Can I trust my Estate Agent (part 2)
To prevent this from happening as a house seller we would advise anyone to have a look at similar properties that are on the market, the price that they are advertised at and where your property sits within. Do this before you decide to take the estate agents opinion on what they think your house is worth. If you are to do this you would of course prevent a few months of advertising your property and receiving no visits at all. This trick of being persuaded to lower the price of your home can also be detrimental for another very important reason that i’m sure an estate agent would choose not to tell you. This is once you lower the price of your house you can’t change your mind and put the price back up. Reducing the price is a more important decision to make the many would think. Reason being is that a house is only worth what a surveyor believes the price is.
Not what you won’t know is that surveyors can see all the historical price data that your house has ever been advertised at. Take this for a scenario, let’s say your house was advertised at a hundred thousand pounds you lowered the price to ninety thousand pounds but changed your mind and put the house price back up to a hundred thousand pounds.
The surveyor who works for the bank that would be providing your buyer with their mortgage, will see this and will also see that you were prepared to sell your home for ten thousand pounds less, only a couple of months ago. Due to this it is likely the surveyor would only agree to lend the buyer the funds to purchase your house at the price that you were prepared to sell at only a couple of months ago. So if you do reduce the asking price when looking to sell your home bare in mind that the decision in the short term can not be reversed if you change your mind and want to put the price back up.
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