Lock in period with Estate Agent

Financial_Savvy

I am locked in with my EA for 10 weeks, and paying 1.5 %+ VAT.

Then they want 2 weeks notice after this to change agents.

They are not delivering. Not even advertising in the paper.

Should I just stay with them for the 10 weeks then move agents?

If I have a gap between agents, is the HIP still valid?

I thought you had to continually market the property for the HIP to be valid?

nutmegman

who did the hip?

what does your EA contract say about cancellation within ten weeks

panichousebuyer

We are exactly the same as you 1.5% plus VAT.

I wish I could post a recording of a telephone message that our EA left on my OH mobile, class!!!! I have never heard such a blundering, incomprehensible message in all my life!!!

We marketed with them when we sold our old house and they were very good - this time absolute utter rubbish (new staff).

We are the same, tied in for three months. Never again. My MIL worked at the Halifax EA for a number of years, she put her house up with William Browns and negotiated down from 12 weeks to two weeks, I think I should have listened to her. Maybe MILs have some use after all.

It would be interesting to know about the HIP. I naively thought you had paid for your HIP, it was yours and that was the end of that!

nutmegman

This is one of the problems with EA's

I have just put mine on the market, there is a minimum term of 8 weeks, however, i can cancel at any time subjec to two weeks notice.

I think this is the best way and if people are looking to market there house they should go this way, after all if the agent performs then you are happy, if not you can cancel without having to wait silly time to move agents

x

Financial_Savvy

Can you cancel within the 8 week period on 2 weeks notice. Or are you locked into the 8 week period?

nutmegman

Financial_Savvy wrote: »

Can you cancel within the 8 week period on 2 weeks notice. Or are you locked into the 8 week period?

I can cancel within the first 8 weeks, subject to two weeks notice

Richard_Webster

In the present market with prices falling EAs are taking on properties that they know will not sell for the asking price but the sellers' pride is at stake and they won't accept that their house is not really worth what they think it is worth. So they tie people in for 16-20 weeks on the basis that they can suggest price reductions later.

If there are say 10 similar houses on the market in an area and one sells for nearly the present asking price the other 9 owners feel that is justification for their price - the problem is that there is only 1 buyer out there and the other 9 haven't sold!

My own view is that a seller should ask an agent what it will sell for and then only be prepared to agree 4 week agency and maybe compromise on 6 weeks. If the agent says that's not long enough to sell then the response must be to the effect that the advice about pricing should be on the basis that the house sells in the 4-6 week period. This might bring a bit more realism into pricing.

The other tactic is significantly to reduce the price and ask for "offers over". If the price really is too low then there will be several people interested and they can be encouraged to offer more.

Financial_Savvy

Is moving EA's the norm? I can concerned that they will try and have a pop at the commission as the contract states something about introducing another buyer within 6 months if you move agents.....

jaffacat_2

Well weve had several EA that have been useless,

The 1st one, we were on 12wk contract but they never marketed us, communication was POOR, they would turn up to meet a potential buyer without telling us....and it goes on. They wanted us to drop by £30k on our property after 4wks, funilly we then had an offer the same day for £30k less!!! very strange situation and am sure it was all set up. We got out of that contract after 5 wks after complaining to the area manager

The 2nd one was ok, however the head guy there was very laid back & they only had 2 staff in the office so at weekend the office was unmanned stayed with them for their contract period.

Moved to the third EA who is known as the most expensive but best one however signed a 16wk contract with them and they were worse than the 1st one. They were not interested in selling our property, we didnt hear from them more than once in 8wks, they told us what they would provide us iwth in the initial meeting then didnt deliver any of it - again got out of this contract by complaining to the area manager within 8wks. Apaulling service and we were looking to pay 2%

At times like this you want to know what the EA is doing to market your property, you want to hear from them regularly - well that is what we expect maybe we are asking too much.

Our current estate agent we have been with for 2wks on Thursday and we are having our 2nd viewing since we have been with them. We have heard from them this week to tell me what they are doing, we received a rightmove report at the weekend in the post with details of website hits etc and they seem interested in marketing our property.So we are keeping our fingers crossed that the person coming to see the property tonight likes it! Who knows....

I cant believe the EA's are like this with the current climate. Our current EA says that they have took on their books 3 plus ours houses from our previous EA and all those people are not happy either-dont know if its true but can see it being true if they were all treated like we were!

HouseBuyer_2

we've seen houses that have been with several EA's. It seems that many vendors are moving EAs if they don't get enough viewings or offers without thinking that it's the price that isn't enticing enough for buyers to view.

We are looking to buy (and I would appreciate if the HPC brigade don't jump on me for me), and the spread between house prices are now obvious. Some are adjusting their valuations while others are holding out in hope (and probably failing!)

We've seen 3 bed detached from 269.950 to 305,000 (in the same reasonable size, reasonable condition and reasonable distance to mainline train station)