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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Please advise regarding house sale

26 replies

wannabegood · 20/06/2013 11:16

We put our house on the market 10 days ago, we had 23 viewings and an offer of £173,000 the buyer has sold and wanted to complete in 3 weeks
We felt it was too low so they upped it to £175,000. Since then without my consent the estate agent stopped booking viewings and have been pressurising us to take the offer. My daughter in law rang them and they refused her an appointment to view!! In the meantime a friend has viewed with his daughter and she has offered 170,00 plus 5000 cash. He has brought round a mortgage in principal letter and asked if its a deal. Now I havent got a clue what I should do next and I am panicking!! please can anyone advise?

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cavell · 20/06/2013 11:55

I would be contacting the estate agent and ask why they had stopped marketing the house without your consent.

Not sure I understand the point of the £5000 cash - am I missing something? It would save the purchaser £50 stamp duty conspiring to avoid stamp duty is a criminal offence.

What is the house on the market for and what are you hoping to get for it? How long has it been on sale?

cavell · 20/06/2013 11:58

Sorry for all the typos in the above. Meant to say: "It would save the purchaser £50 stamp duty - however conspiring to avoid stamp duty is a criminal offence."

MarjorieAntrobus · 20/06/2013 12:00

Yes, I think you talk to the estate agent and ask why they have stopped booking viewings when you haven't yet accepted an offer.

How low is this offer of 175? If your asking price was 180, then it's a good offer. If your asking price was 225, then it isn't.

MarjorieAntrobus · 20/06/2013 12:01

23 viewings in 10 days is good!

wannabegood · 20/06/2013 12:19

it was on for offers over £169,950

They have offered the cash because she can only get a certain amount by mortgage. We are selling because we cant afford to stay not by choice

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wannabegood · 20/06/2013 12:19

thanks for all your replies btw :)

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heinztomatosoup · 20/06/2013 12:44

FYI just because she can only get a mortgage of 170, it is still an offer of 175k for comparison purposes. It is up to her how she funds the purchase I.e. Part mortgage/part cash. That is what most people do.

poocatcherchampion · 20/06/2013 12:50

I think I'd be happy with 175 if it was on for 170k.

we are paying £30k in cash for our property but it is irrelevant to the vendor as long as they get their money.

it looks like the you've got 2 good offers there, but it is up to you if you want to go for more. the estate agent however is working for you so should be doing as you wish re marketing the property. you need to take it up with them.

wannabegood · 20/06/2013 13:01

If I accept the offer will I have to pay the agent even though the buyer is a friend who came directly to me? I dont have the contract to check.

I dont feel like paying them as they stopped viewings without my consent

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Mandy21 · 20/06/2013 13:05

I'd be livid with the estate agents, I would be asking for a full breakdown of viewers, offered made, enquiries, an explanation as to why viewings have stopped, I'd log each and every call to them, I'd send instructions in writing (emails etc so you have copies) and when the house sells (i.e. so they can't frustrate the sale) I'd be lodging a complaint and expecting some kind of rebate in terms of the commission.

Aside from that, as long as the purchase price is recorded as £175k if thats what you agree, how the purchaser funds that is not really an issue for you, its a issue for the buyer's solicitor to make sure everything is above board. As someone says, what you can't do is agree a purchase price of £170k and then effectively take a back hander of £5k cash.

wannabegood · 20/06/2013 13:46

thanks thats great advice, how would you handle the offer made privately? should I tell the ea i have sold it myself?

I will declare the sale as 175K I dont want to do anything dodgy

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fubbsy · 20/06/2013 13:52

You really need to look at your contract to see if you have to pay the agent for the private sale or not.

MrsMargoLeadbetter · 20/06/2013 13:56

I would have thought it comes down to the agreement with the EA. I am guessing you signed something?

There might be a clause in there about direct sales during the time you are with them.

Perhaps you could sell to the person you know after your period with the agency ends?

wannabegood · 20/06/2013 14:26

I need to get a copy of the contract then to check

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MarjorieAntrobus · 20/06/2013 14:49

The friend with 175 is just the same as the first offer of 175 ie it doesn't matter where the funds come from, so long as there are funds to cover the price.

Do you think that your EA assumed you would accept the first offer over £169950? Did you explicitly say what amount you were holding out for?

I think you need to talk very plainly to your EA. If your friend knew about your sale before you instructed the EA and if you named your interested friend to the EA prior to marketing it with the EA then it will count as a private sale, I think. Happy to be corrected on this.

wannabegood · 20/06/2013 14:56

Yes I do think they thought we would take 1st offer, but we were also told we should achieve more but to go low to attract interest

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bargainb · 20/06/2013 15:15

Regarding selling houses in Scotland.
What is the cheapest way to get a Home Report? Is it necessary to get the Mortgage part which seems optional but costs a lot more.
Money is tight so I'm looking to save if possible.

MarjorieAntrobus · 20/06/2013 15:24

Is the OP in Scotland?

wannabegood · 20/06/2013 15:26

no im in england

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bargainb · 20/06/2013 15:30

Sorry for intruding on this thread. New user but got it fixed now.

poocatcherchampion · 20/06/2013 18:36

I think Marjorie is right re private sales.

Ezza1 · 21/06/2013 17:06

What price are you hoping to achieve for the property? A £173 raised to £175 on an oiro £169, 950 seems good to me?

What are properties similar actually selling for?

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AdiosMuffinTop · 21/06/2013 21:50

You ACCEPTED the offer though

Have you looked on the price register?

Chunkamatic · 21/06/2013 22:35

Yes Marjorie is right, you have to have named your potential private buyer before you take out a contract with the EA in order to avid paying them the fee.

Assuming you didn't do this, if you have two rope offering the same amount then really you should offer them both the chance to give a best and final offer.

Although it does rather sound like the EA believes you have accosted an offer already, where has that miscommunication come from?

Mendi · 22/06/2013 20:28

It's not right to say you have to pay the fee if you didn't name the buyer before signing with EA. It entirely depends on the EA's terms, which you must get a copy of. Might be on their website? If not, call and ask them.

Quite likely that the terms will provide that unless you named a buyer beforehand, you pay a fee on any sale, whether introduced by the EA or not. However, unless the terms expressly say that, and if your private buyer has never contacted the EA, then the EA would have a hard job to succeed in a claim for the fee.

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