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My wife and I are about to start selling our house in a non-English speaking country which is a daunting prospect. We have had two quotes from agents about what they think they could sell the house for and they both seem high.
The first (who assumed that we still have a very large loan to pay off) initially suggested an extremely high figure. When we then told him that we have paid off most of the loan already, he immediately dropped the valuation by about 12% to something slightly more realistic.
The second agent suggested a figure slightly lower, but still higher than we would have expected.
So my questions, should we be suspicious of the first agent who clearly gave an unrealistic first quote in order to try to get our business?
And when we do sell, is it normal for us to suggest a starting price even lower than any agent recommends. We would like a quick sale and there is a noise issue that they may not be aware of.
Are you selling in a foreign culture where buyers have a need to negotiate for sport, who don't consider value as much as they need to get a large discount off any list price?
You may have local agents who recognize this, who will build a lot of fat into list price to allow for that discount to arrive at a final sales price.
Listing high, with a time limit on the listing contract may be one approach.
Are you selling in a foreign culture where buyers have a need to negotiate for sport, who don't consider value as much as they need to get a large discount off any list price?
You may have local agents who recognize this, who will build a lot of fat into list price to allow for that discount to arrive at a final sales price.
Listing high, with a time limit on the listing contract may be one approach.
Thanks for your reply.
I would say that the accepted norm here is for there to be a discount of the equivalent of $1,000-2,000. So not really.
Would you have concerns about the first agent who suggested a figure more than 12% above market value?
I would say that the accepted norm here is for there to be a discount of the equivalent of $1,000-2,000. So not really.
Would you have concerns about the first agent who suggested a figure more than 12% above market value?
Honestly, I can't offer much on the agent.
The idea that list price is lower because you have less debt? Yeah, that seems odd to me.
But, again, it may come back to culture.
So my questions, should we be suspicious of the first agent who clearly gave an unrealistic first quote in order to try to get our business?
Hell, yes.
Quote:
Originally Posted by NormanGraves
The second agent suggested a figure slightly lower, but still higher than we would have expected.
See if you can get some sort of market analysis showing what nearby comparable houses sold for. Independently verify anything you are told.
Quote:
Originally Posted by NormanGraves
And when we do sell, is it normal for us to suggest a starting price even lower than any agent recommends. We would like a quick sale and there is a noise issue that they may not be aware of.
You can price it at any amount you want and that would be "normal" for you. Doesn't matter what anybody else does.
As for the noise issue, better check the disclosure laws there.
See if you can get some sort of market analysis showing what nearby comparable houses sold for. Independently verify anything you are told.
You can price it at any amount you want and that would be "normal" for you. Doesn't matter what anybody else does.
As for the noise issue, better check the disclosure laws there.
Thanks for your advice and yes, we will check.
The noise issue essentially affects a large section of the town though (hundreds of houses whose inhabitants seem oblivious to it) so I don't think we could be accused of concealing a secret. It would just be a relief to sell quickly though as the bank that we used were incompetent when we bought the house meaning that my wife became sick with stress even before we'd moved in. The perils of buying overseas I suppose...
Lots of people in foreign countries like to haggle. If they aren’t haggling they thing they are being screwed. I would try and find out the reputation of these agents
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