Which sells easiest Estate Agent or Private seller?

random voice

Hi,

I am ready to put my house on the market as a voluntary sale to escape from mortgage arrears and potential repossession.

The estate agents are still looking for 2% & VAT even in the current market.

Time is not on my side but with estate agents fee and solicitors fees im looking at 3-5k off any potential settlement with the bank, I know the market price for my property and the sale will not cover the mortgage and arrears (even with the supposed 22%?? debt write down) a the bank are currently charging me €15.33 PER DAY in interest, and i think its scandalous how they can do this.

Are there proven routes to private sale that are now consistently getting results? I know about daft.ie and sellmyhouse.ie but do they work?

any and all advice appreciated.

Miamiheat

I can tell market is full of buyers dying to avoid estate agents as these seem to slow down the process and the bidding game drives all buyers mad. I think a lot more deals reaching the signatures would happen if they were made face to face by buyer and seller. If I was you I would put the fact that no agent is involved in big CAP lettering at the beginning of your ad.
Now I am not sure what your particular situation is but out of respect for potential buyers have your solicitor ready, along with any paperwork that may need to be provided to a buyer's solicitor.
Where is the property located?

random voice

many thanks and Good to hear, The property is in Donegal. My concern would be the time it would take to sell privately might result in the decision being taken out of my hands. IS there anyone out there who could advise me on how to reach the maximum market in the quickest fashion without the use of an agent as time is crucial. and whilst on the subject are organizations like IMHO and New Beginning/ Phoenix worth considering to buy more time?

duffman13

random voice wrote: »

many thanks and Good to hear, The property is in Donegal. My concern would be the time it would take to sell privately might result in the decision being taken out of my hands. IS there anyone out there who could advise me on how to reach the maximum market in the quickest fashion without the use of an agent as time is crucial. and whilst on the subject are organizations like IMHO and New Beginning/ Phoenix worth considering to buy more time?

Daft and myhome are your best bets. Have you been engaging with the bank, if you have and they have given you the write down chances are they will not act for a while and give you an opportunity to sell. Repossession is not the best option for the bank unless in extreme circumstances, the fact you've got a write down signifies engagement and will get you some time.

tuisginideach

I have heard of a major bank in Dublin insisting on using one of their panel of big-name estate agents, not your little local estate agent who has the local knowledge ...

GavMan

random voice wrote: »

Hi,

I am ready to put my house on the market as a voluntary sale to escape from mortgage arrears and potential repossession.

The estate agents are still looking for 2% & VAT even in the current market.

Time is not on my side but with estate agents fee and solicitors fees im looking at 3-5k off any potential settlement with the bank, I know the market price for my property and the sale will not cover the mortgage and arrears (even with the supposed 22%?? debt write down) a the bank are currently charging me €15.33 PER DAY in interest, and i think its scandalous how they can do this.

Are there proven routes to private sale that are now consistently getting results? I know about daft.ie and sellmyhouse.ie but do they work?

any and all advice appreciated.

Am I missing something here?

Do you have consent to sale from the bank? How will the bank allow you to sell the property when market value wont cover the money owed on the property (even with a write down)? Do you have cash to put with the sale to cover the short fall?

You could be leading some punter down the Garden path if you don't have consent from the bank...

Rew

Guy in work sold him self and it sounds like a much better idea then an EA. He went through myhome and daft and also had a sign made up for outside the house. I sold mine at the same time though an EA and its killing me giving him his % (not 2% btw about 1.25% AFAIK).

Miamiheat

EA will play games to jack up prices=> that could potentially be good for seller. However buyers are stressed with those games and become very frustrated. They bid on multiple houses to increase their chances as it is a nightmare honestly, or they play games " I bid 1000 more, i wait a week, I bid another 1000, i wait another week..... In the end you get offers but they are not really feeling committed until you decide to sale agree and then maybe they are still on the ball and put a booking deposit. Nobody will have consideration for an EA IMHO because we feel played with. I have been in a position of having 2 sales agreed on one day, i chose one to the detriment of the seller of the other property, but in the end that seller chose the EA route that was a detriment to my sanity....

BUT

If I was to meet a seller who is asking for a reasonable price, we discuss the terms of the deal (just like a car), we may haggle a little bit for specific reasons that are discussed in person and we end up shaking hands I would find it much harder to withdraw as I would feel a commitment. Perhaps it's only me.... I see a few house going sale agreed and back on the market a few weeks later....

random voice

GavMan wrote: »

Am I missing something here?

Do you have consent to sale from the bank? How will the bank allow you to sell the property when market value wont cover the money owed on the property (even with a write down)? Do you have cash to put with the sale to cover the short fall?

You could be leading some punter down the Garden path if you don't have consent from the bank...

IM assuming the bank would rather me sell for the maximum possible return as opposed to repossession and then subsequent auction where there will be a handshake deal and then they will come after me for the rest. Im long term unemployed and they know my circumstances. Id assume they would want to do business instead of pushing me to bankruptcy and getting nothing?

I expect to contact the bank when I have a solid offer, and hope they see the merit of it. Am I being Niave??

GavMan

You should approach the bank before you put it on the market and get an idea of a price they will accept to clear the debt.

It's completely not on to agree a sale with someone, only for the bank to sink the whole thing because they are not willing to sell at that price which you agree.

Miamiheat

GavMan wrote: »

You should approach the bank before you put it on the market and get an idea of a price they will accept to clear the debt.

It's completely not on to agree a sale with someone, only for the bank to sink the whole thing because they are not willing to sell at that price which you agree.

I agree this will be wasting buyer's time, and keep in mind some have financing pre-approved with expiration dates.

random voice

Thanks for the advice on selling. I will contact the bank and see how realistic they will be regarding price.

But as they have not engaged or replied to any of my proposals so far I question whether they will be agreeable at this stage of proceedings. fingers crossed.