Buyer has offered via new agent - views please

TBeckett100

Interesting one this.

We received an offer via our formal agent when they were acting for us. Chain was broken they discovered and therefore not proceedable.Another buyer couldnt geta mortgage. Viewings dried up.

We changed agent at weekend and knocked the price down 5k lower than the original amount we were offered. New EA has called to say "we have received a full asking price offer (based on new amount). the gentleman did not want to deal with the other agents as they are so pompous.

Now I have dropped the price to a very low level, and the agent has said that there could be dual fees. The agent has agreed to reduce his fee to 0.6% plus VAT (as lady doesnt want to deal with old EA). do you think i should get the old agent to halve their fee? or in the face of them not reducing the fee, should our new buyer be asked to pay the 0.6% plus VAT by us (given she is getting 5k off due to her having mucked us around in the first place).

Frank_Cannon

So, is the old agent pompous or is it that he wouldn't take the buyer seriously due to her mucking you about?

TBeckett100

the EA may sometimes come over a bit OTT but that is the area we live I am afraid.

The new EA has suggested accepting the offer and they will negotiate with other EA but given the buyers track record we should remain on the market until exchange.

SimonMrGreenWard

The old agent found you the client, not the new one. New one is trying to get paid, even though they know they shouldn't. Why would you pay an extra 0.6% + vat out?

Play fair, else it could end up costing you more money.

TBeckett100

new agent has called to say that he has spoken to old agent and handing back the client to deal with. they have been very honourable.

adg1

Agent 1 introduced the buyer not agent 2.

If I was agent 2 and had Mr Buyer drop in to my lap I'd try to be mr nice EA and negotiate with EA1, the buyer and you so I get my 0.6%vat fee.

Remember EA2 hasn't viewed the property with the buyer, hasn't negotiated with the buyer, hasn't sold the area to the buyer, hasn't defended your property against others on the market.

0.6%+vat for no work.

Play fair, for your own pockets sake, and go back to EA1 and ask them to proceed with the buyer.

EA1 are due their fee - they would hold you liable as they introduced and they (and this is the important bit) played an important role in the buyer offering on your house.

Why pay EA1 AND 0.6%+vat to EA2? Just pay the one and tell EA2 to get their greedy mits of your cash.

googler

How can EA1 accept an offer on the property if they don't have a valid sales contract for it?

EA2 has a valid contract, I would assume, and are therefore the only ones entitled to accept an offer.

No?

adg1

googler wrote: »

How can EA1 accept an offer on the property if they don't have a valid sales contract for it?

EA2 has a valid contract, I would assume, and are therefore the only ones entitled to accept an offer.

No?

However they have introduced a number of people during their contract to the house and solicited an offer from one viewer.

Their contract (and most EAs) will state that buyers they introduce will incur their full comission charge as they have done the work if they subsequently buy the house through another channel. This will generally have a time limit of 6 months or so.

madmish00

We changed agent at weekend and knocked the price down 5k lower than the original amount we were offered

It depends whether when you changed agent you signed a contract giving them sole agency and whether you were still inside that period when they put forward the buyer's offer.

If so you are liable to pays fees to both Agents, EA1 for introducing the buyer and EA2 for an offer accepted during their period of sole agency.

Although it may seem that EA2 has done no work contractually you will still own them their fee unless your contract has any clauses that exempt you from this. They are being quite fair offering a reduced fee and you may wish to try and negotiate a reduced fee with EA1