gaz1 Posted January 25, 2010 Share Posted January 25, 2010 I decided to put my house up for sale rather than rent it out, now we got the same estate agent to sell ours which is the the one i bought my new house from, the house has been on the market 3 weeks and have had 1 viewing. I now have a family friend who is definate they want to buy it at my asking price, and have suggested i bypass the estate agent as i have effectively found a buyer and save me paying his commision. Would i be a cad doing this:) Quote Link to comment Share on other sites More sharing options...
JamieP Posted January 25, 2010 Share Posted January 25, 2010 Do it...... are you in a contract with the estate agent? Quote Link to comment Share on other sites More sharing options...
The Raven Posted January 25, 2010 Share Posted January 25, 2010 I decided to put my house up for sale rather than rent it out, now we got the same estate agent to sell ours which is the the one i bought my new house from, the house has been on the market 3 weeks and have had 1 viewing. I now have a family friend who is definate they want to buy it at my asking price, and have suggested i bypass the estate agent as i have effectively found a buyer and save me paying his commision. Would i be a cad doing this:) NO! they would screw you over soon as look at you. Quote Link to comment Share on other sites More sharing options...
Gaz6002 Posted January 25, 2010 Share Posted January 25, 2010 As long as it all stacks up legally and financially, bite their hand off Quote Link to comment Share on other sites More sharing options...
Ricky49 Posted January 25, 2010 Share Posted January 25, 2010 I did this told them I was taking it of the market after 2wks. They said if I sold it within 4wks I would still have to pay the comission. After a week I called their bluff and the deal was done. Go for it. Look after number 1. Quote Link to comment Share on other sites More sharing options...
Chris Wilson Posted January 25, 2010 Share Posted January 25, 2010 Read your contract, most agents will tie you in to a commission even if you sell to a buyer YOU find, it'll be in the (very) small print. Quote Link to comment Share on other sites More sharing options...
gaz1 Posted January 25, 2010 Author Share Posted January 25, 2010 Read your contract, most agents will tie you in to a commission even if you sell to a buyer YOU find, it'll be in the (very) small print. Just checked the small print, they are sole agency and there are penalties if i back out after contracts are signed with a buyer from them. But there is nothing that mentions my own buyer:) Quote Link to comment Share on other sites More sharing options...
Chris Wilson Posted January 25, 2010 Share Posted January 25, 2010 Hmm, the sole agency bit implies that YOU finding a buyer makes you ANOTHER agent. It's unusual for them to not want a commission if the vendor finds a buyer. They make motor traders look Saintly. My father was an estate agent, my uncle a solicitor, my cousin a financial advisor, I have mixed with all the scum Quote Link to comment Share on other sites More sharing options...
MARTIN R Posted January 25, 2010 Share Posted January 25, 2010 Take it off the market then go for it, just do the legal stuff and save yourself a huge amount in fees:) Quote Link to comment Share on other sites More sharing options...
gaz1 Posted January 25, 2010 Author Share Posted January 25, 2010 Hmm, the sole agency bit implies that YOU finding a buyer makes you ANOTHER agent. It's unusual for them to not want a commission if the vendor finds a buyer. They make motor traders look Saintly. My father was an estate agent, my uncle a solicitor, my cousin a financial advisor, I have mixed with all the scum Reread right through again seems nothing in there does say i am not allowed to use another agent for 3 months though, says nothing about me finding a buyer though Quote Link to comment Share on other sites More sharing options...
creative Posted January 26, 2010 Share Posted January 26, 2010 is it an exclusive agent? sole agent means you can sell it yourself and not pay the commission regardless of their contract. exclusive means just that.. they have every right to get the commission even if you are the one that finds the buyer. well thats what it means over here in Oz... and yes im an estate agent...lol Quote Link to comment Share on other sites More sharing options...
Charlotte Posted January 26, 2010 Share Posted January 26, 2010 I hate estate agents. HTH. Quote Link to comment Share on other sites More sharing options...
Jas Posted January 26, 2010 Share Posted January 26, 2010 Ive had a bit of dealings with estate agents in the past. From my understanding in the UK a standard 'Sole agent' contract entitles the agent to a commission if the property is sold within the period that the contract is in force. This is even if you find a buyer. The argument for this is that the agent has incurred the expense for publicising the property so the buyer 'may' have been alerted to it through there advertising, even if they have attempted to approach you directly. However once you are out of contract they have no right to claim anything. check to see whether you have a notice period cancellation clause on your contract. not a standard thing, but some contracts have a 14 day notice period. so you should be able to cancel and sell after the 2 weeks with no strings.. otherwise If you feel you can sell without them noticing go for it i say*... just be careful as agents can be quite crafty**... *unless this is in obvious breach of uk contractual law in which case I wholly can not condone it... ** present company accepted creative. Quote Link to comment Share on other sites More sharing options...
jackso11 Posted January 26, 2010 Share Posted January 26, 2010 I don't see how they can claim a ammisson from you if you sell it to a friend. If you sign up with 2 estate agents they can't claim commission if it is sold by the other agent. Quote Link to comment Share on other sites More sharing options...
Wez Posted January 26, 2010 Share Posted January 26, 2010 I don't see how they can claim a ammisson from you if you sell it to a friend. If you sign up with 2 estate agents they can't claim commission if it is sold by the other agent. This is why you have to read the contract carefully and have agreement from both agents that they are not the sole agent for the sale Quote Link to comment Share on other sites More sharing options...
Jas Posted January 26, 2010 Share Posted January 26, 2010 I don't see how they can claim a ammisson from you if you sell it to a friend. If you sign up with 2 estate agents they can't claim commission if it is sold by the other agent. The only way you can sign up with two agents is through a multiagent contract. the commision rates for these tend to be higher to allow for the greater flexibility. Its all very relative to the exact contract details though - generalisations are difficult to make. Quote Link to comment Share on other sites More sharing options...
creative Posted January 27, 2010 Share Posted January 27, 2010 that and the fact neither agent would really touch an open agency contract. If they do, It is then the agent that introduces the buyer that is then entitled to the commission. exclusive means just that. no matter who introduces the buyer the acting agent is still entitled to the commission. a sole agency agreement means the vendor can introduce his own buyer and not pay the agent the commission. Thats what it is over here so I presume the uk will be very similar. I hate estate agents. HTH. why? Quote Link to comment Share on other sites More sharing options...
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