Cancelling contract to sell with estate agent within 14 days
Discussion
EDIT: we have decided to continue with the contract.
We entered into a contract to sell our property with an estate agent (the contract was signed in our home).
The property sold within 4 days, but we are really struggling to find a suitable replacement and are considering cancelling the sale.
We're aware of the right to cancel within 14 days - and suspect this would be relatively straightforward if the property had remained unsold - but - how does this affect us now that the property has sold?
Does the agent have any right to claim their commission?
I appreciate they could claim marketing costs for this period.
We entered into a contract to sell our property with an estate agent (the contract was signed in our home).
The property sold within 4 days, but we are really struggling to find a suitable replacement and are considering cancelling the sale.
We're aware of the right to cancel within 14 days - and suspect this would be relatively straightforward if the property had remained unsold - but - how does this affect us now that the property has sold?
Does the agent have any right to claim their commission?
I appreciate they could claim marketing costs for this period.
Edited by TonyRPH on Tuesday 31st May 09:03
Our contract said that commission costs would only be payable if there was a buyer ready to exchange contracts. Sounds like you're a while off that yet.
Your situation is probably very common, and I can't imagine even estate agents would revel in charging commission for not selling a house! So why not just discuss it with the ea particularly your plan if a suitable place doesn't come up (for a while).
Your situation is probably very common, and I can't imagine even estate agents would revel in charging commission for not selling a house! So why not just discuss it with the ea particularly your plan if a suitable place doesn't come up (for a while).
TonyRPH said:
We entered into a contract to sell our property with an estate agent (the contract was signed in our home).
The property sold within 4 days, but we are really struggling to find a suitable replacement and are considering cancelling the sale.
We're aware of the right to cancel within 14 days - and suspect this would be relatively straightforward if the property had remained unsold - but - how does this affect us now that the property has sold?
Does the agent have any right to claim their commission?
I appreciate they could claim marketing costs for this period.
Why are you considering cancelling?The property sold within 4 days, but we are really struggling to find a suitable replacement and are considering cancelling the sale.
We're aware of the right to cancel within 14 days - and suspect this would be relatively straightforward if the property had remained unsold - but - how does this affect us now that the property has sold?
Does the agent have any right to claim their commission?
I appreciate they could claim marketing costs for this period.
Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
Countdown said:
Why are you considering cancelling?
Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
Absolutely this - giving up the house hunt after less than 10 days is slightly odd. It took us 3 months to find our house after we’d agreed a sale of the previous house. Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
JQ said:
Absolutely this - giving up the house hunt after less than 10 days is slightly odd. It took us 3 months to find our house after we’d agreed a sale of the previous house.
I am told its common people see their value has shot up, so want to sell, then they find its a seller market, prices are nuts and houses are selling often before they are even online because agents have registered buyers who they call as soon as its listed.surveyor_101 said:
I am told its common people see their value has shot up, so want to sell, then they find its a seller market, prices are nuts and houses are selling often before they are even online because agents have registered buyers who they call as soon as its listed.
In our area, houses are ‘sold’ same day if it’s anything half decent. Few people I know are really struggling - to the extent where they are calling agents the day a property goes up and even that’s not quick enough.
TonyRPH said:
We entered into a contract to sell our property with an estate agent (the contract was signed in our home).
The property sold within 4 days, but we are really struggling to find a suitable replacement and are considering cancelling the sale.
We're aware of the right to cancel within 14 days - and suspect this would be relatively straightforward if the property had remained unsold - but - how does this affect us now that the property has sold?
Does the agent have any right to claim their commission?
I appreciate they could claim marketing costs for this period.
So you take yours off the market while you keep looking.The property sold within 4 days, but we are really struggling to find a suitable replacement and are considering cancelling the sale.
We're aware of the right to cancel within 14 days - and suspect this would be relatively straightforward if the property had remained unsold - but - how does this affect us now that the property has sold?
Does the agent have any right to claim their commission?
I appreciate they could claim marketing costs for this period.
You find something you want to buy but your offer isn't accepted because you haven't got an offer on your place.
You put yours on the market and get an offer but the place you liked is already under offer.....
Countdown said:
Why are you considering cancelling?
Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
You mean buyer surely? As I am the vendor in this instance.Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
JQ said:
Absolutely this - giving up the house hunt after less than 10 days is slightly odd. It took us 3 months to find our house after we’d agreed a sale of the previous house.
Unfortunately for us, the price bracket we are searching in is prime buy to let market (we are downsizing).So we are competing against buyers with ready cash (as against us only having cash in completion of our own sale).
babelfish said:
So you take yours off the market while you keep looking.
You find something you want to buy but your offer isn't accepted because you haven't got an offer on your place.
You put yours on the market and get an offer but the place you liked is already under offer.....
Catch 22 of course!You find something you want to buy but your offer isn't accepted because you haven't got an offer on your place.
You put yours on the market and get an offer but the place you liked is already under offer.....
The other challenge we have faced already is the inevitable bidding war. And some of the property we've seen has already been bid up way beyond current market value (and yes, I know if people are prepared to pay that much then it's worth it etc. etc. - but many of the properties really do not have that value).
A glance over past values confirms this.
Edited by TonyRPH on Saturday 28th May 22:47
dundarach said:
I appreciate money is a powerful motivator, however this is a s
tty thing to do!
stty for your potential buyer and stty for the estate agent.
Money is not the motivation?tty thing to do!s
tty for your potential buyer and stty for the estate agent.We are simply struggling to find a suitable property and as such don't want to find ourselves stuck in 6 - 8 weeks time, having to withdraw (after various searches etc. will have taken place on the part of the buyer) - resulting in unwanted expense to the buyer, and us having to pay the agents fee...
If we can't find a suitable property to move to, then why should we leave ourselves and our buyer out of pocket (when we stay put), when we can stop the transaction before it costs either of us money?
TonyRPH said:
dundarach said:
I appreciate money is a powerful motivator, however this is a stty thing to do!
stty for your potential buyer and stty for the estate agent.
Money is not the motivation?tty thing to do!s
tty for your potential buyer and stty for the estate agent.We are simply struggling to find a suitable property and as such don't want to find ourselves stuck in 6 - 8 weeks time, having to withdraw (after various searches etc. will have taken place on the part of the buyer) - resulting in unwanted expense to the buyer, and us having to pay the agents fee...
If we can't find a suitable property to move to, then why should we leave ourselves and our buyer out of pocket (when we stay put), when we can stop the transaction before it costs either of us money?
it is YOUR HOUSE, YOUR DECISION, YOUR MONEY.
Others make no consideration for others when making their choices. I've yet to meet anyone who says, oh no, we've agreed to sell our house to a stranger and now don't want to, but poor them, we will inconvenience ourselves and do what we do not want to do because poor them.
Oh and don't forget the agent.....
Feel free to cancel. I haven't read your agreement, but the ones I have had previously make no allowance for the sale not going ahead and the agent getting a fee.
you will be ok
dundarach said:
I appreciate money is a powerful motivator, however this is a stty thing to do!
stty for your potential buyer and stty for the estate agent.
It may not be great for the buyer, but the sellers and buyers change their minds all the time as circumstances change. The OP is trying to mitigate the effect of his decision to the buyer which is very sensible.tty thing to do!s
tty for your potential buyer and stty for the estate agent.For the EA, they have put together a contract which says how they do business which the OP will conform to by the looks of it. So nothing s
tty for them there.TonyRPH said:
Countdown said:
Why are you considering cancelling?
Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
You mean buyer surely? As I am the vendor in this instance.Surely you carry on looking for a new house and keep the vendor informed. They might choose to walk away, they might not.
If they walk away it's not your fault, if they don't walkaway and agree to wait then everything's hunky-dory..........
Another option might be to move into rented property until you find your next house. If that happens you'll be a "cash buyer" so that might help you get one quicker.
Just because you are contracted to an estate agent doesn't mean you're obliged to go through with a sale. You can simply tell the agent you've changed your mind and you're not selling. The buyer will be advised accordingly.
The downside is your contract almost certainly has a 12 month clause in it (you can terminate the contract any time you like) which means irrespective of whether the contract to sell is still running you'll be obliged to pay the agent's fees should you sell within that period. So if, say, in 3 months time you decide to go to market again with another agent then you'll be paying double fees. This might make you decide to revert to the original agent but they may not be so willing to assist and regard you as a time-waster.
All in all I'd say what everyone else does and roll with buyer. You can slow the process down if you wish with the likely result your buyer will pull out but possibly they'll stay the course if they really want your place.
The downside is your contract almost certainly has a 12 month clause in it (you can terminate the contract any time you like) which means irrespective of whether the contract to sell is still running you'll be obliged to pay the agent's fees should you sell within that period. So if, say, in 3 months time you decide to go to market again with another agent then you'll be paying double fees. This might make you decide to revert to the original agent but they may not be so willing to assist and regard you as a time-waster.
All in all I'd say what everyone else does and roll with buyer. You can slow the process down if you wish with the likely result your buyer will pull out but possibly they'll stay the course if they really want your place.
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