Leaving estate agent under contract

Lancslad

Hi,

Just after some advice regarding terminating my contract with an estate agent which has 5 weeks left to run.

I signed a 12 week contract, after 5 days I received an offer £15k under the asking price to which I agreed. At this stage no proof of funds had been established (I have since found out) despite the buying reporting to be a cash buyer. The property was taken off the market immediately without the agent establishing whether a survey would be done (none was undertaken at the buyers request. Four weeks into dealing with solicitors the buyer has pulled out due to not having the funds. During the 4 weeks of conveyancing the agent made no attempts to contact me or the purchaser with any updates (although I regularly chased my solicitor) and paperwork was being returned by the buyer.

Due to the fact I am away a lot I didn't want to have to arrange for other agents to come and value the property and take it away from the current agent. However I reduced the asking price by £5k on Thursday and as of now at 3.00pm on Saturday, Rightmove, their own website, display in window and property details are still show the old asking price !! Surely I am within my rights to leave this contract as it is just a comedy of errors. Thanks in advance

csgohan4

Lancslad wrote: »

Hi,

Just after some advice regarding terminating my contract with an estate agent which has 5 weeks left to run.

I signed a 12 week contract, after 5 days I received an offer £15k under the asking price to which I agreed. At this stage no proof of funds had been established (I have since found out) despite the buying reporting to be a cash buyer. The property was taken off the market immediately without the agent establishing whether a survey would be done (none was undertaken at the buyers request. Four weeks into dealing with solicitors the buyer has pulled out due to not having the funds. During the 4 weeks of conveyancing the agent made no attempts to contact me or the purchaser with any updates (although I regularly chased my solicitor) and paperwork was being returned by the buyer.

Due to the fact I am away a lot I didn't want to have to arrange for other agents to come and value the property and take it away from the current agent. However I reduced the asking price by £5k on Thursday and as of now at 3.00pm on Saturday, Rightmove, their own website, display in window and property details are still show the old asking price !! Surely I am within my rights to leave this contract as it is just a comedy of errors. Thanks in advance

It's a contract, so what does it say on there in order for you to leave, were there set goals or get out clauses like performance issues e.t.c? if not, you have to wait it out.

Whether buyer was proceed-able or not, you won't know in reality until they can't proceed, anyone can do a DIP or show bank statements, doesn't mean they can buy, not the EA's fault totally

csgohan4

Lancslad wrote: »

So its acceptable to marketing the property at the wrong value despite it being put i writing. Just come off the phone to them and the manager agrees its been completely missed managed and I free as a bird

If it's not written down, performance is not taken into account in a contract.

You got lucky, others will quite rightly hold you to the minimum term regardless of how good or poor the service was

Lancslad

Amazing when you mention the Property Ombudsman what happens

Thrugelmir

Welcome to the world of house selling. There's plenty more time wasters where that one came from.