Nightmare trying to sell our house

[PinkBubblesxx]

We are trying to get to sell our very well presented new build lived in home and having a complete nightmare with complete utter time wasters 😫 Our home is in a great central but green location in a very family oriented area and is priced fairly (10k under its market value) to encourage interest.

We have been on the market for over 2 months now and had at least 30 viewing's! We have had a handful of offers of chancers offering £40k under the asking price, which we strongly declined. And the other offers we have had, have offered asking price, which we happily accepted. As soon as we have accepted they have either gone quiet and just ignored the estate agent, one offer had to supposedly rush back to Nigeria for a family emergency then not to be heard from again, we've had 2 offers when they have to submit their paperwork and have an affordability check and it turns out they can't afford their offer or even pull out a mortgage! Last week we had an offer from ideal first time buyers and we had our hopes so high that this was the one! They dragged their feet all week to submit their paperwork to the estate agents broker - which we found odd. They then asked for a 3rd viewing which we found highly frustrating but of course entertained it as we want a sale. The day before the 3rd viewing the estate agent had qualified them being able to purchase and had a mortgage in place, so they marked our property as sold over the weekend. This morning they emailed the agent saying they had changed their minds 😫 the agent pressed for a reason behind the sudden u turn and they said the mortgage rate they had now been offered was slightly more than what they thought they would get 😫

So we are back to square one, having to entertain viewings - which are really draining! Especially where we already had at least 30! Me and my partner are at wits end and it's really making us feel so ill and depressed from all the stress of it all as we have found our dream home but feel like it will just get snapped up! We have been messed around with so called serious offers so much that we have lost all hope 😫 Even the estate agency is just as frustrated with the amount of time wasters we have had! We have a prime home in a prime in demand location and £10k under the market value.

Is it just us having bad luck trying to sell our home or is anyone else experiencing the same? As it's honestly becoming unbearable 😫

It sounds like its not priced correctly x

Thanks all. Now listed as sold STO!

Another one who has it wrong.

A house is not worth what others are have sold or are currently selling for in £/sq ft or any other such nonsense.

Where did you get such nonsense?

The RedBook has a formal definition of value and It’s worth what someone who actually has the money is willing to pay after a reasonable period of marketing.

So if some chump offers an amount they don’t have that doesn’t define the value because they can’t complete the transaction.

All other considerations are delusional cope by people who can’t confront they’ve lost money.

@Brumhilda

Properties are valued on the comps - the average £ per square foot for the area, the street, for that development etc; the most recent sold prices; the quality and condition of the fabric of the building and its construction, and the quality and condition, specification of the interior etc; and market conditions at the time. That’s how EAs value, how surveyors value etc.

The property will get what a seller is willing to pay for it and the buyer is willing to accept. If a buyer is desperate to purchase for personal reasons they may overpay to secure the property. If a seller is under no pressure to sell they may hold out for the highest price, if desperate to sell they may take what they can get.

The RedBook has a formal definition of value and It’s worth what someone who actually has the money is willing to pay after a reasonable period of marketing.

And what the seller is willing to sell for.

Ie the sold prices.

Ugh no. In that event the property just sits there unsold. That doesn’t mean it’s worth the delusional price someone wants for it.

If a property is not selling is a low market you have two options: sell for the price you can get; or wait until the market picks up.

I think this is very true and often forgotten. The market value is what people are prepared to pay rather than what it’s valued on paper.. if you have a lot of offers around a certain price it is likely that is actually the market value.

That’s right. The price you can get - right now - is what it’s worth - right now.

finally!

Not necessarily. It’s what it’s worth to that buyer and seller at point in time depending on their situations.

It’s clear you have little experience of buying and selling properties.

Exactly. That is literally current market value.
A seller can choose not to sell at the current market value (ie current, highest, proceedable offer). They may sell for more in the future (if the market goes up) or they may sell for less (if the market continues to fall/ stagnate).

That is literally current market value.

If you think that’s the sole determining factor, tell me how mortgage surveyors, for example, arrive at a value.

Mortgage surveyors are interested in 'value' for the lender's purposes. A lot of them are down valuing relative to the accepted offer at present so they obviously think that the seller's/ agent's opinions are incorrect.

I know exactly what mortgage surveyors are doing, just interested as to how you think they arrive at their figure.

If you’re prepared to pay for an RICS red book valuation which will cost you £1000+vat then they will, and no one is going to like what they say.

You haven’t answered the question as to how surveyors arrive at their value.

I’m not sure why you think people wouldn’t like what they say. If you’re a buyer hoping to knock something off the offer price, if the survey valuation comes in below your offer there’s no ground to argue a reduction; if it comes in around your offer there is not.

There are surveyors, and values, two totally different things.

if you’re buying a house with a Mickey Mouse mortgage where they have 30% built in then you get a cheap valuer and they put their finger in the air.

of you’re properly in the property market and you’re borrowing a lot more then the bank demand full RICS red book compliant valuations which lay out exactly what has to be considered.

They’re not in the sense that you can request a valuation with your property survey.

However I can’t get you to answer the question on either kind - chartered surveyor or mortgage valuer - how do you think they arrive at their valuation? (Your jejune response above doesn’t actually answer the question)

It’s only worth what someone will pay for it. If no one is willing to pay your asking price then it’s clearly not worth that much to them.

This is the right calculation to make, although an interest rate closer to 1.5% rather than 0.75% might be more common. Whatever that cost increase is implies a price decrease.

Okay my thoughts are maybe you have the wrong Estate Agent.
They are obviously showing anyone round not preselecting. And even passing on offers from those not ready to proceed yet.
In addition to have so many drop out, I suspect they are pressurising people to make an offer (maybe even rushing first time buyers).
I would put the ball back in their court - they could offer a dual sole agency deal where they share the commission with another agency (if the suggest it you don't pay more).
But I would also look around for an agency that offers a better service and is realistic about price and the current market.

Although traditionally things get quite during a General Election