Lockdown agreement for house sale

eddddy

millymilly wrote: »

The current agents have 3-months as sole agents so I can go multi agency at the end of Feb which I will let them know.

... the fees for multi agent will be higher. It might be better just to change to another sole agent.

But to avoid any double fees, give the new agent a list of any potential buyers who have been introduced by the current agent - especially including the one that's made the offer.

Tell the new agent that they must refer anyone on the list back to the old agent.

borkid

millymilly wrote: »

Thank you! 3-4 months is too long a wait period for me, I need to get the house sold in the next few months and as I don’t have a house to live in until this one goes.

I like the idea of saying I will only enter a lock out agreement once they have a buyer and can proceed with the sale. I think that’s the whole point of lockouts isn’t it, to prevent the buyer being gazumped once the sale process has begun?

We did similar with our last sale but also said if we had any offers whilst still on the market we would get back and let know and see if we could find a work round. As it was another offer came in the day they found a buyer for their own place so they did buy.

JoJo1978

475 Vs 525 is quite a differential. If this buyer can't progress at end of period you decide on have a discussion with your agent about the merits of a guide price of 495-525. At the moment you'll not be in anyone's searches that has a max budget of 500, but you're at the bottom bracket of 500+ properties. Think about what your current buyer has offered to see if that might make sense.

millymilly

Thanks for all of the advice, I called the agents and made it clear I am not interested in any sort of lock out agreement at all, but would be happy to consider the offer once they are in a position to proceed with the purchase. I also will not be paying to have the house professionally cleaned, and the buyer would need to do this.

I have let them know that I will be looking to go with other agencies from the end of Feb, when I am out of contract with them, so we will see what happens. If we don't get a buyer within the next month I will look to lower the price and go to either multiagency, or a different sole agent. My gut feeling is too go with multi-agencies at the moment, as I don't want to be stuck with another slow-moving sole agent.

Thank you for all of your advice, it's extremely useful and I am learning a lot.

millymilly

Hi I just wanted to provide a quick update in case anyone else finds this thread useful.

My house is still on the market, the buyer who wanted a lock-out agreement is now marketing his flat with the same agent as me. This weekend he received an offer but it was £20k lower than he wanted.

Lock-out man has said to EA he will accept the offer on his flat, if we sell him the house at £20k less than we are asking for. So the EA called me and asked if I would consider selling at £480k now, when it is on the market at £525k, and we are hoping for £500k.

I am relieved I didn't enter a lockout agreement with lock-out man, he sounds quite deluded. I am also surprised at my estate agent for even entertaining the idea.

eddddy

millymilly wrote: »

So the EA called me and asked if I would consider selling at £480k now, when it is on the market at £525k, and we are hoping for £500k.

I am relieved I didn't enter a lockout agreement with lock-out man, he sounds quite deluded. I am also surprised at my estate agent for even entertaining the idea.

To be fair, the EA received an offer of £480k. By law, the EA was required to tell you that offer...

...unless, for example, you specifically tell the EA not to pass on any offers under £500k.


It's probably best not to "burn your bridges" with the EA or this buyer. For example, this might just be an opening negotiation strategy by the buyer - they may come back with higher offers.

lovehols

My house sold last year, bidding war and we went with the lower more stable option as we thought even though she wasn't on market at time. Woman who saw mine, put her house on with same agent, had an offer within 24 hours for full asking price to cash buyer. Daughter lives across road, seemed a dead cert as she wanted to be closer to family and then 3 weeks before completion pulled out struggling to come to terms with downsizing.

Again, woman saw mine made an offer but hadn't even got hers on market. Wanted it removing on basis hers would sell quick, refused but she marketed hers anyway with same agent. 6 weeks later she has had one viewing and we have just reduced mine. I'd never accept any offer from someone who wasn't on market or in a position. I think sometimes it's spur of the moment decisions!

millymilly

To be fair, the EA received an offer of £480k. By law, the EA was required to tell you that offer...
...unless, for example, you specifically tell the EA not to pass on any offers under £500k.
It's probably best not to "burn your bridges" with the EA or this buyer. For example, this might just be an opening negotiation strategy by the buyer - they may come back with higher offers.

I never thought of it this way at all - it being the EAs duty to pass on the offer. But you are quite right, and I should view it as an offer nonetheless, and be happy with that.

Again, woman saw mine made an offer but hadn't even got hers on market. Wanted it removing on basis hers would sell quick, refused but she marketed hers anyway with same agent. 6 weeks later she has had one viewing and we have just reduced mine. I'd never accept any offer from someone who wasn't on market or in a position. I think sometimes it's spur of the moment decisions!

That sounds so frustrating. Have you had more interest having reduced the price? I am tempted to reduce mine too. ExH will not cooperate either way (he lives in the house and doesn't want to move out) so I will need to think about moving things along soon.

Fosterdog

millymilly wrote: »

That sounds so frustrating. Have you had more interest having reduced the price? I am tempted to reduce mine too. ExH will not cooperate either way (he lives in the house and doesn't want to move out) so I will need to think about moving things along soon.

Honestly this may be more of your issue than the price, I once viewed a house that the sellers were in the same situation, wife had moved out with the kids, husbands still lived in the family home and didn't really want to leave. It was obvious when viewing that he didn't want to leave. He didn't do anything as such to put us off, showed us the paperwork for his boiler to show service history, answered every question but it was also obvious that he wanted to stay there. We liked the house but didn't put in an offer because we could see there being problems come exchange and completion where he might make things difficult.

It had already been on the market for two and a half years, price had been reduced twice but even the original price was very good for the house and area. Only one offer had been made but rejected very early on, they later reduced to less than the original offer as the wife got more desperate to sell.

We decided then to not even consider any properties that were part of a divorce if either party still lived there unless it was certain that they also wanted to move.

It finally sold around six months ago after almost six years on the market, strangely it was not long after the husband finally met someone else and moved on with his life. It sold for 2.5k under the lowest asking price.

You need to get him on board otherwise he could make things very difficult with actually getting a buyer willing to face any holdups caused by him.

millymilly

*You need to get him on board otherwise he could make things very difficult with actually getting a buyer willing to face any holdups caused by him.*

He has been ordered to sell via the courts and is allowing access etc so I don't think that is the problem at the moment. The EAs are doing the viewings and not him. I guess its more that he is not in a rush to sell and would happy stay put for as long as it takes.

We have a second viewing booked in for this week, and then I think its time to get the second EA on board.