Unsure if should accept low offer on house

[HollyJane92]

Hi everyone,

We sadly lost my dad last year, and have been trying to sell his house since summer 2024.

We have recently received three offers, from one person, all of which we rejected due to being too low.

But I’m really questioning if we’re over valuing the house and think it’s worth more than it is.

When we were looking to sell, we asked four EA to value it. 3 came back saying it was worth £200,000-£220,000 but one came back saying £310,000. So naturally we went with the latter one. Since August, we’ve had little interest. We dropped it twice, now on at £255,000.

As mentioned, one person is really keen for the house, but they’re saying it’s only worth £190,000, £200,000 max and they won’t go beyond £205,000. She’s a first time buyer, not in a chain and as far as I’m aware, she has a good job and has the deposit etc.

We really want to sell, as we’re really exhausted by it all, but £205,000 seems so low when we were originally told it would get us around £300,000.

I should say that the house is a little dated, and needs a little TLC. Also, with it being a pre-war house, the bathroom is downstairs. Which suited my dad, but I think this is causing a bit of an issue.

Although we rejected the offer of £205,000, the person has left it on the table.

Has anyone else been in this position? And what did you do?

Thanks, H :)

The big ones are the WORST, they are entirely profit based.

As a buyer the worst EA I came across was the big national one, they did dodgy illegal things like harass us, try to get backhanders, insulting customers, refused to pass on offers, refused to show us certain houses and as a result lost lots of possible sales... they also way over valued every house they listed compared to other EA and the local market.

In the end whenever I saw a good house listed then their name it was like 'great, no point even bothering trying to book a viewing'.

With the house I have now the EAs had over valued it by comparing it (dated and 2 bed) to modernised 4 bed in the same street. The seller was convinced that was what it was worth. It was not and my bank agreed with me.

Your buyer sounds ideal. You need to get back urgently as she could find something else.

My parents have just sold at 85k under original asking price. It was originally valued at 750k, reduced to 700k but not even one offer. Someone offered 650k and they've managed to get them to 665k. They are in no rush to move but as it hasn't even had one offer in 18 months they've taken it. It is quirky so the market is limited but compared to other properties that size, I think the buyers are getting a very, very good deal.

I think when you're selling a house in your situation, people do expect to get a bit of a bargain in return for the work they're going to have to put in - plus building work is expensive now. I wonder if you've seriously priced up the work that needs doing to the house to bring it up to the value of others that are 'perfect' nearby. Good luck, OP. I've been there and never really knew if I'd sold at the right price or not - but it meant a lot to me to do my best because of what the house represented. You probably feel the same.

It really depends on the house. Some are different in a way that makes people want to spend more.
My friend had EA suggest £200k, £220k and £285k. She sold for £285. Completely different market to now though.

Have you had a bank valuation done? It costs £150, and will tell you how much the bank values it at which is an indication of what mortgage could be brokered. Obviously you don’t want to sell it off cheap, but equally it does sound like it’s been on the market for too long.

This, you should never go with the highest price, EA is just trying to get your business. £205k sounds fair judging by the original two valuations. Take it and move on.

But did it take her over a year to get £285k?

If it's on at £255k you could drop it to £230k and see what happens this might move it into other people's brackets. May/June is prime selling time. Maybe if it's not gone by Sept you could look at that first time buyer - but you've nothing to lose by dropping it a bit first. Doubtless whoever buys it after a survey will want more money off anyway.
If it is a first time buy could you include white goods etc to save them money?

a house is only worth what someone will pay for it. If 3 estate agents gave similar prices the 4th was tempting you with an unrealistically high offer to get the work. I would use for 205K and settle.

Nope. But different market entirely to now. Probably 6 years ago.

The estate agent lied to get your business and wont even return your calls. Yet if the house sells, they still get their fee....

If I were you I'd de-list it and then re-list with one of the other agents who was more honest last year. But I'm a bit petty like that.

We had an estate agent over value one of our previous houses once, other two agreed it was worth 60k less. From being a Rightmove addict (even when we’re not moving) I knew two lower valuations were spot on and that’s what we went for and sold it 5 weeks later. Estate agent who liked over valuing houses went out of business shortly after I noticed. Don’t know why they try to do this as it just means reducing properties which looks so much worse. I’d accept the offer after how long it’s been on the market. Good luck!

Accept the offer.

I sold 2 and brought 1 last year. It's a nightmare, especially when there's other people involved (ex's and siblings).
My ex and sibling kept saying, look at what No.xx has gone for, much higher than what we've been offered. I said look at the state/size/extensions/kitchen - you name it - of the other houses. Don't listen to the estate agents, they'll tell you what you want to hear. Do your own research.
In your case OP, delaying a sale any longer is only going to make the house worse/less appealing.
You've not lost out at the end of the day.

Update:

Thanks everyone for your advice and support.
I spoke with my family and EA and our EA said that because they’re still getting calls and viewings that we should hold out as there’s clearly interest in the property. My brother thinks it’s worth waiting too.
The offer from the other week is still on the table, but I’m assuming they’re looking at other properties, so I’m a little worried about that.
I’m out numbered really on this one, but my thinking is, we’ve only had one offer from one interested party in 9 months - what are the chances that we get another one, and it be higher than this original offer?
the EA has said that it should pick up come summer, but at this point I feel like the housing market is just so random.

Pick Up in the summer?! He wants more commission…
Youve had three offers from the same person, who clearly wants the house. It needs a lot of work done to it. You need to be reasonable. Accept the final offer and move on.

The EA would say that, wouldn't they! What does your contract with them say, can you pull out? How many viewings have there actually been?

I say this all the time on these kind of threads, but, a house is not worth anything on paper, it’s worth what the next buyer will pay for it. You’ve only had one offer, which suggests it’s worth £205,000. Only other thing I could think to do is ditch your estate agents, go with one of the ones who priced it properly, and it will hit rightmove at the top in a price banding that perhaps other buyers wouldn’t have looked at before, so maybe you’ll spike a bit of interest

Not sure why you ignored 3 agents with similar valuations and went with the outlier? I’d take the offer you’ve got. It is within the range of what other agents told you it was worth.

I think you and your brother are making a mistake.
Why are you asking the EA's opinion when he/she has massively over valued your house to try to get the commission and then continued to be dishonest throughout the process (I've heard of a Spring bounce but never a Summer one!). They have very likely reduced your chances of getting the best price for the property. Occasionally, you can be exceptionally lucky and get a unicorn buyer after a very long time on the market who has more cash than sense but that is unusual. The great majority would make a much lower offer on a property that has been on the market for ages.

Why don't you try to persuade your brother that it would be best to give this EA notice and start communications with some other agents to get the property revalued, etc? Perhaps you should show him this thread to try to persuade him how unrealistic he is being.

Jeez the EA has done a number on both of you. Take the offer. A bird in the hand and all that.

When you get desperate to sell the same EA will find someone who will offer the same or less but they'll tell you that's all you can expect after so long on the market and it'll be some builder mate of the EA. The EA will also be telling potential viewers they need a consultation with their in-house mortgage person before they can view. A lot of EAs are cowboys.

Presumably you went with the Agent in the quoted 310 and they are the most expensive agent because for the additional percentage they promised to get you a higher price ?

It makes absolutely no odds whatsoever to the Estate Agent whether that house sells for 100 grand 200 grand or 300 grand they all have a minimum fee clause of about £5000 plus VAT in their contracts
So if it was me, I would take it off the market for six months. Give it a bloody good clean because that never hurts.
Mentally adjust your thinking to offers over 225 and put it back on with the cheapest Estate Agent to save you some money there

I’d sell, we are viewing at the moment, and a few houses we had our eye on have gone for almost £100k below asking, I’m talking £375k going for £275k. The agents are really trying it on around here (Hampshire) but people just aren’t buying at the old inflated prices. When we do find the right house for my mum I will be putting in lower offers.

Look at similar properties in the area, what are they up for? Bear in mind your Dad's house is not in top notch condition. If you've had several EA value within a certain range, and then a another who's given a way different price, then you need to see that that EA is probably given an over inflated value. EA should, if they know the market, all suggest a price range that's very similar. I would say you are expecting too much, and need to lower the price considerably. I'd personally change agents. They clearly over priced to get the house on their books with little regard for anything else. People looking on Rightmove or similar see every time a house price is lowered. Ask the original agent to remove the listing completely. Instruct a new agent, put a more realistic price onto it, and relist. You'll get more interest. You only have 1 person interested because it's overpriced and no one wants it.