We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Estate Agents - Bah!!!
moatmeister
Posts: 332 Forumite
Recently been involved in selling a house on behalf of my wife and her ex partner.
Its a nice but small house in a good area and was valued at £127k in Feb 08, and placed with the local agents. We would have happily acepted £125k at the time.
Very little interest was shown, then the credit crunch hit and values started to drop. We suggested dropping the price accordingly but our contact at the agency advised us not to.
It got to the stage where we were going to take it off the market in January 09 when out of the blue we had an offer for £95k by a local first time buyer with mortgage approved which we declined. Offer was raised to £100k through the agency. I said we would let it go for less than £100k. Estate agent was adamant that her client had no more funds available and advised us strongly to accept. I suggested we would accept a sale with £100k paid now and a further amount to be negotiated paid separatly to us in instalments ie some sort of private mortgage arrangement. Estate Agent got a bit nasty and said that we should accept the offer of £100k refused to negotiate further saying the buyer definatey had no more funds and refused to suggest my plan to the buyer.
She did finally agree to reduce her charge from £1500.00 to £1000.00 because of the reduction in the offer price.
I demanded that she set up a meeting in their office which she did do.
For 4 hours one after noon me and the young buyer and his father thrashed out a deal round the tablewhilst the estate agent steered clear of us. Not even a cup of tea was offered. After considering various "out of the box" solutions aimed at an extended sale around £110k, his father put his hand in his pocket and we agreed a straightforward sale of £104k. £4 grand more than the estae agent claimed was available.
I was pleased, I felt I had done everything to acheive the best price in the circumstances, including a £500 reduction in the estate agents fees who would have been happy to settle at £100k so we had very neary got to £105k , our target price.
Sale went through, and Estate Agents invoice arrived - for £1500.00. I queried it and they admitted offering a reduction but then refused to honour it because the sale price had increased. Even though I had done all the leg work and they had done nothing, infact had been obstructive in the negotiations. They also threatened to take us to court if we didnt pay in full because we had signed their fee agreement.
This frightened my wife who paid the bill without me knowing. I was furious becaus I was ready for a fight with them as I felt they had been les than useless but at the end of the day its her money.
However This is still nagging me and I would like to take it further now, specially since we want to buy somewhere else and need to get as much cash together for the deposit.
Sorry for the long rambling post, do you think I have a case?
Its a nice but small house in a good area and was valued at £127k in Feb 08, and placed with the local agents. We would have happily acepted £125k at the time.
Very little interest was shown, then the credit crunch hit and values started to drop. We suggested dropping the price accordingly but our contact at the agency advised us not to.
It got to the stage where we were going to take it off the market in January 09 when out of the blue we had an offer for £95k by a local first time buyer with mortgage approved which we declined. Offer was raised to £100k through the agency. I said we would let it go for less than £100k. Estate agent was adamant that her client had no more funds available and advised us strongly to accept. I suggested we would accept a sale with £100k paid now and a further amount to be negotiated paid separatly to us in instalments ie some sort of private mortgage arrangement. Estate Agent got a bit nasty and said that we should accept the offer of £100k refused to negotiate further saying the buyer definatey had no more funds and refused to suggest my plan to the buyer.
She did finally agree to reduce her charge from £1500.00 to £1000.00 because of the reduction in the offer price.
I demanded that she set up a meeting in their office which she did do.
For 4 hours one after noon me and the young buyer and his father thrashed out a deal round the tablewhilst the estate agent steered clear of us. Not even a cup of tea was offered. After considering various "out of the box" solutions aimed at an extended sale around £110k, his father put his hand in his pocket and we agreed a straightforward sale of £104k. £4 grand more than the estae agent claimed was available.
I was pleased, I felt I had done everything to acheive the best price in the circumstances, including a £500 reduction in the estate agents fees who would have been happy to settle at £100k so we had very neary got to £105k , our target price.
Sale went through, and Estate Agents invoice arrived - for £1500.00. I queried it and they admitted offering a reduction but then refused to honour it because the sale price had increased. Even though I had done all the leg work and they had done nothing, infact had been obstructive in the negotiations. They also threatened to take us to court if we didnt pay in full because we had signed their fee agreement.
This frightened my wife who paid the bill without me knowing. I was furious becaus I was ready for a fight with them as I felt they had been les than useless but at the end of the day its her money.
However This is still nagging me and I would like to take it further now, specially since we want to buy somewhere else and need to get as much cash together for the deposit.
Sorry for the long rambling post, do you think I have a case?
0
Comments
-
If you didnt amend your contract with them stating the newly agreed price then i wouldnt of thought you have much hope of gaining anything
. 0 -
Move on. The extra £4000 you got should be adequate compensation for your effortsHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
Have a case - what for - not being offered a cup of tea?
Seriously though you will be wasting your time and energy chasing for a rebate. If anyone wants a variation in any contract it must be by all parties mutual consent and in preferably, if not essentially, in writing.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
No, a case for them being underhand and breaking their verbal agreement to reduce their fees!
They were less than useless in conducting this sale efficiently. If I make an agreement with someone I stick to it.0 -
moatmeister wrote: »No, a case for them being underhand and breaking their verbal agreement to reduce their fees!
They were less than useless in conducting this sale efficiently. If I make an agreement with someone I stick to it.
Verbal agreements can, in law, be valid but one heck of a job proving them as you need witnesses?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
You sound like a right idiot to be frank.0
-
It sounds to me like the EA 'steered clear of you' because you gave him/her the distinct impression their presence wasn't required. You didn't suggest a meeting, you didn't ask for a meeting, you 'demanded' a meeting. Hmmm.
What on earth did you talk about for four hours, to eventually get to a price of £104k as opposed to £100k ....???0 -
:eek: Poor young couple. I doubt they will want to move for years to come after that experience. 4 hours to extract 4 thousand. You obviously rattled the estate agents cage thats why they have probably taken delight in now being able to charge you for their full fees.
What a mad world we live in0 -
Thank you all, especially our friend Hostman for your constuctive input.
Yes I must be a "right idiot" as he suggested because I foolishly assumed that the agents we employed to sell the house would be acting in our best interests. How stupid of me to assume that????0 -
..and you held on to the agent's office for four hours..... when they were probably expecting you to be there for 15 mins, half hour tops.
FOUR HOURS ?!?!?!?
How much would it have cost you to rent/hire a meeting room for this length of time at a business hotel or similar establishment?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards