Buyer pulled out and estate agent notice.

[Ldnbuld]

Hi our buyer is unable to proceed with the exchange.

We have given notice to our current agent which is 28 period as we were unhappy with them.

Please could you advise if we can relist the property with other agent and take viewings post 28 notice period.

The curreny agent is saying we will attract dual fee liabilty as there sole agent.

Our sellers are saying they cant wait 28 days and will go back to the market.

We are really stressed as we would lose the house and the money we spent on the purchase

Here are terms from contract

We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.

No other agent may be appointed but if one is you wil create a dual fee liability.

Our fee will increase to our mutli agency rate.

If we sell the property we will be due a multi agency fee if they sell it we still be due sole agency fee

You can switch agents once your contract with them is over. There is probably something in their contract about still getting their fee if ultimately it’s bought by someone they initially introduced eg if they show someone round next week, and they then make an offer once it’s moved agents. But if it’s not sold to someone in that position, there’s no dual fee.

I wouldn’t be surprised if the sellers go back on the market - they may have sellers of their own who are impatient as well, or other time pressures on them. You probably just need to try and sell before they find a new buyer who is in a better position than you. But if you’ve already had the survey done etc, I’d highlight that positive eg you’ve done the survey so they don’t need to worry about you like they might a new buyer who might be more bothered by any survey issues etc.

You can appoint anyone you want when the contract ends- start talking to other agents now to prepare. The sole agency is just for the contract.

Make sure your previous agent provides a list of people that they have shown around for the new agent, so it's clear who you might need to pay and so that you won't be liable for a commission mess if someone sees via both agents

You have given notice to the agent and went the contract is ended, post the 28 day notice period, you can market the property with a different agent. If the property is sold to a buyer that the original agent introduced, you would probably be liable for dual fees.

I’d remove the property from the market and wait another few weeks before speaking to another agent. How long was the exclusive period?

We listed our house with an agent for an exclusive 8 week period. We accepted an offer from a buyer they sent, but after 12 weeks, the buyer couldn’t proceed. We gave notice to the agent and contacted others, but we had to wait 14 days before relisting.

Looks pretty clear to me

The min exclusive period is now ended with the agent

You will only be paying fuel fees if you proceed with someone who has contacted the first agent.

You will risk losing your house a purchasing - but maybe not?

Depends on why the first agent has annoyed you?

You can get the other agents to market the property straightaway - but if a buyer is found during the notice period with Agent 1, you’re going to have to pay more fees as Agent 1 will go up to multi-agency rate (and you’d better check what Agent 2 will charge).

The options really are for you to grit your teeth and stick with Agent 1 if you really need to get on with things, push ahead with both agents bit risk a higher fee or wait til the end of the notice period and risk the seller finding someone else.

If your priority is pushing ahead, I’d probably maximise my chances and risk the higher fee. If Agent 1 finds you a new buyer, you can potentially try and negotiate the commission back down if you accept the offer.

Very unhelpful now but another time, always amend the notice provisions in the agency terms and conditions. It’s fair to give an agent a bit of a clear run at first (single digit number of weeks) but then for notice to be something like 2 working days.