Just been chatting to local EA who was trying to flog a house to me. I said not interested in even seeing it at the price being asked, come back when its 15% down. His response was to tell me that he'd valued the property at 10% less than its being marketed at, but the seller's insisted on the current price, and that he was trying to persuade them to be realistic. Almost felt sorry for him...bet he hasn't sold a house since Summer '07.

Yeah, but what if the seller had had 3 other EAs round who all valued it at the current asking price, or even higher? That's when it gets tricky for the seller.

He's probably being honest - EA's are more interested in volume than boosting the price by 10%. Sellers have trouble scaling down their price expectations by even 5%.

You make it sound as if the sellers are morally bound to lower their price ... perhaps they'd simply prefer to stay put than sell for 10% less. Particularly as everyone else further down the chain would also have to reduce accordingly, which is what makes these things sticky.

That's why it's best to buy off a distressed (i.e. forced) seller, if you can find one selling a property you like.

I think people are harsh on EAs, at least the ones who don't do dodgy practices like pushing people towards taking dishonestly applied-for mortgages

in general they are only doing their job. they are duty bound to do a few things:

offer the asking price the seller demands
pass on ANY offers (legal requirement) they receive to the seller
get the best possible price for the seller

it is their LEGAL DUTY to get the highest price, and I would not hold this against them, except when dodgy mortgage applications etc enter the mix, if they are pushing this

Just out of interest, whereabouts is local?

Is it be nice to estate agent day ?

All the ones ive met would sell their own granny and are devious lying trecherous sods.