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Signed agent contract, found buyer privately

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  • eddddy
    eddddy Posts: 16,448 Forumite
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    pollyannaL wrote: »
    Hello,

    Apologise I am not directly answering your question, but just wanted to gain some info on a 'private sale' & the decision making behind it.

    I am a FTB looking for a house, and i have missed out on viewings as the vendor has agreed to sell to a private buyer. Obviously as it keeps happening, I am wondering why vendors wouldn't proceed with viewings via EA to see if someone*me* would offer more than the private buyer's offer? I would have offered well over asking price for some of the properties, but I never even get a look in!

    Are you not tempted to see what higher offers you can get, rather than just this private offer?

    (like I said, just wanted to know the perspective of a vendor as I keep losing out!)
    Thanks

    Sounds a bit strange.

    So you're saying that prospective buyers are somehow managing to find sellers, view their properties, make offers and get the offers accepted - before the seller's EA can even arrange viewings.

    How are the buyers finding the sellers? Are they seeing the properties on Rightmove and speculatively knocking on the sellers' doors?


    I guess it's possible, but it seems unlikely. Could there be a misunderstanding - or some fibbing - going on?
  • goodwithsaving
    goodwithsaving Posts: 1,311 Forumite
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    pollyannaL, not really no. Sometimes, and certainly for me currently, the highest offer isn't always the best option. If I have a buyer who is pushy, awkward and inflexible offering say, 240k vs a buyer who is understanding and flexible offering a bit less, I'd go with the latter. I hate vendors who are driven by squeezing every penny out of a sale and don't intend to become one. Moving house is stressful enough already, picking the right buyer and vendor helps sanity levels throughout.
  • da_rule
    da_rule Posts: 3,618 Forumite
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    If I've read their terms correctly, the fee only becomes payable on exchange of contracts, no mention of completion. Therefore does anyone else think that it could possibly be argued that if you do not exchange contracts on the sale, regardless of who introduced you, but proceed directly to completion then the fee doesn't become payable?
  • goodwithsaving
    goodwithsaving Posts: 1,311 Forumite
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    da_rule wrote: »
    If I've read their terms correctly, the fee only becomes payable on exchange of contracts, no mention of completion. Therefore does anyone else think that it could possibly be argued that if you do not exchange contracts on the sale, regardless of who introduced you, but proceed directly to completion then the fee doesn't become payable?

    Err, you always exchange. Even if you complete on the same day. If you don't exchange contracts and sign, how would the legalities be done?
  • da_rule
    da_rule Posts: 3,618 Forumite
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    goodwithsaving wrote: »
    Err, you always exchange. Even if you complete on the same day. If you don't exchange contracts and sign, how would the legalities be done?

    You do not. I've had 3 purchases in the last month or so where there was no chain, cash buyers (so no mortgage) and we proceeded straight to completion. Didn't sign contracts, just signed and exchanged the transfer deed on the agreed completion date.

    We did all of our searches (including the Land Registry search with priority) prior to completion, raised any requisitions, then completed.
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
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    da_rule wrote: »
    You do not. I've had 3 purchases in the last month or so where there was no chain, cash buyers (so no mortgage) and we proceeded straight to completion. Didn't sign contracts, just signed and exchanged the transfer deed on the agreed completion date.

    We did all of our searches (including the Land Registry search with priority) prior to completion, raised any requisitions, then completed.

    so you exchanged?
  • eddddy
    eddddy Posts: 16,448 Forumite
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    glentoran99 wrote: »
    so you exchanged?

    To be pedantic, I think what da_rule means is that he/she bought a property without any contract with the seller.

    Instead, they went "straight to transfer" - i.e. both parties just sighned a TP1 deed of transfer.

    Since there was no contract - there was no 'Exchange of Contracts'.

    But I guess you could say that there was an Exchange of Deeds (but it's not usually described in that way) it's often described just as executing a transfer.
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
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    eddddy wrote: »
    To be pedantic, I think what da_rule means is that he/she bought a property without any contract with the seller.

    Instead, they went "straight to transfer" - i.e. both parties just sighned a TP1 deed of transfer.

    Since there was no contract - there was no 'Exchange of Contracts'.

    But I guess you could say that there was an Exchange of Deeds (but it's not usually described in that way) it's often described just as executing a transfer.



    So thousands of pounds was handed over without a contract? Trusting buyer...


    Or was the property signed over before cleared funds
  • eddddy
    eddddy Posts: 16,448 Forumite
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    glentoran99 wrote: »
    So thousands of pounds was handed over without a contract? Trusting buyer...


    Or was the property signed over before cleared funds

    The solicitors deal with the funds transfer.

    I guess they use the same protocol as with any property transfer - whether or not there is a contract.

    The funds transfer and property transfer are linked - one cannot happen without the other (irrelevant of whether there is a contract or not).
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