Change EA or back out

[Foodie34]

We had appraisals with 4 EAs, all said the same price. One EA said they have 2 buyers waiting for a house in our area so we went with them.

They didn't send a professional appraiser, or professional photographer. They advertised as fixed price (we asked for just the value no OIRO, OIEO, FP). We found out last week that no viewer had undone affordability checks. 3 viewers could not afford the house. Those 2 buyers the EA initially told us about didn't appear.

The ads been on nearly a month, I called last week about the above. They recommended more photos and a revised sales strategy - reducing 5k and saying offers over (still over the budget of everyone they've let view).

They said showing the house to people who can't afford it isn't a waste as it gives feedback they can use - only feedback we received was they loved the house but it's above their budget. They don't recall the 2 buyers we were initially told about.

I think we should give notice and go with another EA. DH says that since we have to pay this EA even if we get an offer 100k less than valuation, we just stick it out. Any advice please?

What? You have to pay the EA if you drop them? That's unusual these days. What about listing with 2 agents?

It's in their t&cs. It says exclusive and we have to pay them if there is an offer. Even if the offer is 100k less than valuation we have to pay. DH thinks this is what they'll say - an offer well below asking so they get paid. They don't have to give proof of the offer.
They wouldn't discuss this with me last week

Is there a time scale in the contract? Surely you can quit at some point?

What is the length of the contract?

It’s true that if they introduce a potential purchaser, but you go with a different agent and the same potential purchaser offers and you accept, you’d have to pay both agents. The way to overcome that is to instruct the new agent that viewings from previous agents are not permitted.

If they mean you have to pay them if there is any offer at all, no matter how low, how would that work? You would t accept 100K less than the asking price, so there wouldn’t be a sale and I can’t see how a fee could be paid.

I’d remove the house from the market and relist at a later date, with a different gent who is professional.

What agent is this? Are you sure your DH has read the contract correctly? How can you be forced to pay the agent on the basis of an ”offer”?

You need to read the contract properly. You are normally tied to that estate agent for a specified number of weeks but you wouldn’t pay unless you ACCEPT an offer, not just receive one. So you’re both half right and half wrong.

I wouldn’t get hung up about the affordability checks. Obviously that needs to be done at some point, but if people aren’t falling over themselves to view your house, which it sounds like they’re not, what’s the point in gate-keeping at this stage? You’d have had no viewers at all if the estate agents were putting everyone off. Would you have preferred that?

Our current agent has sole selling rights for a few more weeks then we will leave them as not had any real interest. In the terms of contract it states if unconditional exchange of contracts happen we will pay their fees but not if offer accepted. Surely you don’t pay if an offer is accepted but doesn’t get to exchange. What if you decide to stay there?

Seems a bit crazy that this would be the case! Agents can be so sneaky with their terms!