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 EA called to say the person who put the offer in (and subsequently left it on the table after we rejected it) is viewing other houses in the area. So we’ve decided to leave it a week (we have a couple of other viewings), and make the decision at the weekend.

EA thinks she may be just saying that - but what we do know is she is actively looking as she lives with family currently, so I believe she will be viewing others, as I would be.

Would your siblings agree to a private valuation by a surveyor?

A couple of hundred quid will give you all a proper answer.

You can hold out for a year, get the unicorn offer but you'll likely then find it reduced as soon as a bank instructs a valuation.

Information here is key and worth the outlay if you can't all agree.

Whoever the executor of the estate is should already have one, its needed when you go through probate to calculate the estates value for IHT.

Me too!

Of course she will continue to look, it’s a buyers market. The buyer sounds like she is in a good position to move quickly, I would tie up the deal tbh. It doesn’t matter what the EA values a property at, it’s always the market that decides.

The EA's BS just gets worse. Why wouldn't someone who is actively looking to move house- and has had repeated offers on your house rejected - NOT want to continue looking?! Seriously, this agent is really doing a number on you!

We where SSTC and because of legal issue with probate that dragged on over 6 months we started looking at other houses, put in like 4 offers on other houses without telling them (no that we got). Never even told the EA until a house we wanted to view came up with them. They didn't care because its doesn't effect them.

Why would they lie?

Sorry OP but I wouldn't trust this EA. They hugely overvalued your house in the first place, by the sound of it. A house which needs work and has a downstairs bathroom should never have been put on at the same price as a larger beautifully presented house in the same area.
I hope the offer you've received will still be on the table next week, and that the family agree to accept it. Empty properties deteriorate quickly and cost something to keep up even if only utilities and council tax, and later repairs will be needed.
It's easy to think that you've 'lost' money by accepting a much lower offer than the asking price set by an EA, but that figure was only an idea, and now you are being offered good hard cash!!