Sole agency contracts and estate agents

Skaip27

Thanks Richard. You are absolutely correct in that their speciality is over pricing. Guess main issue is that we are now in a situation where someone else would buy through another agent, but I am 'scared' to even get them to view it whilst in this contract period, just for fear of the first agent charging the commission at a later date - does that make sense and am I right to be worried do you think please?

googler

Why does the buyer particularly want to 'buy thru another agent' when the other agent doesn't have the rights to sell the property?

Regardless of what the current agent has done or hasn't done, if the buyer is introduced to the property right now, you only owe the current agent a fee - you haven't signed with the other agent, so you don't owe them.

I fail to see the problem - get the buyer in for a viewing, get them to make an offer, get you current agent to accept it, and pay one fee to your current agent once it completes...... no?

Cheeky_Monkey

The obvious question is why won't your 'potential' buyer go through your current EA?

Skaip27

Thanks Googler and cheeky monkey. Yes when put like that it does all seem very obvious!! I have no idea why this potential buyer will only stick through estate agent 2???!!!! I have no idea where to contact or find the buyer from either otherwise I would do and tell him to go via estate agent 1. I didn't realise how political it all gets with agents!

Skaip27

Does anyone also know if original estate agents are likely to pursue for payment even they consequently find out a buyer was introduced by another agent during sole agency period, i.e. practically?

G_M

Skaip27 wrote: »

Does anyone also know if original estate agents are likely to pursue for payment even they consequently find out a buyer was introduced by another agent during sole agency period, i.e. practically?

Of course! This is their bread and butter!

Nowadays it is very easy to see, online, what properties have sold, when, fo what price.

Agents use this to check. Sell via another agent and they will find out, and send you a bill.

googler

How have you found out that this buyer will only proceed thru agent 2 if you don't know how to contact him?

if agent 2 genuinely has a buyer for you, tell agent 2 to refer him to your current agent in exchange for a referral fee from curr agent to agent 2.

Skaip27

Thanks , and good points again.
Googler - I have only found out through agent 2 that the buyer will only stick to agent 2. That is definitely a good point asking agent 2 to refer the buyer to agent 1 in exchange for a referral fee. So far thinking of waiting for contract period to end, but this means I can't even show the other potential buyer around yet doesn't it?
GM - I realise internet these days gives away too much!! However, do you mean just if agent 2 sells during agent 1's contract period please? In other words am I doing wrong waiting to sell until after contract period even if I was to show someone else around now?

Thrugelmir

Skaip27 wrote: »

I have only found out through agent 2 that the buyer will only stick to agent 2. That is definitely a good point asking agent 2 to refer the buyer to agent 1 in exchange for a referral fee. So far thinking of waiting for contract period to end, but this means I can't even show the other potential buyer around yet doesn't it?

Sounds odd. If the potential buyer was genuinely interested in the property. Then shouldn't matter who the agent is. As they pay the agent nothing.

I would be concerned that the potential buyer is actually going to be a complete time waster.

Skaip27

Yes - I have certainly learned not to believe everything that agents tell you. Would I still be liable for paying commission if I find out now (mid contract) whether the buyer from the second agent will be definitely interested? (i.e. and then actually sell after the contract period?)