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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:

IDontHaveAnOutingHobby · 18/04/2022 08:42

I dont agree with many of the comments.

The prospective buyers will have asked the agent if you are open to offers. presumably they said yes as you got offers. If the agent had said no they you would have got an asking price ofer or no offer

With so many offers the agent should have put it to best and final offers within 72 hours. They should have tried to increase the offers of the lower bidders- you dont indicate that the agent went back to try and get them to increase.

I dont know if your house is worth more but I do think that your agent hasn't acted in your best interest,

London prices/sales are odd at them moment. You do say house though and houses are generally doing well.

Gardengate45 · 18/04/2022 08:53

How much more do you expect/hope to sell it for? If you’re in no rush to sell then you might as well put it back on the market and see what happens.

zaffa · 18/04/2022 09:34

@ukborn

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.

That last point is especially relevant. When we found a house we both loved, we didn't need to be called - we called ASAP. The agent may well be rubbish, but he's secured you seven offers, one of asking price from a FTB - I think they are absolutely doing their job?

Read your small print if you go elsewhere btw - I'm sure there is a clause that if the person who buys it was introduced by the first agent they still get paid ....

CuddlyCactus · 18/04/2022 09:57

Have any similar sized properties sold near you recently @Amon3422 ?
You can check the actual sold price on rightmove or zoopla but takes couple months to appear following sale. I think certain homes are attracting a premium at the moment so you need to make sure you're (and your in-laws) are comparing like with like

You don't say whether it's house/flat, has garden and I don't know anything about London market. But in a lot of areas it's properties with a garden and 3 or more bedrooms (so can use as home office) that are in demand and attracting premium prices. 1or 2 bed flats with no outdoor space are less attractive post-covid. Now many people are going to be hybrid working they need more space at home and lockdowns made many people realise they wanted their own garden. And they're spending more time at home to enjoy a garden

Original poster

Amon3422 · 18/04/2022 10:04

Hi @CuddlyCactus it’s a house, It’s a large garden, 4 beds, Ensuite and a loft conversion. Very high spec. Other houses have sold for that amount but ours literally needs nothing doing at all it’s ready to move in and very good condition. High quality fitted wardrobes in main bedroom

OP posts:

Original poster

Amon3422 · 18/04/2022 10:06

I’m thinking just go ahead with it as it’s nearly May now and we need to buy a property and get settled before kids start school. FTB told EA they will wait as long as it takes us to find a property as they love the house

OP posts:

LittleBearPad · 18/04/2022 10:12

@Amon3422

Hi *@CuddlyCactus* it’s a house, It’s a large garden, 4 beds, Ensuite and a loft conversion. Very high spec. Other houses have sold for that amount but ours literally needs nothing doing at all it’s ready to move in and very good condition. High quality fitted wardrobes in main bedroom

You went for the highest asking price and you’ve sold at that asking price.

Also just because you like your house doesn’t mean buyers will like everything about it. I don’t like fitted wardrobes so would have to rip them out and make good. I’d factor that in plus any other changes - new bathroom, kitchen etc

Many families are moving out of London so there’s no longer a feeding frenzy on London properties.

RandomQuest · 18/04/2022 10:13

You’ve done really, really well. Not only have you achieved full asking price, it was the highest of 5 valuations and you’ve got chain free buyers willing to wait for you to find somewhere.

CuddlyCactus · 18/04/2022 10:13

In my area that would be a very
in-demand property and would attract a bidding war. But we have a shortage of 4 bed houses.
House prices rose a lot last year but not sure they will again this year so that may be ceiling for your area.

But, as I say, I don't know anything about London market and it does depend what price others are selling for and availability of that size house in your area.

TheLadyDIdGood · 18/04/2022 10:17

Yes, accept the ftb offer and get the process started. Go onto rightmove, Zoopla, register with local agents in your chosen area and look for a house.

www.rightmove.co.uk/

www.zoopla.co.uk/

girlmom21 · 18/04/2022 10:24

@Amon3422

If you find a house tomorrow you won't be in before September.

TheLadyDIdGood · 18/04/2022 10:31

Technically she could if she buys a chain free property so she has a 3 house chain: her buyer, her & the vendor. That's what we did when we bought our 1st house, we offered in Dec and moved in the week after Easter. It was a quick, hassle free process and I'm looking to do it again if I find a chain free house.

IDontHaveAnOutingHobby · 18/04/2022 10:33

If you find a house tomorrow you won't be in before September.

Rubbish-thats 14 weeks- just moved in 8 weeks in London- wanted 4 but the searches took longer and it was leasehold.

CuddlyCactus · 18/04/2022 10:36

I'm just amazed that OP has got FTB buying her 4 bed house with en-suite and large garden. In London
I'm clearly doing something wrong!

Original poster

Amon3422 · 18/04/2022 10:56

@CuddlyCactus don’t be disappointed! I heard he’s lived at home for many years with his parents so managed to save a large deposit. Nothing would convince me to live back at home with my parents!

OP posts:

girlmom21 · 18/04/2022 11:35

@IDontHaveAnOutingHobby

If you find a house tomorrow you won't be in before September.

Rubbish-thats 14 weeks- just moved in 8 weeks in London- wanted 4 but the searches took longer and it was leasehold.

When? I've been waiting since Feb and we're looking at another 4-6 weeks and ours has no onward chain.

Average move time is 16 weeks at the moment. Solicitors are massively busy, there are land registry delays, all sorts.

Calmdown14 · 18/04/2022 12:21

I think you've got two different issues here.

Your estate agent sounds un professional and you are well within your rights to not rate them.

Is the offer a realistic price and does selling to a FTB happy to wait for you a value in itself?

Try and separate them in your mind. What were the other valuations from the other agents? Does your value compare with other properties sold recently?

If the answer to the above is fine discount your feelings for the agent.

How much difference are you talking in real figures? It depends on whether just moving forward with life at the pace you need for schools is worth it to you

VodselForDinner · 18/04/2022 12:56

Is the buyer mortgaged?

If so, you may have an issue of the bank’s valuation is more in line with the other estate agents’.

NoParticularPattern · 18/04/2022 13:15

If you’d listed at 20k less than that EA advised with another agent and got the same offer you’ve got now would you be similarly disappointed? You seem more bothered that it didn’t go over asking than about the actual price you got. If you’d asked less you’d probably still have realised the same price, but I expect you’d feel better because you could say to your DH’s relatives that it sold over asking.

Is the price enough to allow your next purchase to take place? Considering it has sold for the highest of the valuations you got I’m not entirely sure why you feel like you could have done better. Not everyone is bound to love your house and interior decoration choices as much as you do.

WrinklyDad · 18/04/2022 13:43

@IDontHaveAnOutingHobby

If you find a house tomorrow you won't be in before September.

Rubbish-thats 14 weeks- just moved in 8 weeks in London- wanted 4 but the searches took longer and it was leasehold.

Took us nearly 6 months and there was only one other property in the chain above my purchase. We had hoped to be in less than 3 months but things came up. My solicitor was excellent, however, the others weren't. They sat on things and took ages to do their searches due to the extreme backlog.

You could be lucky but be prepared that it could take a while just in case.

Offer accepted mid-August, got the key early Feb. The only saving grace was that the house has just been revalued at 50k more than the accepted purchase price back in August due to the heated housing market.

Loginmystery · 18/04/2022 13:54

@MeanMrMustardSeed

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.

Absolutely. Foxtons are parasites It’s all a game to them. I’m using them at the moment- renting through them. But never again. They do what this poster says both with lettings and sales. They value very high so that the owner/landlord is excited and chooses to go with them and then the sales team make whatever they can get in commission and you might find they’ve overvalued by a large amount.

hellcatspangle · 18/04/2022 14:44

@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

Correct.

hellcatspangle · 18/04/2022 14:45

@Amon3422

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

Wouldn't have made any difference. They all advertise on rightmove, any potential buyers would've seen the property on offer.

Headabovetheparakeet · 18/04/2022 15:37

If you find a house tomorrow you won't be in before September.

Why wouldn't they? The start of Autumn term is about 20 weeks away. Seems pretty doable to me.

fourofwands · 18/04/2022 16:52

Seeings as it's a sellers market, chances are that the people viewing/offering have lost out on other properties, know what things are going for at the moment and are quite possibly desperate to secure a purchase.

If your house was worth 25-30K more than asking, you'd have had those kind of offers, I'm sure of it. To have had several under asking offers in the current market suggests if anything it's overpriced. Nobody is offering under asking at the moment!

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