Don't trust estate agents, what should we do?

[loublou]

Hello

I've a problem. i'm helping my family sell our family home and we are being offered well below it value, that is 25% less than the going rate right now, or 40% below a year ago.

The agent was saying it was a bad offer and rejected it but with slightly more it suddenly becomes worth considering, which my mother has accepted.

The problem comes in that even at the slightly improved offer it is well below what the family needs to clear the debts and well below what is the 'worth' of the assets. The Agent has shown me that they are so desperate for buyers that they will do anything to keep a sale, even if it works against logic and against their vendor's interests.

She will be left with the rest of her life in debt, she's retired now.

How can she get some good advice on her finances and the sale of her assets? Does anyone know of someone who offers this? We've tried the usual CAB etc. I would like to find someone private and personal.

Am I right to be sticking out for a couple of spring months to see if a better offer comes in and only taking a lower offer after trying?

OR is it a good idea in this sort of market to accept the continued debt, clear out the assets and suffer the position?

Many thanks

 

[Thermo]

difficult one as no-one has a crystal ball, however spring is traditionally a stronger time for the market and with intrest rates lower there may well be a bit more movement come the spring. Yes estate agents have to sell the houses to get the income and some will sell whatever the cost, but most are professional and are guided by what the market conditions are in the area.

Are you basing your view of what it is worth soley on the fact that it wont meet your expectation? Its supply and demand as always. If you can sit and wait it out to get the right price then do so, but it could be a long wait.

 

[noseall]

estate agents

completely devoid of morals, scruples and ethics.

if there was a way to by-pass these parasites i'd love to find it.

 

[Thermo]

my brothers an estate agent!

 

[Deleted member 105431]

my brothers an estate agent!

and your an ex cop.


Lovely family. . . . .


I wonder is your sister a traffic warden or tax inspector?

 

[Thermo]

and your a bigger ****** than everyone all rolled into one

 

[Bilioustrumpstaine]

Estate agents are having a tough time at the moment and they are willing to drop a price by a few grand as it does not really have a great impact on their cut. Some agents are quicker to do this than others.

If you drop by say £20k they will lose out on £400 but will probably get the sale and therefore the 2% on the sale price. You however will be dipping out on the equity in your property.

Why don't you rent the property out until the marketplace stabilises.

To find out what the market is doing in your area study sites like Rightmove.

http://www.rightmove.co.uk/property-for-sale.html

Just remember these are asking prices and not the actuals that they acheive.

 

[Softus]

You seem to be having to make the kind of decision facing many people at the moment, but any candid professional ought to say that the existing situation is unprecedented and therefore predicting the future is impossible.

However, isn't it quite simple? Aren't there only two choices, i.e. sell or wait?

And if so, isn't there only one question, i.e. is it cheaper in the long run to sell now?

And if so, isn't there only one factor at play, being the length of time before the currently falling value rises again to an amount that will clear the debt(s)?

If you don't know how to calculate the cost of each alternative, then your bank would be a good place to start. They might recommend that you consult an independant financial advisor, but you could do worse than pay a professional accountant to work through the options with you.

 

[Softus]

Yes estate agents have to sell the houses to get the income and some will sell whatever the cost, but most are professional...

Surely they're all professional?

If you mean that most are honourable, then I have grave doubts about that.

For example, what possible incentive does someone have to put a client's interests above their own short-term livelihood, when running a commission-only based business?
______________

dangermouse46 - you might well have a grudge against the police, and estate agents, andtraffic wardens, and tax inspectors, but each provides a service that benefit all of us, but taking out your wrath on Thermo, who isn't any one of the above, just makes you look foolish.

 

[Deleted member 105431]

softus how exactly do estate agents benefit all of us?

 

[noseall]

my brothers an estate agent!

sorry Big T, i meant no family dis.

i still have vivid memories of the gazumping era when piles of money fell into the laps of smirking estate agents.

one of our local e.a.'s had the nerve to preach to me when buying my own property. i had private words with the vendor which the e.a. did not approve of.

big mistake.

i was forced to remind them of their own legal, moral and ethical shortcomings.

i briefly dated one of his staff prior to this encounter.

 

[Thermo]

None taken Mr N.

 

[Softus]

how exactly do estate agents benefit all of us?

I'm going to answer that question with a question, because I think you're being disingenuous.

If you think estate agents do not benefit us all, then why do you think that so many of them are able to sustain businesses, given that nobody is obligated to use them?

 

[Deleted member 105431]

Nobody is obligated to use them but they are the conventional method of selling a house. They are unregulated and on commission, their morality and working practices are often criticised.

Personally I'd rather sell my house on ebay.

 

[noseall]

Personally I'd rather sell my house on ebay.

despite their shortcomings - i would not.

a necessary interruption me thinks.