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Estate agent trying to scare us?

3 replies

Lex93 · 12/06/2023 14:01

We’re currently trying to sell our flat. Have been on for 6 weeks, tried reducing price, have had 10ish viewings, few people maybe interested and coming back shortly, have now found a new build that we would like.

The developers have given us the option of part exchange (they buy the flat off us at slightly below market and use the equity for our house purchase) or easy mover (they take over the estate agent process and fees, we have 1 month sell with them and they hold the house in that time).

As part of this they have sent round 2 additional estate agents as independent valuers on top of the one who already looked. Our original ones were very positive and said flat was spacious, great condition (only 13 years old and I’m quite particular about DIY), and good location and garage. First of the new independent valuers said the same. Final independent person came in, barely looked at the place and started going on about how we need an EWS1 form for cladding as he tried to sell a flat across street from ours that no lender would touch. From what I can tell our flat doesnt require this form (it’s under 4 stories) and plenty of flats in the area and same builders/estate have sold recently and I’m reasonable timeframes.

We’re pretty spooked, anyone think the last estate agent was the anomaly or have any idea what’s in for him to spook us? Bear in mind that this estate agent most likely won’t be getting the business as they’re just an additional opinion, and he’s not trying to sell us anything.

OP posts:
SD25 · 12/06/2023 15:39

sounds like they weren't so independent after all and were trying to lower the value for the developers...

johnd2 · 12/06/2023 16:04

Am estate agent isn't an independent valuer, you would need an Rics surveyor for that. Estate agents are trying to sell their services to you to make a profit, they are knowledgeable yes, but they are anything but independent.
You get what you pay for, you'd have to pay a few hundred for an accurate valuation from a proper surveyor.

DrySherry · 12/06/2023 18:50

I would be particularly careful with what you are considering. The new build will have been overvalued by the developer, and then your flat will be undervalued by them. It's a loose loose way to move...
I would have an honest conversation with your agent about reducing your flat into the "now that's a bargain" territory. If you can get an offer on the table, then you can use that to squeeze the developer either on price or by adding incentives. The market for new builds is collapsing (in our area anyway).

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