Exchange, completion and funding rented.

G_M

victoriavictorious wrote: »

. How come your estate agent is calling all the shots regarding matters outside his/her remit and not in your, their client's, best interests , just because they want their commission *now?*

The end of the financial year is fast approaching. The poor dears will be under a lot of pressure to get sales completed for inclusion in this years's figures...........

victoriavictorious

G_M wrote: »

The end of the financial year is fast approaching. The poor dears will be under a lot of pressure to get sales completed for inclusion in this years's figures...........

No offence intended to any genuinely decent agents on here, but the sooner the online agent business model drags the kind of agent under discussion kicking and screaming into the 21st century, the better.

ViolaLass

I imagine plenty of buyers would like more space between exchange and completion, either because they're in a chain and everyone wants time or because they're in rented and can arrange to have less overlap.

Smodlet

They are absolutely full of it. Completion is whenever seller and buyer agree it is after exchange. If this deal does go south, I would certainly fire the EA and broadcast your experience to warn others, i.e. name them. They sound like the archetypal nightmare version of their dubious profession.

KittenChops

bris wrote: »

Problem is your contract with the current agent, they have a buyer ready to proceed, they are due the commission on that. Read the contract, you will find this in there.

Both high street estate agents we had a valuation from were ‘no sale, no fee’. As you suggested, the OP needs to read their contract.

Danielle1985x

So the EAs have given an extra two weeks, I don’t understand ifnthe searches ran out, where have these extra two weeks come from? I feel under so much pressure by them. Does anyone have any idea how long it usually takes to Sort rented?

mrschaucer

Danielle1985x wrote: »

So the EAs have given an extra two weeks,

Gosh, that's very generous of the EAs! Did they hand their decision down on stone tablets as well? Here's a revolutionary thought - how's about YOU decide what YOU want to do and then TELL the EAs what your plans are?

Danielle1985x

Which I have done this evening...

saajan_12

Best way to ensure you don't lose out neither by acquiescing to buyer/EA's demands nor by sticking to your guns out of spite: MAKE YOUR PROBLEM THEIR PROBLEM.

On one hand, with this buyer the sale could be done and dusted in 2-4 weeks. If their mortgage offer / searches really do expire then and they have to start again, or you have to find another buyer who starts from scratch, it'll take another 2-8 months - how much is not waiting that long worth to you?

On the other hand, you could face higher rental costs if you need hotel/storage temporarily or get a more expensive rental due to being rushed.

So estimate the increased cost and give buyer/EA the option: if they quick completion in 2-3 weeks then they can pay £x either through increased sale price or written agreement from EA reducing fees. If not, you'll need 4-5 weeks.

That way you don't miss out on the best case scenario (sell to this buyer so its done and no extra cost out of your pocket) but still avoid taking the risk of finding a rental at short notice.

Danielle1985x

So she has come back to me today, saying she needs an indemnity policy, and will only agree with my dates if I pay the £100 to cover it. I’m not really happy to do so, but just want the sale done. However I wanted to exchange yesterday, and now it won’t happen until towards the end of next week. I also have another offer on my house of 2500 less than then current buyer offered. Any advice?