Quick sale estate agents - how much control have they got?

Maleera

The property in question was on the website for offers over £85,000. Having spoken to the vendors on a few occasions, they told me the property was on for £80,000 - which was my 1st offer to the estate agents - the EA then told me the minimum they could accept was £85,000 as a 3rd party was involved who would take care of all the sellers fees, and the additional £5000 would cover this! I don't see why i should be paying these fees?!
My offer was accepted and then a few days later i was told i would need to increase it to £87,000 as another buyer was interested, however when i asked if the other sellers offer had been accepted by the vendor, i was told that the EA would make that decision on behalf of the vendor! Can anyone explain to me how these "quick sell" estate agents can take control away from the seller? I'm pretty convinced the vendor will get £80,000 regardless of what the final sellikng price is - am i correct in assuming this? Your opinions would be appreciated....

MrRee_2

Could this be an EA who is selling the property on commission - by that I mean that they have guaranteed a £80k price clear to the vendor - anything higher goes into their pockets?

You do not supply enough info for anyone to give accurate advice, unfortunately.

I for one have never heard of such activity as you are talking about ..... I would simply walk away, it seems like they may blow you out for any higher offer, at any time until exchange. And I wouldn't be dealing with such people.

G_M

There's no such thing as a 'quick sell' estate agent. An EA simply introduces buyer to seller. Offer what you want to pay. If they accept, instruct solicitor. If they don't, walk away. If they accept and then change their mind )on price) decide whether you're willing to pay more or not.

Simple.

googler

G_M wrote: »

There's no such thing as a 'quick sell' estate agent.

I think the OP is referring to the (online?) agent operating under the brand 'quicksale' or 'aquicksale' .... maybe

G_M

Same thing. Just an agent.

poppysarah

Are they one of the EA who deal with pre-repo properties?

Maleera

poppysarah wrote: »

Are they one of the EA who deal with pre-repo properties?

No, this is not a repossession, the lady who lives there paid off the mortgage a long time agao as she's been there 40 years.

I've had a look on another "quick sell" agent's site, and found out some more information:

Option 1

An upfront fee of £399 + V.A.T.

Nothing more to pay

No minimum contract term

Option 2

Legal Fees paid

Guaranteed Sale Price or No Fee to pay!

Minimum 4 week contract






You will receive our full marketing package whichever option you choose. These include:

• Property valuation with a tailored individual property report
• We visit your property to answer any queries, take photographs and erect a For Sale board at the same time (why wait?)
• Advertising on Rightmove, Zoopla, Globrix, FindaProperty Primelocation & many more property portals. 92% of people now search for their new home online.
• Marketing to all of our registered buyers – in addition to residential buyers we have an extensive list of Property Investors
• All negotiations & collection of buyer feedback is done by us
• Full management of the sale progression, to ensure a quick sale

It looks like the seller in my case has gone with option 2 - and any additional money the EA can make - they will indeed pocket. Extremely frustrating and surely not fair on the seller?!

GAH

OP, does matter if they market themselves as a qucik sell agent or just an agent, they are still an agent.

If you think the property is worth only £80,000 to you, then walkaway, or if you want to pay more than pay more.

Maybe they do have a higher offer.

There is always another property out there for you, if not a better one.

poppysarah

Maleera wrote: »

It looks like the seller in my case has gone with option 2 - and any additional money the EA can make - they will indeed pocket. Extremely frustrating and surely not fair on the seller?!

Worry about what's fair for you.

Find more houses to view.
If there's nothing at the moment then you'll have to wait.

Sellers have to want to sell.

Normally it's
debt, death, divorce, that are the main motivators.

silvercar

In your shoes I would make sure that your offer is given to the vendors and they are aware of what is going on. At the least they are risking a delay to their sale, without any evidence they will get more money.

Maleera

Thanks for your responses. I have spoken to the seller directly and she has said she really hopes i get the property. I'm willing to increase my offer, but do not want to be forced into it by the Estate Agent I have a feeling that there is no other buyer interested.
I am going to get a friend of mine to call the agency to see how much the house is currently on for, then i'll have a bit more to go on hopefully!