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Original poster

estate agents queueing for my custom claiming have buyer - what to do how to chose

13 replies

cestlavielife · 20/06/2012 15:32

so i have a flat in good location to sell (london) and as am looking at properties to buy at same time. (ned bigger, with ouside space which flat am selling does not have)

various agents telling me they have "cash buyer" on hand - and desperate to sell my flat for me - can i show all agents then chose who has best offer to go with? or am i supposed to go (sign up) with one agent then take best offer they can get?

is it ok to show a viewer with an agent before signing up with that agent? ie would that tie me to something even tho nothing signed in writing? can i show a viewer coming with agent even before signing with that agent - ie can i play off agents/buyers (each agent seems to have diff set of investors on hand...i need to know who will come up with best offer ?)

problem really is that while supposedly eveyone wants to buy the flat i am selling there is little on market that is right for me to buy... i need maximum from flat am selling to maximise choice of what to buy..

headache...

OP posts:
TalkinPeace2 · 20/06/2012 20:47

HAGGLE.
Push their commission through the floor as if they have a buyer waiting they will have no advertising costs.
Do NOT let them drop your price.
Make them confirm a completion date IN WRITING.

A friend of mine just finished selling her family home to one of these sharks.
Turned out to be undervalue and took lots longer than planned and was foul all round.

FishfingersAreOK · 20/06/2012 20:58

And just because they have a buyer RIGHT NOW (their shoutyness not mine) does not mean it will result in an offer....I fell for this one....yep the "buyer" came and looked, declared "yes as I thought it is too far out for me" and then nothing else from that estate agent for weeks - indeed for the rest of the contract. It was just sales technique to make me sign up with them and I gell for it! DOh!

Not sure if it works the same in London but get a figure for what the agents commission is for sole agency and or multiple agencies. If you would prefer just to go sole agency (as you often get better rates) then go with who you think will sell the flat for the best price. Don't necessarily go for the highest valuation. Check on Rightmove for who has the most amount of similar properties in your area -but in the "Sold/Sale Agreed" part of right move. Who really is attracting the buyers who may want your flat. Hope that makes sense. If you go multiple agency you will have to pay more - and may look "desperate" to sell so buyers will haggle more. Again check out Rightmove for similar properties to yours - are they all on sole agency or multiple agency.

As for trying to show viewers around without signing I would be wary - estate agents will try and dump you with a fee if there is the slightest sniff they had a part in introducing the buyer - and with no clear paper trail you may get 2 or more trying to to it at the same time.

This and other help/guides may point you in the right direction...
www.channel4.com/4homes/buy-sell/buying-property/buying-advice/how-to-pick-an-estate-agent-08-05-22

HTH

JustFabulous · 20/06/2012 21:01

We were told there were 78 people wanting to buy a house like ours...........
Months later still on the market so went with someone else. They over priced it and we didn't sell it until we had been living in our new house for 2 months.

discrete · 20/06/2012 21:40

Get several to give you a valuation. Don't necessarily fall for 'just going for the highest one', but don't necessarily dismiss them either - the last two sales I did I went with the agent that was highest (by quite a large margin) and they sold it for less than they had originally quoted but still more than the next highest had suggested I put it on the market for....

I tend to think it can be worth going with two agents, as it motivates them to not let the property linger, but you do pay a higher fee. I wouldn't go with more than two myself, as you do not want to duplicate listings on rightmove et al.

Even if you sign up with an agent, you are not forced to take any offers they come up with. If you do not like the offers they are getting, you can change agents after the end of your exclusivity period.

Ponyofdoom · 20/06/2012 22:00

I agree, they are all talk. Just make sure they advertise on Rightmove etc and go for the cheapest deal.

DonInKillerHeels · 20/06/2012 22:02

Well I would assume they're lying...

fishybits · 20/06/2012 22:04

Cash buyer eh? Ask the EA with the cash buyer to bring his buyer for a one off viewing. If there really is a cb and they offer then hammer down the commission before you sign anything.

If a cb doesn't materialise then you wheedled out the liar and lost nothing.

ReportMeNow · 20/06/2012 22:06

As well as negotiating their commission downwards, look at the tie-in period they want you to sign up for.

And they ;have a buyer right now' is bollocks. Buyers all look on rightmove/primelocation and aren't 'loyal' to one EA, how mad would that be!

Maryvivienne · 20/06/2012 23:07

Get at least three valuations from three different agents. Ask them what their fee is and if they have a fee if you wish to withdraw the house from the market. And take with a pinch of salt all this we've a buyer lined up. Try and get a recommendation from somebody who has sold recently. Go with a well established agency.

frostyfingers · 22/06/2012 17:02

Ask for written proof of said buyer, and suggest you pay higher commission if they sell it within 4 weeks, and lower it after that. We did that (only .25%) and it made them work damn hard to get a buyer.....

Deaglan · 14/05/2013 14:08

firstly - no sole agency agreements I don't use them at all in my company and I worry about those who sign them.

second, as many have said if they have cash buyers at the ready give them a chance to view all on one day - don't sign until you've seen an offer - and if you want to hammer them down thats fine but shouldn't you be rewarding quick sales instead of being on the market for a long time?

most agents will have people looking for ' ' beds in your area - which is mostly true
however
you may not be what the majority are looking for or outside of their budget range yes there's a lot of liars but there's a little hint of truth too.

the other thing to ask is if they are CB's are they in chains? it'll slow the whole process and almost make it worth taking mortgage offers instead.

hope this helps - if you'd like my 2 pence on selling your property I - like many agents would love to help, but I'm very open and honest as hard as that is to believe due to my profession.

Cosmosim · 14/05/2013 14:31

We were told in London only sole agencies. If you have multiple agents, there's something wrong with your place and you have problems selling it. When we looked at rightmove, this seemed to be the case and majority of places did only have one EA. we did 4 - two smaller agencies specialising in our area and two bigger (one of them beginning with K the other with f.). Latter wanted a 12 week non breakable contract, wouldn't negotiate on anything and claimed to have a database of clients ready to buy. Yeah right, meaning anyone who bothered to register on website. Local agents severely undervalued our property, like 20% less than what we ended up selling for! My advice - get a lot of agencies in. They should bring you similar properties in your area both under offer and already sold, as examples of why they are suggesting their price.

Cosmosim · 14/05/2013 14:32

I mean we evaluated 4 agencies and chose one to sign on with.

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