selling without agents.

rothwellio

This has probably been asked before so please forgive me. I'll try to make it simple: My house on the market for £225.000 Neighbours house across the road on the market for £125.000 He wants ours we want his. Both up with seperate agents. We have discussed amongst ourselves about taking them both off the market & doing the deal without them. Any pitfalls i should know about? Or is it just a simple process of getting solicitors involved to do the usual bits & bobs. Cheers

unite79

Yes it is, but a word of Warning, how did you know his house was for sale, and how did he know your house was also for sale - If the answer to this is that you saw the sign, saw in paper etc.. Then I think the agent would say they introduced and want a fee..

rothwellio

I understand what your saying. We both thought this too, our plan was to take both houses off the market and wait a month or two which we could both afford to do. Surely they could not come back at us then could they?? Thanks for the reply unite79 :-)

PropertyPro

As long as neither of you have contacted the agent about each others house, then they have no claim to any commision.

Geenie

(1) Can your neighbour definitely pay for the hike in cost and have a mortgage or funds available to proceed, as that is £100,000 difference between the 2 properties?

(2) Are you going to do full surveys, as very important despite what matey owners may say ?!

(3) Have you factored in price drops over the coming months, and that one property may lose more value then another if on the wrong side of the road because of it's aspect, what it looks over, size of plot etc?

(4) Think hard about the reasons why you want the lower value property, and why your neighbour is keen for your higher value one?! There may be something you are missing in the value of yours, but they have picked up on?! Future planning potential?!!

(5) I would suggest looking on the Land Registry site before proceeding. I know there are still a lot of properties not on there, but they can provide information if registered, that often doesn't come up until difficulties and disputes arise and costly solicitor fees. Their charges aren't that bad when compared to legal ones believe me!!!

(6) I would advise keep off for a good month or more before proceeding, as EA's are very aware of what is going on, what with all the time on their hands following house sales at present!

icebergx

Apparantly, there was a recent judgement against Foxton (I think). Even the EA simply showning the property does not constitute a right for them to ask for their fee. They have to have played a part in the negotiation of the sale.

Better to be upfront with both EAs I think. Tell them that you're selling to your neighbour through a private sale. and that you wish to withdraw it from the market when the buyer arranges his survey.

They can not claim a fee simply by having a board up.

rothwellio

Thanks all for your replies. It might seem odd to leave a large house & move across the street to a smaller property but the simple reason for doing this is me,my wife & young daughter want to be able to 'LIVE' . We both work hard for a living as do many others & the house is eating every bit of cash we earn i.e. mortgate,gas,electric,insurances etc,etc. Moving to the smaller property will cut my mortgage by 2/3rds heating and the like will also be cut plus maintaining the property will be a hell of a lot easier. And a holiday once a year would be nice too! Cheers all i'll take on board what you've all said.

Geenie

It makes perfect sense from what you are saying OP to downsize then. Would do the same if struggling and unhappy, so good luck with it.

rothwellio

Thanks Geenie for the reply & the other guys too. Will let you know how it goes. Fingers crossed