About to list with EA but have possible private buyer..

supersonicdave

Hello All,

I'm a huge MSE fan and I'm please to be writing my first post!

My parents are about to list their house for sale with an estate agent. They have had a few around to value the property (£150K) and is also trying to bring down the agent fee to 1% from 1.25%.

We have a few people who are already interested in buying the house (family of neighbours). When we told the agents this one said that if it does end up going to a buyer we put forward then they will lower the commision to 1% for the sale. Another that they would just charge an "admin" fee of £1000.

I am just wondering what exactly we would need an agent for if we do have a private buyer? In other words, once you have a private buyer what else would you need an agent for?

Any views would be greatly appreciated.

lynzpower

Welcome to MSE :hello:

You dont need an agent at all

Eg if you want to sell to your neighbour, then no problemo, get them round, agree the price ( if you havent already) and then swap solicitors details and thats that! Conveyancing runs at its own pace, then exchange, then completion

The only reason youd need an EA is if you a) cant find a buyer yourself ( you seem to have a few so :T) and b) if you dont want to deal with your own buyers, eg some people do prefer having an EA deal with the sale and be the go-between sometimes cos they are short of time or knowledge on the subject.

HTH
lynz

Curious_Moose

Admin fee? You find a buyer. You exchange solicitors details. That's it.

pickles110564

Curious_Moose wrote: »

Admin fee? You find a buyer. You exchange solicitors details. That's it.

100% right just make sure you have got contact numbers and it will be plain sailing don't let the EA's put you off.
9 times out of 10 they are rubbish and you will save time and stress and loads of cash by doing it yourself. You will not be wonderinging what is going on because you can talk to your buyers directly which will make a more smooth transaction

ehs_3

You don't need an agent if you have a private buyer. If you do decide to have an agent at the same time (e.g. if you aren't sure whether your private buyer will go ahead) then make sure you explain to the agents that if you sell it yourself you won't be paying any commisssion. I know professional landlords who negotiate this with estate agents so it is possible.

Also then ensure you read the contract T&Cs in the estate agents try to slip it in that you have to pay them even if you sell yourself. Sometimes they may also try and charge you something for marketing the property (probably what the £1000 admin fee is referring to), so again check the T&Cs that this isn't included. You want "No Sale No Fee".

Good luck!