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HelenFlowers
Posts: 17 Forumite
Hello clever helpful people.
I am selling an inherited house. Have friends who are VERY keen to buy it, have put theirs on the market to get it.
So I really want to take it down from the estate agents, who aren't exactly appreciating its charm. And sell direct.
We have a 4 week notice period with the estate agents, and friends are keen to clinch the deal in April.
So the question is, what do I need to do this? Legally and for my security? Solicitor obviously, anything else?
All thanks for all comments.
I am selling an inherited house. Have friends who are VERY keen to buy it, have put theirs on the market to get it.
So I really want to take it down from the estate agents, who aren't exactly appreciating its charm. And sell direct.
We have a 4 week notice period with the estate agents, and friends are keen to clinch the deal in April.
So the question is, what do I need to do this? Legally and for my security? Solicitor obviously, anything else?
All thanks for all comments.
0
Comments
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You need to look carefully at your estate agent contract. (You mention 4 weeks notice, but are you still in the minimum contract period?)
If it's "sole agency", there should be no problem at all - as your friends were not introduced by an agent.
If it's "sole selling rights", your friends have been introduced to the property whilst you were in contract will the EA - so a fee should probably be payable to the EA.
Apart from that, your solicitor should be able to deal with everything.
An good EA would also...- do checks on the buyers, to make sure they have mortgage and/or funds for the purchase
- chase them to make sure they've instructed solicitor, applied for mortgage etc
- handle any renegotiation - e.g. if the survey shows up problems
But FWIW, most sellers wouldn't take their property off the market, if their seller still needed to sell.
You could be waiting months. Their property could be hopelessly over priced - so won't sell. If they reduce the price they might not be able to afford yours etc.
But that's all up to you.0 -
There's an old saying; Never do business with friends or family.0
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You need to get a copy of your estate agent's T&Cs and read them.
A 'sole selling rights' set of T&Cs will often provide that you must pay the fee if a sale is achieved during the term of the agreement OR within a period after expiry of the term.
I would not be at all surprised if the estate agent writes to you after the sale asking for a fee. This is very common. So you need to be prepared and need to know what the T&Cs say.0 -
Like any stereotype, I find that contains a grain of truth but isn't always helpful.
Doing business with friends / family is great while everything is going well, but as soon as there is a disagreement it complicates the business arrangement and threatens the personal relationship.Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.0 -
Doing business with friends / family is great while everything is going well, but as soon as there is a disagreement it complicates the business arrangement and threatens the personal relationship.
Buying from friends worked for us, but perhaps we were unusual in being quite clinical about it. We decided that if things went paridae-up, they'd market immediately via an agent and we'd probably lose it.
We did lose a buyer, but our friends stuck with us, even accepting half the cost when our second buyer negotiated a sale at about £5k less in today's money.
Our sale and theirs progressed normally from then on, despite the agent they'd been intending to use bad-mouthing us. They were under the impression we were just acquaintances. The agents also kept sending us details of all the newest property in the price range, despite our requests for them to stop.
We loved the house. Our friends had terrible taste and their DIY wasn't the best, but it was the location and the space that we loved. Never looked back.0 -
Doing business with friends / family is great while everything is going well, but as soon as there is a disagreement it complicates the business arrangement and threatens the personal relationship.
Of course, the friendship may also help in working out a deal that suits all and assist in avoiding misunderstandings. It may also make both sides more willing to work through any disagreements in a way that leaves everyone happy.
I didn't deny that there can be difficulties; I pointed out that that isn't all there is to say. Stating that there can be difficulties does not invalidate my argument.0 -
Of course, the friendship may also help in working out a deal that suits all and assist in avoiding misunderstandings. It may also make both sides more willing to work through any disagreements in a way that leaves everyone happy.
I didn't deny that there can be difficulties; I pointed out that that isn't all there is to say. Stating that there can be difficulties does not invalidate my argument.
That’s fair comment. I do think, though, that it adds an added dimension which could cause problems and may be better avoided . Davesnave is right in that you have to be clinical if you are going down that path.
I sold to my best friend and would never do it again. We’ve been mates since school (we were in our 50s at the time of the sale). He was selling and, bless him, he had a penchant for picking dud buyers. More to the point, he stuck with them when it was clear to everyone else that they weren’t going to proceed. I’d found somewhere and was under mounting pressure. Anyone else I’d have kicked into touch (my flat was very saleable - an estate agent was willing to buy it for herself!) but I just couldn’t do it to him.
In the end he finally got a buyer and we managed to get the whole thing sorted although it cost me an extra £1,000 to keep my vendor sweet. I wasn’t entirely blameless - my friend wasn’t over impressed by the level of cleanliness when he moved in, to say the least. Our friendship is still very strong but it was stretched during that period.
Maybe I’d qualify the statement by saying don’t do business with your close friends.0
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