AHA - I understand now......I think generally houses do sell for less at Auction than they would at the estate agents so it 'could' be risking it (not selling that is) if the reserve was closer to the estate agent price. Don't know about the ins and outs of the legalities though (PS thanks for putting it in 'english' for me what will I be like helping my boys with maths homework when they're at school LOL)
I must sound like an authority figure , no it's not the law RTKM. Often what happens is that an estate agent will get sole agency, meaning that they are the only ones who will be marketing the property. If the property sells, but not through them, while the sole agency agreement is in place they will usually still claim their fee. However most agreements with estate agents (sole agency or otherwise) will have a clause that allows either side to terminate the agreement after a certain time, usually 8 weeks, if the property hasn't sold. So I'm just wondering why the executors haven't cancelled the agreement with the estate agent know that it will be going to auction.
Having said that it sounds as though the auctioneers are sharing their commission with the estate agents voluntarily, perhaps they are using their marketing material or something, so it probably doesn't make much difference to your aunt's estate either way. 3% sounds fair enough to me, although I haven't ever bought or sold at auction.
The good thing about an auction is that if it is sold the whole thing will go through very quickly as there is quite a short time between the auction and when the buyer has to pay the balance owed.
But the solicitors and EA are all driving us up the wall
EA doesn't seem to want to do anything with it and never has done
I think they just want to be rid of it and us
Most of the estate goes to charity and we think that they have all been immoral in the way they charge for needless things
They always insist on phoning the mobile instead of the house so we get a call to the mobile while we are in house and DH says that he will ring them back straight away but no they continue on mobile and then charge through the roof.