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Additional Details
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18_Inch_Guns! | I have placed 2 properties on the market with an estate agent......? |
and have agreed commission sum etc to sell them.
I have found a potencial buyer for one property at work, so what is the situation with the estate agent - Can I sell it? or am i tied? |
 |
 
c21bucks
|
The short answer is you are probably tied into the agreement. But here is the long answer:
The first question is what type of contract did you sign. If you signed an Exclisive Agency Contract, then you can sell the home yourself and not pay the broker (with this type of contract you can only list with one broker/agency, but if you sell the house you do not have to pay them). If you have an Exclusive Right to Sell, then you have to pay them either way (with this contract you can only list with one company, and they get paid if the house is sold during the length of the contract).
The second thing you need to figure out is when does the contract end. If you just withdraw the house from listings or pull it off of the market before the end date on your exclusive right to sell contract, you still may have to pay the agent. Just because you pull the house off of the market does not mean the contract is over. You will need to get them to release you from the contract. (One more thing to take note of ... make sure there are no stipulations that if you were to sell the property on your own within 30 days of the end of the contract, they still get paid). Keep in mind ther paid to advertise your property, why should they lose money ... advertising is not cheap (not to mention the time they have put into the listing.)
Then you need to figure out is it worth it? Even though you found the buyer, can you handle all of the paperwork, title work, tracking and keeping up with the mortgage, etc. needed to get the house to closing? You could always ask if they can throw in a home warranty or something of the sort on your house since you found the buyer. |
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RUTH M
 |
Are you in England. I had property on the market via estate agent, they were hopeless so I sacked them. Moved a tenant in, found a buyer and my own solicitor. Most contracts with Estate agents are no sale - no fee, check anything you signed, if this is the case tell them you are only wanting them to market your second property, you don't need an excuse, but make sure your work colleague is serious first. |
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hunter2
 |
Call your Agent immediately and tell them that you want to exclude your one person. Give their name! Tell them to email or fax over an exception to the listing and have these peoples names listed on the form.
If they ( unlikely ) say no, ask to speak to the broker of record of the office, They will get it done for you!
Any trouble with that email me direct. We'll git er done.
No reason that they shouldn't do as you request.
Make it sound unlikely that they will actually buy your home, but just in case.
FYI, if everytime a coworker said they are interested in a house actually bought it, there would be no realtor. It's something that goes on ( the talking part ) and rarely ever actually occurs. So don't get your hopes up too high. But be cordial about it if they decline. It's long shot. |
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edwarjd
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If you signed an exclusive right to sell, you are responsible to pay a commission if the buyer is found during the listing agreement period. The best thing to do is withdraw the listing agreement and sign a non exclusive agreement. that was if you bring your own buyer then you won't be obligated to pay the agent. Also remember that it does not stop at finding a buyer. if you want to get out of paying the aget because you brought the buyer to the table, remember that the agent will not help you negotiate. They will not help with any contract issues. They will not do any real estate work for you that comes after the buyer is found. All of that will be your own duty and it is harder than you think.
Best Regards,
Jossi J Edwards
http://jossiedwards.point2homes.biz |
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ANF
|
If you have agreed on a Sole Agency then your sale to a friend at work is just the same as if the agent sold it. They can claim commission. If you do not have a Sole Agency agreement then you have acted as an agent and you do not have to pay them the commission. Check on your agreement. If you terminate the agreement after the time that you have signed up for then you can then sell it to your friend. But if they query the dates that you first were approached by your buyer then you cannot lie to them. |
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strtat2
 |
depends what your contract says. If you have an exclussive right to sell with the agent, then you still owe them a commission if it sells. If you had any exclussions allowing you to bring in the seller then you might be able to sell. They may hold you responsible for their advertising fees if you try to get out of the contract early. |
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"THE WISE ONE"
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I'm affraid that by current law your bound and your hands are tied. Hoever if you approach your estate agent and ask for a refinium recall you might be able to adjurn the sale on the property that is in question.
Your estate agent should be able to guide you to the right negotiator who will explain that your reading a lot of bull..........ha ha....../ |
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raahul
 |
I think that the question of commission comes into play only when your agent has brought in the buyer. Since you, yourself have found the buyer, you may sell the particular property and need not pay the agent any commission. On the other hand, as the services of the agent is still required for the other property, you may tell the agent the situation and pay him some commission( not the comm agreed upon), and retain his services further. |
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VC
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I would tell the agent that you changed your mind about selling one of the properties. There shouldn't be a charge for changing your mind. Make sure you don't mention that you will be selling it to someone or they might make it legal that you have to stick to them. |
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Nana
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It used to be that you had to use the agent for a certain length of time because of the contract. I am not sure that is true anymore. |
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chris p
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cant you just take it off the market? tell them you've had a change of plan |
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Keekee
 |
I'm in a similar position. Not put house on the market yet but one of the agents who came round to value it sent a potential buyer round the very next day without us having signed or seen or agreed to a contract. Still waiting on our final agent actually before choosing one. Turns out, the person wants to buy it but not involve the agent. If I sell to them am I obliged to pay a fee if nothing's even bee agreed with the agents? Is this maybe their gamble that didn't pay off and worked in the seller's favour?? I'm not a scheming type at all, I'd rather do the right thing, but my plan was to get a value and sell privately if possible anyway. Any advice?? |
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