Selling with EA

Ollie_D

Hi All,

I once again look to you for your opinions based on your knowledge and experience.

I will likely be putting my house on the market in the next few weeks, and as it will be my first house sale, I'll more than likely use an Estate Agent to make things easier.

Although I appreciate all contracts with EA's will be different, if a purchaser offers at the asking price are we obliged to accept, and if not do we still have to pay this EA.

Also how long is acceptable to ask a purchaser to wait whilst we find somewhere, and if we don't find somewhere do we still have to pay the EA?

alumende27

Ollie_D wrote: »

do we still have to pay this EA.

do we still have to pay the EA?

Read the estate agent's contract closely before signing anything and agreeing to use them if you're unsure of what charges you will be liable for.

You don't have to accept any offer but it would be a bit strange to offer a house for sale and then turn down an offer for the asking price unless you were inundated with multiple offers.

Estate agents down't always need to be paid if you pull out of a sale but again, you need to to read the fine print! Complications usually arise if you then re-market the property with another estate agent and sell it to the same buyer.

alumende27

Also how long is acceptable to ask a purchaser to wait whilst we find somewhere

How long is a piece of string? It entirely depends on the buyer.

googler

Ollie_D wrote: »

... if a purchaser offers at the asking price are we obliged to accept

No

and if not do we still have to pay this EA. ... if we don't find somewhere do we still have to pay the EA?

Latter points all depend on the contract you agree with the EA.

If you were selling in Scotland, you wouldn't get the option to keep the buyer hanging on whilst you dither about looking for somewhere else. The entry date typically forms part of the offer, and hence of the contract. Once you accept that, you're effectively bound to move by that date.

G_M

When negotiating an estate agent contract (yes - negotiate. they want your business!) I always

* agree to a maximum 8 week contract (better still 6). So if they are rubbish you can switch agent. You don't have to leave after 8 weeks though. Ask them if they are confident they can find a buyer easily at the price they are recommending.
If they say no, then clearly they are not the right EA for you.
If they say yes, you say "In that case you won't need more than 6 weeks, will you?"

2) max 1.25% commisssion. Depends a bit on the local area, and whether sole seller, sole agent, dual agent, or multi agent.

3) insist the contract is amended to read "fee becomes payable on Completion". NOT on Exchange (just in case buyer defaults), and definately not "on providing a buyer who is ready and willing".