possible private sale

drooke

Hi,
I am about to put my house on the market and have a possible private sale. However, i don't yet know whether my friend who's interested will be able to get a mortgage or move quickly enough to meet my time constraints (move into rented accomodation by early August).

So, in an ideal world I'd put the house on the market with my local estate agent and, if my friend, sorts himself out and agrees a mortgage sell to him, if and when rady. My question is, would this course of action make me liable to be charged commission by the estate agent?


Thanx in Advance,
D

TheDink

So long as you have not signed one of those dreadful "sole selling rights" (as opposed to "sole agency") with the estate agent, you should not have to pay them commission if you find the buyer yourself.

You could inform the agent at the time you instruct them to market the property, and hope that this will cover you. My understanding is that you only have to pay the fee if the agent provides the introduction between the buyer and seller (including if the buyer sees the for sale board and knocks on the door).

Someone else may be more informed on this, but I think you should be okay if your friend does come up with the money.

bridiej

Could you not give the friend a time period (say 4 weeks) to get himself ready to exchange contracts and in the meantime advertise your property privately? At least that way:

a) the friend has time to sort out if he is committed to the purchase
b) you may find another buyer privately (for instance if you have your own "for sale" sign outside and someone happens to drive past / visit friends and fall in love with your house)
c) you're still marketing whilst waiting for your friend to get his act together.

drooke

bridiej wrote:

Could you not give the friend a time period (say 4 weeks) to get himself ready to exchange contracts and in the meantime advertise your property privately?

I could but I'm constrained by the fact that I plan to move into rented accomondation in early August. I've found the property I want and it doesn't have many of the drawbacks inherant in rental properties. Because I'm so committed to it I'm placing my house sale inside a 2 month window.

Knowing my friend he'd check out his side of the bargain at the last minute or not at all. That then leaves me open to the possibility of him failing to get a mortgage agreed and being unable to complete. That would then leave me high and dry with my renting plans.

bridiej wrote:

At least that way:

a) the friend has time to sort out if he is committed to the purchase
b) you may find another buyer privately (for instance if you have your own "for sale" sign outside and someone happens to drive past / visit friends and fall in love with your house)
c) you're still marketing whilst waiting for your friend to get his act together.

I've thought about using search4homes but have been told that isn't a good vehicle for selling when there is a finite window for selling.ie. not many people buy homes through it so I'd get v.few viewing and therefore a longer time to sale.