Selling without Estate Agent? Yes or no?

[Loveapostitnote]

So parents are potentially looking to downsize in the near future and have asked me to get a couple of valuations from local estate agents to start the ball rolling with the sale of theirs. We’ve had 2 of 3 done so far.
Parents (both early 80s) have spoken to someone they know (mums nail tech) whose son would be ‘very interested’. Mum has now decided that this is the route to go. No estate agent needed and it’s going to be straight forward once he knows what price they’re thinking. Is she being naive or am I looking for problems where there aren’t any? He will be a first time buyer but no idea what his budget is or what his buying position will be.
I don’t want to get involved, mum is quite a contradictory character so whatever I say/think will be wrong!

It saves fees but adds complexity. I’d say high risk given there age.

All estate agents do is find a buyer for you. Then solicitors take over and complete the rest of the process. So if you have already a buyer who’s willing to pay an acceptable price, then go for it. Absolutely no need to pay the massive estate agent fee.

We bought and sold last year and our seller didn't have an estate agent, our solicitor dealt with their solicitor and it was all fine. I had to phone him a couple of times to chase up a couple of bits, but it was all good and we went from offsr accepted to completion in a little over 2 months.

The solicitors do most the work. You can help your parents set sn asking price and negotiate with the potential buyer. Then they both instruct solicitors and that's it.

Absolutely no need for an estate agent. I've sold twice without them. I'm surprised that they're still around to be honest.

Pre-internet it was pretty much the only way of finding houses for sale, people needed the photographs, printing and advertising.

They don't actually do anything in the actual house-buying/selling process.

Thanks for the comments, definitely food for thought.
They still need to get the third valuation before they decide on their price idea and then DM will see the person towards the end of this month and can take from there.
I want to have the absolute minimum involvement in it all. Both parents are being very difficult about the whole thing but that’s an elderly parents thread in its own right!

Really appreciate all of this though so thanks 😊

I sold a house without an estate agent. I made sure that my solicitor was aware and happy. It was a very easy transaction despite the flood before we exchanged.

The solicitor was probably delighted there was no estate agent involved. I know when I moved a couple of years ago, my solicitor got fed up with the estate agents constantly pushing and trying to set a completion date, when no one was anywhere near ready. He told me when he saw the EAs number come up on his phone he would ignore it.

Its fine but he needs to pay market rate and you want to get proof of funds upfront.

@SalmonOnFinnCrisp totally agree, hence the three valuations to get a good idea. With regards proof of funds/ability to proceed will have to be dealt with by solicitors.

I think my concern is around the things like that. I don’t want to get involved because it’ll just be wrong in parents eyes, no matter what I suggest/say.

I would share you concerns in the situation you describe. At present, it sounds very vague and you parents sound naive. They are also very elderly and stubborn (in your opinion!) which is a very difficult combination wrt getting tricky things like buying and selling houses organised.

My mum did similar 3 yrs ago

She actually listed but decided to sell to our fucking neighbour once they saw the sign ( instead of a cash buyer) as neighbours offered 10k more once they heard about the offer

I offered her the 10k at the time because it was so dumb and I didn't think the neighbours has the cash (multiple siblings were allegedly funding it) I rber having a huge fight. She kept telling me (covid was why it was delayed this was mid/ late 22.

Surprise surprise it fell through. They didn't have all the ones and couldnt prove.the money they did have was legal.

Its been very very difficult both for her and myself.

She lost out on a PERFECT place (her offer eas accepted but the seller was pregnant and my mum let it drag)
The place she wanted was rare (ground flat flat off road parking and garden near park and high street) and 2 streets away.
I try not to think of it and my conscious is annoyed! But clear.

I would be involved and support her
and I'd say the first sign of any messing she needs to list (even if that means changing hairdresser or whatever)

Nail tech... not hairdresser!

My mum was a stubborn dick (i love her but it was just crazy...desprrate to people please the neighbours/ worroed about money? I dont know...) about it all. We are now here in 26 and shes still psyching herself up to sell.
I just remembered at one point I offered her 15k to take the cash buyer offer!
The neighbours wer lying to her face and bagging for more time. I still see them occasionally and it angers me.

You will need to support them unfortunately buying and selling is scary when you are young or old (and in-between sometimes!)

Also how does the son even know it's a match for him ... hes probably expecting "a deal"

Given they need your assistance to get the valuations I’d have a few concerns re. their ability to manage it themselves. It hasn’t been my experience that estate agents do nothing. As a seller I’ve found them to be v helpful in keeping everyone on task and injecting a sense of urgency. Also, the squeaky wheel gets the oil when solicitors are juggling multiple sales/ purchases and you often have to make yourself their priority. If your solicitor is snowed under with other houses then they’re not going to give themselves more work by chasing up stuff from the buyer’s solicitor.

Yes some agents do very little but some v much earn their fee. Without an agent it is possible that your parents will have to deal with the buyer directly on at least a few occasion. Some things just aren’t the solicitor’s job and if you’re going seller- solicitor- other solicitor- buyer every time the info flows can get v long and inefficient.

i would just make it clear that this isn’t a “you” job if they decide not to use an agent- ie you’re not going to negotiate price etc.

@SalmonOnFinnCrisp that sounds like a complete nightmare, for both you and your mum and I really hope she gets sorted.
Our relationship already feels strained and this is just the beginning. I’m trying to support, without directing them both and taking over but they think that’s too much. I don’t want to step away but I have already had some very strong conversations which I think gave them a reality check. I digress.

@AllJoyAndNoFun i completely agree. They do need my support and input, unfortunately they are stubbornly independent and I get so far and then they just get really arsey/angry. I’m not oblivious to the strain of the whole process, nor the fact that they’ve lived in the current home for over 50 years.

If they do this I’d advise instructing a proper solicitor not a cheapo online one because they’ll need some robust professional support with the after-sale. Whether they listen to you is up to them !