Thanks chaps, I do realise that a) this is only the start of the process and b) that most people turn into pathological liars when it comes to selling houses.
I suppose it all depends if the original asking price is a true representation of what the house is worth. Estate agents often 'ensnare' sellers by suggesting they initially put the house on the market at an over-inflated price........only to reduce the price when nobody bites. If it sells for 5% below the real value of the property this could be considered a reasonable offer.
When we went to market with this place, we had a view of what we thought it was worth, trying to be realistic we thought. We then had 5 agents round and got 5 different prices with a spread of nearly £90k
. It transpires they're only good at valuation if one like it close by was sold recently, then they mark up or down based on condition. Hardly rocket surgery
.
In the end we put it on for what we thought it was worth (which was £20k below the top valuation). We then agreed with the agent that we would consider reducing after 2-3 weeks if we got no bites. As it was we got 4 viewings in 3 weeks and we have an offer on which is more than 2 of the 5 agents suggested it went on for.
Its all a game, in the end
.