Changing estate agent

Cashmerewrap · 17-05-2022 6:51am #1

I put a property on the market last February and it went sale agreed in a week. There were 3 serious bidders. The buyers pulled out after 12 weeks just as we were about to close with little or no explanation. The estate agent put it back on the market but there has been very little interest. I felt that it was poorly advertised the second time around and that they had little interest in selling it. Whenever I contacted the EA to communicate my concerns my calls either weren't returned or I was fobbed off. I decided to change EA. My old EA has a clause where I must give 21days notice and can't put the property up for sale within these 21 days. I am keen to get it sold, my new EA thinks I should go ahead and advertise and thinks it unlikely that the old agent will act on this. I'd really welcome any advice on this matter.

Dav010 · 17-05-2022 7:52am

https://www.boards.ie/discussion/2058246158/changing-estate-agent

Will your new EA pay the legal costs if the old one starts sending you solicitors letters?

The reality is that if a property isn’t selling at the moment, it’s because the seller is asking to much. When the sale fell through, did you think that the selling price should be at least what was offered by the buyer in February?

hayse · 17-05-2022 8:06am

Your property must be over priced. Put up a interweb link of it.

Cashmerewrap · 17-05-2022 9:00am

I very much doubt the new EA will pay legal costs if there's a challenge.

I don't have a link because it's not currently on the market. It's priced at 235, it's in a nice part of Navan, within walking distance to the town. It's a 3 bed duplex 95sqm (I think) It's in turnkey condition, new carpets, freshly painted, all appliances are included. It sold for 247 in Feb.

sam t smith · 17-05-2022 9:11am

It didn’t sell in Feb though…

event · 17-05-2022 9:18am

I would check your contract with the current EA as well. When I sold my house last year it had a section that read:

Whether the Agreement is terminated by virtue of Clause 8 or 9 the Client shall be liable to:

pay the fees referred to in Clause 12 where the purchaser is a person:

(i) introduced by the Agent;

or (ii) with whom the Agent had negotiations about the property prior to the termination of the Agreement;

or (iii) introduced by a person, including any other agent, prior to the termination of the Agreement.

Point iii is interesting. So has your new EA got someone lined up? Cos if they have and this clause is in your contract, you could be liable for fees still. I am not a lawyer and no idea how that stands up in court or if they would even go that far. But I would check it all out before changing.

Cashmerewrap · 17-05-2022 9:21am

https://www.boards.ie/discussion/comment/119073858#Comment_119073858

Yes you're right I meant sale agreed

Dav010 · 17-05-2022 1:19pm

https://www.boards.ie/discussion/comment/119073799#Comment_119073799

It was a rhetorical question, of course the new EA will not pay, but it was easy for him to tell you to drive on with the advertising straight away with him.

Cashmerewrap · 17-05-2022 1:24pm

https://www.boards.ie/discussion/comment/119075117#Comment_119075117

Ah yeah I figured that much. I hoped maybe someone here might have experience of this situation and might be able to advise whether it was likely that the original EA would get solicitor involved or whether they'd just let it go. I'm just getting anxious about selling it I suppose.

macvin · 17-05-2022 1:29pm

Can anyone point to a situation where an agent did take legal action?

I doubt it very much.

It's a small industry. You would lose credibility immediately.

It's like the clause in any contact that allows for interest to be charged if a debt is outstanding. Rarely if ever imposed.

I'd be finding out why not one, but three potential buyers walked away.

banie01 · 17-05-2022 1:32pm

A pertinent piece of info here that I haven't seen referenced other than "little or no information" is why the sale agreed fell through after 3 months?

OP, there isn't a lot you can do to find out but it's a question worth pondering. What changed for those buyers that they pulled their offer?

Was it a personal choice, or? Was it one based upon an underwriting choice by the bank?

Assuming you have clean title, that the property itself has a management company (you mention it's a duplex so assuming it's a managed development) that is performing and not swamped in debt or liabilities. The bank would normally proceed with allowing drawdown so, what prevented that in this instance?

The bank having an issue, or the buyers changing their mind.

Dav010 · 17-05-2022 1:34pm

https://www.boards.ie/discussion/comment/119075173#Comment_119075173

I think credibility might also be an issue when one EA tells a seller not to take any heed of the t&cs of another.

Cashmerewrap · 17-05-2022 3:42pm

https://www.boards.ie/discussion/comment/119075193#Comment_119075193

The EA just said they the buyers got cold feet. Everything is above board with management company, accounts were furnished etc. It's a straight forward sale with no legal impediments. I think the main reason I changed agent is because I kept asking if the under bidders had been contacted and got fobbed off numerous times with statements like "oh I just haven't had a chance to ring them yet".

Changing estate agent

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