Seller declining viewings

[Gladers01]

Quags said:

Gladers01 said:

What would happen in the event of the first EA being just outside of their initial contract period and the same 'potential buyer' they introduced goes ahead with the sale via a different EA, would the first EA still be entitled to their fee despite running out of time ?

The law, or rather a previous ruling is that it's the agent that is instrumental in the sale of the property. A previous agents introduction would normally mean they get the commission and someone could also be liable for the new agents commission if they are on Sole Selling Rights.

However, if the new agent has lowered the price, improved marketing and the buyer who had previously rejected the property comes back and now wants it due to the new marketing, then the new agent would be entitled to the fee ie they were the instrumental agent.

Edited by Quags on Wednesday 15th March 13:19

That's interesting to know, has a vendor ever been saddled with paying twice the commission fee to the first agent that introduced the buyer and the final agent who sold the property to the same buyer? We stayed loyal to our EA and I raised the same question with them, as the 12 week contract was about to elapse there was a flurry of activity, even the boss girl herself showed up in a Jaguar and did 2 viewings on a Sunday afternoon, the following week we had an offer for the full asking price

Maybe one of you guys in the business could do an 'Ask an Estate/Letting Agent anything' type thread

[paulwirral]

Gladers01 said:

Quags said:

Gladers01 said:

What would happen in the event of the first EA being just outside of their initial contract period and the same 'potential buyer' they introduced goes ahead with the sale via a different EA, would the first EA still be entitled to their fee despite running out of time ?

The law, or rather a previous ruling is that it's the agent that is instrumental in the sale of the property. A previous agents introduction would normally mean they get the commission and someone could also be liable for the new agents commission if they are on Sole Selling Rights.

However, if the new agent has lowered the price, improved marketing and the buyer who had previously rejected the property comes back and now wants it due to the new marketing, then the new agent would be entitled to the fee ie they were the instrumental agent.

Edited by Quags on Wednesday 15th March 13:19

That's interesting to know, has a vendor ever been saddled with paying twice the commission fee to the first agent that introduced the buyer and the final agent who sold the property to the same buyer? We stayed loyal to our EA and I raised the same question with them, as the 12 week contract was about to elapse there was a flurry of activity, even the boss girl herself showed up in a Jaguar and did 2 viewings on a Sunday afternoon, the following week we had an offer for the full asking price

Maybe one of you guys in the business could do an 'Ask an Estate/Letting Agent anything' type thread

We had this on our last purchase, and I’ve had it before on a couple of sales when I’ve swapped agents .
In all cases the agents split the fees . Better to get something rather than argue for ever and get yourself a bad name amongst the other local agents .
Or at least that’s the train of thought around our area . Could be different in the big cities where the agents still wear shiny suits and carry large telephones that they insist on speaking loudly into , especially when it’s a numerical figure involved .

[Quags]

I'd be happy to do one, but it usual desolves into people just looking to bash the industry and tar everyone with the same stty stick despite how genuine and professional you are individually, but happy to give it a go.

[Louis Balfour]

Quags said:

I'd be happy to do one, but it usual desolves into people just looking to bash the industry and tar everyone with the same stty stick despite how genuine and professional you are individually, but happy to give it a go.

Are you in good shape?

I have every sympathy with estate agents, because I know what a horrible, avaricious, bunch of toads the general public can be.

[Mr Pointy]

Gladers01 said:

Maybe one of you guys in the business could do an 'Ask an Estate/Letting Agent anything' type thread

What, like this one?
https://www.pistonheads.com/gassing/topic.asp?h=0&...

[Byker28i]

Byker28i said:

Quags said:

"People waiting"

Oh dear, I hear this so often. It's a ploy used by certain agents to secure your business. Out of the last 50 times I've been told this, about 2 of them came true.

We thought the same with the last house we sold, but had sold the house 2 hours later !

Which was a shock, as we struggled to find anything, but the estate agent went leafleting houses in the area where we wanted to live and house size/type, so it does happen

and House in the next close, same builder, just sold in 2 days for full asking.

[Quags]

Louis Balfour said:

Are you in good shape?

I have every sympathy with estate agents, because I know what a horrible, avaricious, bunch of toads the general public can be.

Struggling a bit at the moment, but it's looking up. Same for most by all accounts.

Very well put!

[ooid]

borrowdale said:

I called one of the agents to arrange a viewing, but the seller has given strict instructions that only people with a house on the market and a buyer lined up can view!

Is that a normal thing to do?

Probably heard similar responses but yes, it's pretty much normal. I've sold and bought many properties over the last 20 years, and always instructed my EA, potential buyers should have min 50% deposit position, so it does not even matter if they are already sold or under asking. Their min equity should be 50%, and that's it. The only slight issue I have faced s ofar, a national celebrity cash buyer, who thinks they were GOD and I would have to give them a few £ discounts on the completion day!

This is of course for London Market, my attitude would be probably different on different location. In my experience, in London, it is all about location so people make their decisions mostly before even arranging a visit. The current marketing media resolution/quality is quite good, so if someone is doing window shopping they should do it in front of their laptops, it's free

[Jakg]

ooid said:

Probably heard similar responses but yes, it's pretty much normal. I've sold and bought many properties over the last 20 years, and always instructed my EA, potential buyers should have min 50% deposit position, so it does not even matter if they are already sold or under asking. Their min equity should be 50%, and that's it. The only slight issue I have faced s ofar, a national celebrity cash buyer, who thinks they were GOD and I would have to give them a few £ discounts on the completion day!

The median LTV in the London is 60% so thats over half the buyers gone.

https://www.statista.com/statistics/1077767/median...

[ooid]

Jakg said:

The median LTV in the London is 60% so thats over half the buyers gone.

https://www.statista.com/statistics/1077767/median...

As I said, totally personal (and professional) experience, half of the buyers might have gone (assumed) and that amount has had probably some unforeseen issues that I did not have to face. I think I have completed all transactions less than three months in all cases (from offer to completion)

[timetex]

Chamon_Lee said:

I find this notion rather stupid.

I currently have my own home and the only way I would even dream of bothering to sell the place is if I had one lined up.

I would view a house and at the earliest after viewing and putting an offer in I would start the process of getting mine on.

A lovely idea... but someone who HAS decided they can be bothered to sell - and is actively marketing their home - will likely have a slightly different agenda and timescale they want to work to.

Let's say that you, and Person B, and Person C all contact the EA on the same day to request a viewing. All 3 of you view, all 3 of you place otherwise identical offers. Person B is on the market already; 4 weeks along in the process, maybe even has some second viewings on their house. Person C has sold (or is a cash buyer).

In a seller's market (which it has been until quite recently - and still is in some places) your offer would be the lowest ranked of the 3 (and not even proceedable). As a seller, I wouldn't want to waste my time (or yours) in showing you around, whilst there were people like B and C in play.

Your approach might sound good to you - but for a 'good' property (i.e. priced well, popular, in-demand), you're absolutely wasting your time on Rightmove etc.

Sure, the 'bad' properties that hang around (badly priced, not in demand) - you'll have a fair crack at those.

Edited by timetex on Friday 24th March 13:23

[Puzzles]

I spoke to a couple of local agents and for the type of house I'd move to they would both be fine showing me around and making an offer but would want my house on the market at a realistic price.