Selling/Sold/Buyer pulls out/Now I don't want to sell

niftynew

Hi,

I'm not sure where I stand with fees owed to my estate agent Dixon's. (If any)

I decided to sell my house and used Dixon's about a month ago, they managed to find a buyer within one week.
They sent me a letter saying we owe them £3000 inc vat because they have sld the house for us.

That may sound great that they have sold the house but we have not found anywhere to buy yet, today Dixon's phoned me up telling me the buyers have pulled out, I was kinda relieved because I felt a little pressured into finding a house quickly.

So now they the buyers have pulled out, Dixon's have got us a few more viewing lined up and are sure they will sell my house....too be honest I don't really want to sell now.......does anyone know where I stand with fees, as in do I actually owe them or not ?

I know they did sell the house but as the buyers have pulled out then that isn't my doing so I'm thinking I don't owe them anything.

Thanks

G_M

What does your contract say? I can't read it.

niftynew

G_M wrote: »

What does your contract say? I can't read it.

I wish I could find it, I was wondering if anyone else has had the same experience.

jimmy_cricket

As gm says it is in the contract. However, I had my house on the market with a local,estate agent. They got me three offers, all under the asking price by around 10 percent. I rejected them and then decided to stay put. They did not charge a penny but did send me a list of introductions and said that if I remarketed with anyone else and sold to those buyers then they would expect their fee. Fair enough

eddddy

niftynew wrote: »

I wish I could find it, I was wondering if anyone else has had the same experience.

Lots of people will have had that experience - but the implications will be different, depending on what your contract says.

If the contract says "No sale, No fee", that's a good sign.

If it mentions "withdrawal fees", that's not such a good sign.


Either way, tell the EA that you don't want any more viewings. And find your contract, and check it to see if you're past the "minimum contract period", and what you have to do to terminate your contract.

ThePants999

niftynew wrote: »

I wish I could find it, I was wondering if anyone else has had the same experience.

Everyone else's experiences will be different, because they'll have signed different contracts with different agents.

Your contract will set out the precise circumstances in which you owe the fees, and you must find and read it. The agent should be able to provide you with a copy if you really can't find yours. In general, though, it is imperative that you read and understand contracts before you sign them, and keep them where you can find them!

niftynew

Thanks guys,
My wife has found the contract in her emails.

The main point I have read says £2500+ vat and the Agency period is 12 weeks from when we signed.

So after looking at the dates it wasn't last month we sold it's actually been 11 weeks already! time fly's when you are stressed

So from what I understand I am locked in for 12 weeks and if I cancel within that time I would be liable to pay them the £3000.

Hmm I have one week left and 2 people are booked in to view, one tomorrow and one on Saturday!

kiddy_guy

You might want to suggest that you're in no rush to sell to those prospective buyers and haven't found anywhere to move to, and you won't go into rented

And next door is being converted to a pub, and next door have previous convictions for violent offences... You might struggle for those 2 buyers to put an offer in - though obviously that's the last thing you want...

eddddy

niftynew wrote: »

So from what I understand I am locked in for 12 weeks and if I cancel within that time I would be liable to pay them the £3000.

That's very unlikely to be what the contract says.

It's far more likely to be a sole agency (or sole selling rights) agreement - which means you might have to pay the EA if somebody else introduces a buyer. (Which isn't relevant here.)

niftynew wrote: »

Hmm I have one week left and 2 people are booked in to view, one tomorrow and one on Saturday!

If you don't want to sell, you should think about cancelling the viewings.

If one of those viewers makes an offer, and there is a "ready, willing and able buyer" clause in your contract, and you withdraw - the EA may try to chase you for a fee.

But if you cancel the viewings, they won't make offers. (And you won't be wasting people's time.)

eddddy

.... also the contract almost certainly doesn't just end after 12 weeks.

You will need to give either 2 or 4 weeks written notice. So you should probably write and get that notice period started.

G_M

niftynew wrote: »

The main point I have read says £2500+ vat and the Agency period is 12 weeks from when we signed.

So after looking at the dates it wasn't last month we sold it's actually been 11 weeks already! time fly's when you are stressed

So from what I understand I am locked in for 12 weeks and if I cancel within that time I would be liable to pay them the £3000.

Hmm I have one week left and 2 people are booked in to view, one tomorrow and one on Saturday!

Read the contract, not just the 'main point'!

1) the 12 weeks is likely to be the 'minimum contract length' (though I can't be sure without looking!). The contract will then continue for ever, or until there's a sale, or until you serve notice.

2) notice to end the contract should be specified (asuming I'm right about 1) above). 2 weeks? 4 weeks? 6?

3) Their fee may be payable if
* they find you a "willing and able buyer" (which it seems they did, until that buyer withdrew), or
* a buyer exchanges contracts with you, or
* you Complete a sale, or
* something else (again - I cen't see your contract!

4) if you withdraw from the market during the life of the contract (ie the 12 weeks and/or any further period without notice as per the contract) a fee may be due (to cover the EA's costs to that point)

Try reading it again.