Leaving estate agents due to cash buyer query

monkeyboy72

Hi - Just out of interest really but Im due to start the process of selling my flat soon which I will be doing through an agent as its my first time selling and dont want all the hassle of selling myself.
I was wondering what actually happens if someone tries to bypass the agents and asks you to sell to them direct, say for example they were a cash buyer or someone who wanted to do you a favour and save you the estate agent fees etc etc
Would it be a case of calling the agents and saying 'actually I dont want to sell anymore, just bill me for what you have done'
I imagine the estate agents have thought of this and have policies and procedures in place to avoid it happening, anyone had any experience of this. thanks

hazyjo

I'd tell them to take a running jump - what else do you think they'll try on later down the line? Dropping their offer at the last minute, maybe? What would they get out of it? Naff all.

EAs do check up on recently sold properties in the area. I doubt it'd take them long to realise you went back on a legally binding contract.

With most EAs, you wouldn't be billed for 'what they had done'. Most get paid at the end once the sale has completed.

If someone suggested it to me, I would be incredibly reluctant to deal with them any further.

Jx

googler

Yes, the policies and procedures usually take the form of a contract which you will sign with the agent, which is likely to be on a sole agency or sole selling rights basis, essentially - if a buyer is introduced thru the agency, or during the time the agency has a contract with you, their fee is payable.

Look up definitions thru google or similar for more detail, or ask any agencies you are considering for a read of their T&Cs before you hire them.

hazyjo

business_man wrote: »

Not everybody works the way you have mentioned, not *every* company drops their offer at the last minute unless they discover something which wasn't made clear in the start.

Any title issues, structural issues or perhaps complete details of tenancy were not disclosed and were found during the legals? "N" number of reasons for offer to drop and buying company is not always to blame.

When was a 'buying company' mentioned? I thought the OP was referring to a buyer introduced by the EA who then said they'd be happy to not go through the EA and do a private deal. Not saying I'm right, sometimes we read things and presume, as we've misinterpreted what someone's told us.

If selling to someone who's not been introduced by the EA (would still count as an introduction even if they'd only seen the board outside, or an ad on RM and never even called the EA), as said above, you'd have to check the T&Cs to see if you're liable for fees still even if they've not made an actual introduction.

Jx

G_M

If agent introduces buyer, your contract will require you to pay agent their fee. Of course, you could agree to 'go behind the agent's back' and give the buyer a price reduction - but don't be surprised o get a bill in the post later!

If you sign a 'sole selling rights' agreement with the agent (reduces your fee to the agent) you'll have to pay that fee even if the agent didn't introduce the buyer.