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oneandonlydebbie

Selling Without Estate Agent

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Hi There

This week we put our flat up for sale with an estate agent. We have paid approx £400 for the home report and approx £400 to the estate agent.

However today we were approached by a neighbour who is interested in buying. He said that does not plan to deal with our estate agent and suggested to us that we dont either.

Is this possible? If so how would we go about it? Would it save us a lot of money in the long run?

I was thinking, surely things happen in people lives that makes them unable to sell their house and then they have to take it off the market?

As you can probably guess we're pretty clueless about this stuff so any help would be greatly appreciated.

Thanks

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Hi There

This week we put our flat up for sale with an estate agent. We have paid approx £400 for the home report and approx £400 to the estate agent.

However today we were approached by a neighbour who is interested in buying. He said that does not plan to deal with our estate agent and suggested to us that we dont either.

Is this possible? If so how would we go about it? Would it save us a lot of money in the long run?

I was thinking, surely things happen in people lives that makes them unable to sell their house and then they have to take it off the market?

As you can probably guess we're pretty clueless about this stuff so any help would be greatly appreciated.

Thanks

Why did you pay £400 for a home report?

Couldn't you find an EA without an upfront fee?

The answer to your question will be found in the contract you signed with the EA.

It seems to me that you've already wasted £750.

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However today we were approached by a neighbour who is interested in buying. He said that does not plan to deal with our estate agent and suggested to us that we dont either.

Is this possible?

Of course it is, so long as the EA hasn't spoken to your neighbour about your house.

Get his solicitor to write an offer to yours and take it from there.

Tell the EA you've sold it without him.

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Why did you pay £400 for a home report?

Couldn't you find an EA without an upfront fee?

If he had his HIPS pack drawn up a few months ago that was the going rate, it's cheaper now with just the EPC.

Perhaps the upfront fee included some marketing, when we sold ours through Knight Frank we had the choice of advertising it in Country Life or whatever but we had to pay towards the cost (refundable upon sale)

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I think it better you:-

1. Make a gentleman's agreement with your neighbour on the price

2. Tell your EA that you're taking it off the market

3. Go through with the gentleman's agreement and get solicitors talking

4. Don't tell the EA (or if they do bother to enquire, say you sold your property after taking it off the market)

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Is this possible? If so how would we go about it? Would it save us a lot of money in the long run?

Your contract with the EA will contain the words "sole agency rights" or "sole selling rights".

If they have sole selling rights then you will have to wait for the contract to expire and/or give notice before selling.

If they have sole agency rights then you can sell it to your neighbour without paying the agent.

Some other advice:

You should not have paid an upfront fee to the agent. Do not rely on your neighbour to actually come up with the money, keep it with the EA until the neighbour can prove they have the funds and have paid out something e.g. survey, legal fees to commit themselves.

VMR.

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Get your neighbour to make an offer.

Negotiate (close the sale)

Write up a Memorandum of Sale (look up for a template)

Instruct your licensed conveyancer (cheaper) to draw up contract.

Set a date for Exchange

Complete.

EAs seldom bother about clients doing a private sale, it's an occupational hazard (unless it's a whacking great fee and they've spent a lot on marketing)

Good luck.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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