Estate Agents and private sale

Jorgan_2

When you say is it right what Doozergirl says, which part are you referring to?

A sole agency means that you should be able to market the property yourself as well as the agent, without having to pay the agent a fee. No need to go joint or multi.

Sole selling rights means the agent will be able to claim a fee of you, if you introduce a buyer yourself.

I would explain to the agent tomorrow that you are marketing the property yourself and check this doesn't conflict with anything that you are signing.

bargain_babe

Sorry Jorgan, I didnt make myself clear, but the part you have referred to in your reply about the sole agency, sole selling rights what what I wanted clarified. Thanks for taking the time to reply and I understand a bit more now. I will make sure its sorted before I sign anything.

ajaxgeezer

BB if you are confident this lead you have found yourself will pan out, don't sign the agent's contract whatever you do. You have to agree to their marketing strategy before they can work for you. If you have agreed this with them already, and your self-found buyer buys, you will still pay the agent.

Jorgan_2

ajaxgeezer wrote: »

BB if you are confident this lead you have found yourself will pan out, don't sign the agent's contract whatever you do. You have to agree to their marketing strategy before they can work for you. If you have agreed this with them already, and your self-found buyer buys, you will still pay the agent.

Sorry the information in that post is misleading. It all depends on what type of contract you have with your agent as to whether you have to pay them if you find your own buyer.

ajaxgeezer

Jorgan wrote: »

Sorry the information in that post is misleading. It all depends on what type of contract you have with your agent as to whether you have to pay them if you find your own buyer.

.........ok. I think you will find in the large majority of cases that a sole agency contract will mean that you have to pay the sole agent their fee, no matter who introduces the buyer. Hopefully that is clearer.

bargain_babe

I am definately getting this one sorted when the agent calls tomorrow. Don't want to be landed with his bill if I found my own buyer, although OH didn't think our property was what they wanted. Still you never know. I posted the flyers over a week ago. Typical its only just starting to show some people are interested! Still, in today's market I am pretty happy someone bothered to come and look! Thanks again guys, looks like its a pretty grey area and only the EA knows what his long winded terms and conditions entail!
I did tell the EA that I had posted these flyers and the price he said our property is worth was the same as I had put! I had checked others for sale in the area and compared the 3/4 beds and different types of property in the vicinity. Hopefully we'll both be right and I'll sell! He never said anything about me doing it myself and I didn't ask!!

Doozergirl

ajaxgeezer wrote: »

.........ok. I think you will find in the large majority of cases that a sole agency contract will mean that you have to pay the sole agent their fee, no matter who introduces the buyer. Hopefully that is clearer.

With respect ajaxgeezer, are you an estate agent? It's only that Jorgan is.

EDIT: http://news.bbc.co.uk/1/hi/business/6958427.stm

ajaxgeezer

bargain_babe wrote: »

although OH didn't think our property was what they wanted. !

......it doesn't always work like that. Last time I sold it was to the least interested couple I've ever seen in my life. Quick look round each room, a grunt and that was that. That was on a Saturday afternoon and by 10.30 Monday morning an offer was in. I always found that the "oooh this is lovely" brigade are there just to wear your carpets out and get a free cup of tea as much as anything.

If you haven't signed your Paul Jackson contract, and they do tell you that they will charge you if you introduce your own buyer under a sole-agent contract (as I still expect, even though I seem to be in the minority), then that phone call tomorrow is the time to get it written in that you won't accept that. At the moment they want you more than you want them, and you can have a lot of input into the terms of the contract.

If you are around the Tividale area (???) and could catch buyers as easily from Dudley as Sandwell, I wouldn't go sole-agent. The boroughs advertise in different papers, have seperate shops etc. I'd personally maximise publicity by taking a Sandwell agent and a Dudley agent.

TighterThanTwoCoatsOfPain

In my move around november last year i ended up finding my own buyer.... i approached my EA and they suggested a compromise... pay a very significantly reduced fee to them (less than half the contract i signed) and they would do the whole 'sales progression' like they would have done anyway.

Couldnt fault my agent... the process wasnt exactly straight forwards and was in a nasty chain but they rang with updates every week, and every day in the final stages.... certaintly worth the money i paid them, even though they didnt find the buyer.... we were both happy with the deal..

ajaxgeezer

Doozergirl wrote: »

With respect ajaxgeezer, are you an estate agent? It's only that Jorgan is.

EDIT: http://news.bbc.co.uk/1/hi/business/6958427.stm

.....no I'm not, my experience comes from seeing 10-15 contracts from EAs. The sole-agency clauses on all of them (seriously, without exception) bear out what I've said. If this (mine and BB's) local area is in some way weird, or if the opinion is wrong, I'm prepared to put my hands up to that. I'd rather post my wrong experiences and have someone check than keep quiet and see someone lose.