range of suggested estate agent prices?

Historically I’ve tended to get 5 quotes. I’ve mostly ignored the estate agent suggesting the highest price and the lowest price. The former because they are likely suggesting the highest price just to get your business and the latter because underselling makes for a quick sale.

A safer bet is to go with an estate agent you like, negotiate the percentage you’re charged and independently set the price yourself on the back of the information you have. I tend to go for a price just above the average estate agent quote.

How does the price you’ve been offered by the FTB compare with the price all the other estate agent suggested?

It’s ok for someone to be new and getting to grips with their job. Yes it might mean you need to be proactive. However I’ve always considered estate agent to be just another shop and prefer to buy or sell privately where possible.

When your old and grey the 20 or 30k difference will feel like pennies. My parents bought their first house for 16k in the 80s and now live in a very averagely priced 300k house.

Mummyoflittledragon · 18/04/2022 06:29

You have got over the asking price for 4 out of 5 agents. It sounds as if you’ve sold for the maximum achievable price. You are selling to ftb, which in itself is worth something as they come with no chain. Hopefully the mortgage valuer will agree your property is worth the price they’ve offered.

JeffThePilot · 18/04/2022 06:47

I can’t imagine why you think you could get that much more. Are you serious about selling or not?

MeanMrMustardSeed · 18/04/2022 06:58

If you sold through Foxtons, this is the game they play. Value ridiculously high so people go with them, and then have to persuade them to accept what then feels like a low offer.
They valued our flat so high that we laughed and went with a local agent.

Donotgogentle · 18/04/2022 07:04

You’re being swayed by what your DH’s family are saying about prices, they’ve got no actual evidence about the market price of your property.

The property is worth what the market will pay, that’s all. You’ve tested that thoroughly with 5 estate agents, 2 open days and a handful of offers, of which you’ve accepted the highest.

Ignore the uninformed opinions of your in-laws and stick with the evidence.

mjf981 · 18/04/2022 07:12

Don't be greedy OP. You have an offer at the highest valuation given to you. Take it and run. Prices could plummet in the next few years as interest rates start to rise.

Donotgogentle · 18/04/2022 07:15

Also, why are you trying to buy through the same EAs. I don’t understand this at all. Yes, it can make the transaction a bit smoother but not enough to be worth limiting yourself.

Fedupbuyer · 18/04/2022 07:21

The move market seem to give accurate valuations,you can add if you have done any renovations,lots of overpriced houses are staying on the market where I’m from,I think the ship has sailed on that one.

Ilikewinter · 18/04/2022 07:34

Sounds like your making a drama out of nothing, if you really believe that youve sold under value then pull out of the sale and re advertise your house. If youre not happy with the estate agent then give them notice and leave.
All quite simple really.

Unsure33 · 18/04/2022 07:44

You don’t buy through an agent ? You search the internet yourself or if you have an area you are interested In ,sign up with all those agents .

If you have not found a property yet you need also to have a buyer who will wait . The price is not everything to consider.

Hallyup89 · 18/04/2022 07:50

I don't get this. You've had 5 valuations and you went with the highest. The actual value of your house will be around the middle of the 5.

You've had 7 offers, all but one lower than the asking price. That is another indication that your house is already overvalued. You then get an asking price offer from someone in a good position and the EA urges you to accept it.

Of course the EA wants you to accept it. They know your house is overvalued, but they did that to encourage you to use them. To put it on for another £30k is madness. It'll sit on the market for ages because people are not stupid. I've seen it in my own local area. Houses on for more than a year because they're overpriced. Everything else gone in a week.

You have a higher than average offer from someone with no chain. Take it.

BornBlonde · 18/04/2022 07:57

@Hallyup89

I don't get this. You've had 5 valuations and you went with the highest. The actual value of your house will be around the middle of the 5.

You've had 7 offers, all but one lower than the asking price. That is another indication that your house is already overvalued. You then get an asking price offer from someone in a good position and the EA urges you to accept it.

Of course the EA wants you to accept it. They know your house is overvalued, but they did that to encourage you to use them. To put it on for another £30k is madness. It'll sit on the market for ages because people are not stupid. I've seen it in my own local area. Houses on for more than a year because they're overpriced. Everything else gone in a week.

You have a higher than average offer from someone with no chain. Take it.

This

What family say is irrelevant

A580Hojas · 18/04/2022 08:00

Listen to the wise people of Mumsnet, not your dh's uncle.

Whatever you're trying to say in your second comment about viewings isn't coming across at all.

Estate Agents do want quick sales. Houses that are on the market for a long time quickly become stale.

ColdSeptember · 18/04/2022 08:00

It's only worth what someone will pay for it.

Figgygal · 18/04/2022 08:03

Way over thinking this
Your house is only worth what someone will pay for it not what your family member thinks anecdotally its worth
Are you sure you want to sell? You have a good offer dont risk it

grotsnags · 18/04/2022 08:06

Also I think the market is shifting so whilst you may have got a good price in Feb vs Dec it's not necessarily true for May.

Heronwatcher · 18/04/2022 08:11

If you’ve had a number (5/6) of offers at around the same level following 2 open days and this was also roughly the price that most estate agents (apart from the one you went with) valued at, this is the value of your house.

User0610134049 · 18/04/2022 08:11

Don’t be greedy
I think it sounds fine what you have done and it’s good the people that offered are FTB.
You can always think ‘what if’ but as (many) others have said you would have got more higher offers if it was worth more.
Ime things either sell really really quickly or sit around for ages which then in itself can be off putting. I’d accept the offer and proceed and don’t listen to relatives who don’t have all the facts and don’t know what they’re talking about

Morechocmorechoc · 18/04/2022 08:17

Are there no other similar houses recently sold in your area? It's generally easy in a non rural setting to work out the exact value of your house.

Your only other option would have been for your estate agent to have told everyone that offered that you've had a lot if offers and therefore are going to best and final. That would have been the most sensible.

Check out sold houses and see if you're happy with your price after that.

girlmom21 · 18/04/2022 08:17

I actually think based on your update you should get a new EA. You've probably got a 12 week contract with them but they're not holding up their end of the contract so tell them you will be finding a new EA and list the reasons in your update as to why you don't believe they've got your best interests at heart.

Summerfun54321 · 18/04/2022 08:23

You could wait a bit longer, but an overpriced house left online not selling is very unattractive.

Gwlondon · 18/04/2022 08:26

It’s stressful selling. Sorry your husbands family are adding to the stress. Don’t listen to them. (Unless they have just sold exactly where you live now!!!)

TomRipley · 18/04/2022 08:37

Take the offer!

Our seller pulled out because they thought they were underselling to us (asking price). They re listed at a higher price the same day, we were gutted.

Nearly 3 months later it's still on the market, they took it off recently and put it back on with a different agent and new pictures but the same price now fixed.

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