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oneandonlydebbie

Selling Without An 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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Firstly I am no expert but I did recently sell my house and here is my view.

You say you paid £400 to the Estate Agent. What for? We did it so that only when the house was sold did they get a percentage. That way if nothing was sold then they would not get anything. Our contract with the Estate Agent said that if I sold the house regardless of whether the estate agent was involved or not they would get their fee. This means if you sell to your neighbour then the Estate Agent will still ask for their fee (assuming your contract is the same). This seems fair to me since they are working to try and sell it and they don't want someone to come by and see the For Sale sign and make you an offer. My contract had a time period in which they were contracted to sell the house and then after that you can walk away. This might be 3 months. After that you can walk away from he Estate Agent (but you will probably need to specifically tell them that you are going as the contract may just keep going) and sell to your neighbour.

However I would be cautious about selling to your neighbour as after all he as a buyer looking to get a good price so he will want it at the cheapest price. By not going with the Estate Agent and going with your neighbour you are reducing your market to one (your neighbour). So make sure you get a fair price from him. Also what position is he in. Is he a cash buyer or is he selling his house? In other words how firm is the offer? If he needs to sell his house it could be months before her finds a buyer. So you could wait for him and even then if you do he could pull out and your left with nothing and you have wasted all that time. I don't trust Estate Agents either, they are out to make money (and why should that be a surprise they are a business) but that also means that they are very interested at selling your house for the highest price possible as they will get the best commission (assuming it is based on a percentage of the sale)

Hope this helps. Please be careful and good luck.

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The 400 to the estate agent was selling fees, we still need to pay the commision when and if it sells. we're willing to let that 400 go if it means a quick sale.

Our neighbour is a property person so he doesnt actually live in the flat downstairs he rents it out and is looking to do that with ours too. we have a price that we wont go bellow but again we have worked everything out and we know what we can afford so that we can sell quickly. every month thats passes that we dont sell means we're 500 out of pocket on top of the mortgage for the new house we've bought.

Thanks so much for the advice

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What does your contract with the agent say? Do you have a contract.?

The buyer's offer has to be in Scottish Legal Form, and will be submitted by his solicitor. Who are they going to submit it to, if not your agent?

Does your agent's contract (if you have one), or their sales particulars, say something along the lines of "All offers should be submitted to XYZ Estate Agency" ???

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  • 146 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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