Removing property from the market

Talula_d · 03-03-2014 11:25am #1

What is the process for a seller to remove a property from the market to sell privately to a buyer? Are there stipulations? Fees? Etc.

leonidas83 · 03-03-2014 11:31am

Talula_d wrote: »

What is the process for a seller to remove a property from the market to sell privately to a buyer? Are there stipulations? Fees? Etc.

Depending on your agreement with the Auctioneer, you will most likely be open to the marketing, advertising costs incurred in trying to sell the property already. Also you will be open to the full fee's of the agent should you sell your property but this also depends on the agreement you have with him/her. The agent may be open to negotiation concerning his fee in relation to this.

All of this of course depends on what agreement/contract you have signed with the Auctioneer. If there is no written/verbal agreement, you may not be liable for anything but you would be wise to seek legal advice before you go down this road.

TheDriver · 03-03-2014 11:48am

this question occurs quite a bit and you need to be careful that you formally withdraw from the auctioneer. However be careful that when the buyer becomes known, that they didn't initially get interested due to seeing it on the auctioneers website/daft because he/she could come back to you for their fees based on the fact they found the seller initially.

Talula_d · 03-03-2014 12:01pm

I should have explained better, we are the buyers and viewed with an estate agent who had no clue about the property even though they have been trying to sell the property for three years, so after the initial viewing we knocked next door to enquire more on the area etc, and by chance got speaking with the owner who also stated the fact that the estate agent sent out was no way capable of her job, and would be happy to do a deal minus the estate agent, so basically we wondered what the stipulations might be, thanks for the replies

P. Breathnach · 03-03-2014 12:31pm

You have no contractual connection with the EA, and you are free to deal directly with the vendor if you wish.

It's for the vendor to sort out the relationship with the EA. As TheDriver has suggested, it looks as if the EA could go after the vendor for fees. Your best strategy is to leave that for the vendor to sort out.

Make your offer; if it is accepted, hand the matter over to solicitors. Do not pay a deposit yourself; let your solicitor sort it with the vendor's solicitor.

MouseTail · 03-03-2014 1:11pm

Id say the vendor will be liable for full fees here. They found the buyer after all. But as stated above, that's not your problem. That's for the vendor to sort out.

Talula_d · 03-03-2014 1:13pm

Thanks for your reply, atleast I now have an idea of what might happen as I think we just wondered what may slow the process down etc.
Would there be any benefit to the seller then if a deal is struck without the EA?

D3PO · 03-03-2014 1:27pm

Talula_d wrote: »

Would there be any benefit to the seller then if a deal is struck without the EA?

None the EA will be entitled to their commission as they found you for the seller. So regardless of how inept they are they are still going to get paid.

this is why Id never use an EA to sell property and do it myself.

Talula_d · 03-03-2014 1:43pm

Even though the estate agent has none of our details?

D3PO · 03-03-2014 1:51pm

Talula_d wrote: »

Even though the estate agent has none of our details?

that doesnt matter one single iota. The devil is in the detail of the EAs contract with the seller and I have never ever heard of an EA's contract not clearly stating that any sale of the property within X amount of time of its withdrawal from the market as allowing them their entitlement to commision.

The seller will have to pay this EA on the sale regardless of weather you deal with them or not.

Talula_d · 03-03-2014 1:56pm

Perfect! I just want to have a clear idea before we meet with the seller.
So essentially, the seller will still have to pay fees to the EA regardless of length on the market, length taken off the market and whether they have a contract or not with the EA?

D3PO · 03-03-2014 2:04pm

unless the seller doesnt have a contract with the EA (Very unlikly) yes they will still have to pay.

To be honest dont even thing about it its not your problem. If the seller is stupid enough to do a deal with you for less thinking they will save the EA fees and then finds they are hit with them afterwards thats their problem not yours.

your job is to get the house for the best price you can. Getting pally with the seller is not a good idea its business plain and simple.

Removing property from the market

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