Feedback On Ea's In Pickering Area

[deeplyblue]

Does anyone have any feedback on EAs in the Pickering / Kirby Moorside /Malton area? Either as a buyer (or potential buyer) or seller (ditto). Did they seem to know what they were talking about? Were you impressed by their material?

I'm been asked for some input on the sale of house (probate sale) and all I can go on is how many properties EAs have on RM - and then I don't know whether a lot means they do a lot of business, or can't sell the houses they've got.

Did get hold of one EA and asked about single agency fees v. multi-agency fees. He said, "Single agency is 1.1% and multi-agency is 2%. That's nearly twice as much!" I told him, that they'd taught me that level of arithmetic when I was doing "A" level maths. He nearly lost any hope of my recommendation through being a patronising git.

db

[The Masked Tulip]

Does anyone have any feedback on EAs in the Pickering / Kirby Moorside /Malton area? Either as a buyer (or potential buyer) or seller (ditto). Did they seem to know what they were talking about? Were you impressed by their material?

I'm been asked for some input on the sale of house (probate sale) and all I can go on is how many properties EAs have on RM - and then I don't know whether a lot means they do a lot of business, or can't sell the houses they've got.

Did get hold of one EA and asked about single agency fees v. multi-agency fees. He said, "Single agency is 1.1% and multi-agency is 2%. That's nearly twice as much!" I told him, that they'd taught me that level of arithmetic when I was doing "A" level maths. He nearly lost any hope of my recommendation through being a patronising git.

db

I know nothing of the area you mention nor the EAs in the area.

What do you mean about probate sale and giving imput?

I personally would be very wary about letting any EA anywhere know that a house is a probate sale.

Many years ago my Mother inherited her parents' home and she listened to the advice of an EA who told her the market was dire, etc, etc. She sold it to a chap who later turned out to be a friend of the EA and within a few months it was back on the market for a lot more.

I would not trust any EA all.

I have heard of other horror stories with EAs when it comes to probate sales.

Be careful.

Edited August 22, 2010 by The Masked Tulip

[plummet expert]

I know nothing of the area you mention nor the EAs in the area.

What do you mean about probate sale and giving imput?

I personally would be very wary about letting any EA anywhere know that a house is a probate sale.

Many years ago my Mother inherited her parents' home and she listened to the advice of an EA who told her the market was dire, etc, etc. She sold it to a chap who later turned out to be a friend of the EA and within a few months it was back on the market for a lot more.

I would not trust any EA all.

I have heard of other horror stories with EAs when it comes to probate sales.

Be careful.

The above would be an offence and reportable, although it does go on.

Best advice is to have many agents round, and get their ideas on price. Do your own research - RM has sold prices under postcodes - look at them and consider thw condition of the one you are selling! You cannot withhold that it's a probate sale as the purchaser's solcitor will immediately find this out from the paperwork and the vendore on the contract being executor of the deceased. Use it as a selling point - no chain etc. You do not have to accept any price offered, so you are in control. As long as you have agood idea of the value, you can't go too far wrong. Selling is not easy just now, so flexibility on price is essential.

Edited August 23, 2010 by plummet expert

[deeplyblue]

I know nothing of the area you mention nor the EAs in the area.

What do you mean about probate sale and giving imput?

I personally would be very wary about letting any EA anywhere know that a house is a probate sale.

Many years ago my Mother inherited her parents' home and she listened to the advice of an EA who told her the market was dire, etc, etc. She sold it to a chap who later turned out to be a friend of the EA and within a few months it was back on the market for a lot more.

I would not trust any EA all.

I have heard of other horror stories with EAs when it comes to probate sales.

Be careful.

Thanks for the warnings, but they come too late. For a kick-off, EAs were called in the give a couple of the necessary probate valuations. Secondly the signs of a probate sale are all over the place - slightly tatty old-fashioned decoration, no owners in evidence, neglected garden which was obviously once someone's pride and joy. And the contract with an agent is probably going to be signed by either one of the executors or a solicitor with "Estate of Janet Rita Mayhew" underneath.

However, thanks to Zoopla, Property Bee and nearly three years house hunting, I now have a fairly good idea of how the market stands nationally, and in the more northerly sections of the country. Alas most of the action in the section of the forum seems to be about Harrogate et al, rather than the Vale of Pickering, so I will just have to go by what information is publicly available, plus that three years of reading HPC.

The other factor which I haven't had to consider much before now is this: if you are putting a house on the market and hoping to get something in the £280K range (not unreasonable, given surrounding properties, but probably a bit too optimistic IMO) at what price do you put it on the market? If you reckon (and I think one party is arguing that line) that it should go on at £275 and then hang out for the asking price, and another one says that if you put it on the market at anything under £285, then it's an invitation to buyers to try to come in at under the Stamp Duty threshold of £250K. I've been saying, "Ask the EAs.," but it sounds as though you think that a bad idea.

It's going to end up as the usual battle of those who want less money quickly and those who want more money slowly. I also suspect that some of the beneficiaries of the estate may have rather inflated ideas as to how much they will get. Me, I'm trying to talk down expectations, and encouraging speed, given the likelihood of a falling market.

db

[deeplyblue]

The above would be an offence and reportable, although it does go on.

Best advice is to have many agents round, and get their ideas on price. Do your own research - RM has sold prices under postcodes - look at them and consider thw condition of the one you are selling! You cannot withhold that it's a probate sale as the purchaser's solcitor will immediately find this out from the paperwork and the vendore on the contract being executor of the deceased. Use it as a selling point - no chain etc. You do not have to accept any price offered, so you are in control. As long as you have agood idea of the value, you can't go too far wrong. Selling is not easy just now, so flexibility on price is essential.

Your post must have gone up whilst I was writing mine, which is why it looks as though I ignored what you said.

I think you will see that I was pretty much in agreement with you. And I said, "at least three EAs," though I think only 2 went round in the end. Hoping they will get a good price, though as I said, it's going to be a tussle between those who want it sold quickly, and those who want the best price. I'm not looking forward to that bit.

db

Edited August 25, 2010 by deeplyblue