ARE we doing the RIGHT thing?? Sorry very long!

[ELR]

We have been wanting to move for ages had flat valued in January and was told 250k -265k and would def achieve 250.
Anyway we messed around and didnt bother putting it on market and decided to rent it out recently for £1100 per month but our mortgage company would only allow for a year. So we decided to sell instead. In talks with estate agent and Stupidly i said well as long as we get 200k not bothered, the next day it turns out the women who wanted to rent wants to buy but in current market ect,was a little unsure. but suprise suprise she can pay 210 if we give her a 5% gifted deposit as she has no deposit so making it £199'500~(had mentioned i would be willing to gift a deposit)
As a precaution the agent came round to revalue and said 215k
We have accepted the offer from the women so we are now selling our massive 4 bed 2 bathroom flat with garden for about 50k less than originally valued.
Do you think we are being too quick and the estate agent has played us? We only payed 120k 7 years ago and only owe 85k on mortgage so would still have 110k after fees ect.
There are flats on the market similar to ours but not as big or nice with only three bedrooms for 230k and 240k but they are not selling.
Honest opinions please

I would bite their hand off.

thankyou just feeling unsure about if we are doing right thing!!

I suspect you are getting 200k because that's what you told the estate agent. If you'd told him 210k, then that's probably what you would be offered too. OTOH the market is cooling down and you have an offer in your hand now. If you really want to move then go for it - a bird in the hand and so on.

Can you get someone else to revalue, someone more independent? A similar thing happened to us in our last place and it still irks me. I would be suspicious. In a struggling market the estate agent will be even more keen to get the commission.

i know i am such a big mouth i can not keep anything to myself or play it cool!!

I would bite their hand off too

take it.

I would be very suspicious of the estate agent finding someone to buy it at exactly the price you mentioned was your minimum and I just don't like the idea of gifted deposits because they make the property look more expensive on the LR records than it actually was so distort the market (I believe they are going to be outlawed among new-build sales stats so that people know exactly what buyers paid).

However, the crucial thing is that none of the other more expensive properties are selling and if you dithered much longer you probably wouldn't get much more so that might be a price that reflects the market. I think it is unlikely the buyer could immediately sell it on at much more (although I suppose they might be able to squeeze another £10k out of it). Either way, I would want to speak to another agent just to reassure myself and be haggling very hard on the current agent's commission.

i have just had another estate agent around and they have valued it at 197'500 with a view to get 190k so i feel ok about it, quite a well known agent too!!

the women who is buying it is really nice she is a midwife at the hospital which is just a 2min walk away, they have three older sons who are in secondry school so i know she is buying for a home not to make a profit. Her husband also works at the hospital as a mental health nurse.

Oh well, sounds as if you are doing right thing - well done for selling so easily.

well nothing is final yet but hope so the women really wants to live here and i really want to sell so fingers crossed.
Agree about gifted deposit but needs must we are doing it all legally through our own solicitor not the estate agents recommended one