Selling to a friend after estate agents have got involved.
Discussion
We're just selling our house and are just sorting out the estate agent (Not seen the contract yet, which is why I'm asking here.) and have a friend who is very interested in buying... But they have said they will match our best proceedable offer so want us to continue marketing the house.
The estate agent hasn't introduced us so where do we stand regarding fees? I know estate agents are the people everyone loves to hate, but it seems rude to let them do all the "work" (such as it is
) without paying them.
Or am I just too nice for my own good?
The estate agent hasn't introduced us so where do we stand regarding fees? I know estate agents are the people everyone loves to hate, but it seems rude to let them do all the "work" (such as it is
) without paying them.Or am I just too nice for my own good?
The agent is there to introduce you to a buyer via marketing.
If someone wants your property without being introduced by the estate agent then it is legal. But ensure they are not registered with the estate agent in question.
I have sold a property without involving an estate agent. Although the buyers were a pita...but worth it for 4k saving.
If someone wants your property without being introduced by the estate agent then it is legal. But ensure they are not registered with the estate agent in question.
I have sold a property without involving an estate agent. Although the buyers were a pita...but worth it for 4k saving.
A couple of reasons: the house is hard to value as it should blow the current ceiling price fairly comprehensively and he'd like to be sure it'll be easy to sell as he probably only wants it for 5 years or so.
It does seem like a good way to work out a fair price and avoid a load of unseemly haggling
It does seem like a good way to work out a fair price and avoid a load of unseemly haggling
Bill said:
We're just selling our house and are just sorting out the estate agent (Not seen the contract yet, which is why I'm asking here.) and have a friend who is very interested in buying... But they have said they will match our best proceedable offer so want us to continue marketing the house.
The estate agent hasn't introduced us so where do we stand regarding fees? I know estate agents are the people everyone loves to hate, but it seems rude to let them do all the "work" (such as it is) without paying them.
Or am I just too nice for my own good?
The contract will most certainly state that if you(the vendor) are aware of any interested parties you must direct them to said agent.The estate agent hasn't introduced us so where do we stand regarding fees? I know estate agents are the people everyone loves to hate, but it seems rude to let them do all the "work" (such as it is
) without paying them.Or am I just too nice for my own good?
JonRB said:
Most agents will give a free valuation. Why not get as many as will do one and take an average value? Maybe adjusting up a bit should you feel that it is worth more.
If you haven't signed a contract with the estate agent, this is probably the way to go. If you have, you'll probably have to go through them now, their contracts are usually pretty binding.burwoodman said:
The contract will most certainly state that if you(the vendor) are aware of any interested parties you must direct them to said agent.
I'd be surprised, I've never seen an EA contract with a clause like that in it.Important to check that the contract is for sole agency and not sole selling rights, which is where the EA can claim a fee from you regardless of how the purchaser was introduced to the property. In order to claim a fee under sole agency the EA has to have made an effective introduction of eventual purchaser to property.
Although it does seem somewhat unfair to make the EA do all the hard work, when you know you're not going to eventually pay them anything.
burwoodman said:
The contract will most certainly state that if you(the vendor) are aware of any interested parties you must direct them to said agent.
Having bought and sold my own properties over three decades or so and (for my sins) worked as an estate agent, albeit a long time ago, I've never seen this.Bill said:
We're just selling our house and are just sorting out the estate agent (Not seen the contract yet, which is why I'm asking here.) and have a friend who is very interested in buying... But they have said they will match our best proceedable offer so want us to continue marketing the house.
The estate agent hasn't introduced us so where do we stand regarding fees? I know estate agents are the people everyone loves to hate, but it seems rude to let them do all the "work" (such as it is) without paying them.
Or am I just too nice for my own good?
Why put the estate agent and buyers through a load of hoops if you arent genuine about selling. Potentially sounds like your friend doesnt want to offend you with what he thinks the house is worth.The estate agent hasn't introduced us so where do we stand regarding fees? I know estate agents are the people everyone loves to hate, but it seems rude to let them do all the "work" (such as it is
) without paying them.Or am I just too nice for my own good?
I think earlier posters have suggested get 4 agents to view and realistically price house for a quick sale, then ask your friend to make an offer (given 1 to 1.5% saving based on not engaging an agent). If he doesnt want to then you will be tied to estate agent and should just therefore ask your friend to deal via them.
Bennno
rah1888 said:
burwoodman said:
The contract will most certainly state that if you(the vendor) are aware of any interested parties you must direct them to said agent.
I'd be surprised, I've never seen an EA contract with a clause like that in it.Lost soul said:
Sticking it on a website you mean
It would be going a fair bit further than that.Anyway, thanks for all the advice it's helped clarify our thoughts and given me a moral barometer to work from. We're going to tell our friend that he's welcome to make an offer ahead of us fully marketing it but if he waits to see how other people are going then he's going to have to fight for it.
Be up front with the agent and if your friend offers (99% never do in my experience) offer the agent a reduced fee to handle the sale so a) they still earn a fee b) keeps you at arms length from your friend if he starts to mess you about...
So many vendors say "all our friends have said they would buy our house if we put it up for sale" but they never do
So many vendors say "all our friends have said they would buy our house if we put it up for sale" but they never do
jamescodriver said:
Be up front with the agent and if your friend offers (99% never do in my experience) offer the agent a reduced fee to handle the sale so a) they still earn a fee b) keeps you at arms length from your friend if he starts to mess you about...
That's exactly what I'd do.Keep business, business.
From our recent dealings with Agents, we had to declare interested parties at the beginning (there were none), we declared interest on the house we bought before it went onto the market, the seller still wanted to use the agent. To be fair to them they marketed the house well and we've had to pay a fair bit more for it (damm!).
I had this when I sold my last house. Our neighbour knew we were selling before the estate agent board went up. The agent did some advertisiing then our neighbour decided he wanted to buyt the place. We said we weren't going to pay the agent fees because they hadn't introduced the buyer. They went nuts and in the end we agreed on a reduced fix fee price. In the end the neighbour turned out to be a complete 
and the agent had to do loads of work so they earnt their money in the end.
and the agent had to do loads of work so they earnt their money in the end.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff