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Selling privately after advertising with an estate agent
Comments
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I would ...
- check the contract to make sure it's a 'proper' sole agency agreement.
- tell the EA that I've had a private offer of £x from a friend of a friend, and give the EA 2 or 3 days to ring round the people who viewed, to see if they want to better the offer.
Expect the EA to quiz you about who the buyer is, and how they found out about your property.
(Some EAs might try to argue that they introduced your buyer, because the buyer saw their adverts or for sale board. But that argument has been thrown out by the courts.)
Ok, thank you. no one has made an offer since being with the estate agents and this offer we've had is full asking price.0 -
whattodo02 wrote: »Ok, thank you. no one has made an offer since being with the estate agents and this offer we've had is full asking price.
Yes - so I'm suggesting that you give the EA an opportunity to get an offer above the asking price.
It's slightly less confrontational to say "See if you can get a better offer" than "thanks - but I don't need you anymore". It may soften the arguments that may follow.0 -
Yes - so I'm suggesting that you give the EA an opportunity to get an offer above the asking price.
It's slightly less confrontational to say "See if you can get a better offer" than "thanks - but I don't need you anymore". It may soften the arguments that may follow.
Thank you for your advice, it is much appreciated. we are complete novices when it comes to anything like this0 -
whattodo02 wrote: »Ok, thank you. no one has made an offer since being with the estate agents and this offer we've had is full asking price.
No negotiation. Straight in at asking price? Are you sure that the buyer is procedable in accepting the offer.
Easy to get sucked into the fact that you'll save the EA fees.0 -
Thrugelmir wrote: »No negotiation. Straight in at asking price? Are you sure that the buyer is procedable in accepting the offer.
Easy to get sucked into the fact that you'll save the EA fees.
yes cash buyers who really want it because of the road we're in0 -
whattodo02 wrote: »yes cash buyers who really want it because of the road we're in
Just to play devil's advocate...
What's your/their definition of cash buyers? For example:
- They'll have the cash as soon as they sell their property?
- They'll have the cash as soon as an inheritance comes through?
- They've got the cash in a short-notice bank account?
Or perhaps they are fibbing and they need a mortgage, or perhaps they are just time-wasters with no funds at all.
Most EAs would ask to see bank statements and/or some other evidence, and weigh-up their story to see if it sounded credible.
(TBH - it does sound a bit strange that somebody with a huge wedge of cash would come straight in with a full price offer - especially when there are no competing offers.)
Edit to add...
I would stay on good terms with your EA - just in case you have to go back to them to re-market your property.0 -
Thank you, I totally understand what you are saying, but we know of them and our friend knows them well (Works with them) and they are extremely well off, have their own business, and have the money ready to buy (no selling of property needed)
they are happy to swap solicitors details.
we were a little dubious at first, but they want to downsize while still living close to their business (which is where we come in living within a couple of minutes walking distance)
to be fair, we are disappointed with the lack of offers (none) and were contemplating coming off of the market over Christmas anyway, so really no loss even if they turn out to be time wasters, which we don't think they are, but like you say you never know)0 -
whattodo02 wrote: »but they want to downsize while still living close to their business (which is where we come in living within a couple of minutes walking distance)
Is there existing property sold?
Downsizing could mean that the business isn't doing so well.our friend knows them well (Works with them)
For them as an employee?0 -
Thrugelmir wrote: »Is there existing property sold?
Downsizing could mean that the business isn't doing so well.
For them as an employee?
no they run their business from home and are keeping the business going but taking a back seat as they are close to retirement.
no, works with their son (not for them)0
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