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 !

Mini update if anyone was interested……all on hold and no progress as yet. Although think they will go with an estate agent at some point. The nail tech son wasn’t their son, it was the nail techs friends son 🤦‍♀️ So hard to get a straight conversation out of either of them but all still bubbling away in the background.

Estate agents do a lot of important security checks, they don't just "find a buyer". They are able to find out key information about prospective purchasers' current position such as financial viability, whether they are on the market and with which agents. They also do a lot of the donkey work up and down the chain finding out the status.

it isn't relevant if in the OPs parents case they already have a buyer, but I've read about how little EAs do on here and sometimes it's because people don't always know what EAs can do, hence your comment that they just find a buyer. They can do a lot more, but it does take time to build the relationship, tell them what your expectation is. If they don't shape up, ship em out! We did this and the new agent is being a lot more proactive, the other ones were clueless!

ETA and my case in point, the EA is there to validate that a prospective buyer is who they say they are!

A very challenging situation for you, @Loveapostitnote well done for trying to keep your sanity and not getting sucked in, your place will always be in the wrong.

50 years in a property is going to involve a significant decision 'journey' by your DP, but hopefully in the coming weeks/ months they will draw their conclusion.

we currently have a situation bubbling away with our property sale involving a family who want to view our house but aren't yet on the market, we have declined any visit until their property is on the market. We aren't prepared to use up our headspace with a situation that may take months of flip flopping back and forth, will they or won't they commit to selling their house, until then we are staying well out of it, it's just pointless.

I would use an estate agent. Last time I moved they stopped the chain collapsing.

It sounds as if this is very unlikely to lead to a sale for your parents. It must be frustrating for you that they won't communicate about it at all. At least they can't blame you when it doesn't work out!

All stuff you can easily do yourself, or the conveyancer legally has to do.

Regarding finding out what is happen up and down the chain, I found estate agents to be hopeless at this when I bought and sold. The ‘updates’ I got from the sales progressors were either completely wrong, or were stuff the conveyancer had already told me about 2 weeks previously. The EA even excitedly phoned me once about a completion date they had agreed with the rest of the chain. I told them that the date was impossible because I knew XYZ still needed to be done, and if they’d bothered speaking to any of the. conveyancers in the chain they would have known that.

I ended up gnoring everything the EAs said in the end and just listened to my solicitor.

I’m an EA- in this scenario they really need an agent but all you can do is advise- if they don’t listen at least you’ve tried.
There are so many comments about EAs doing nothing which are based on not having an understanding of the role and basing opinions of the reputation of agents. Of course there are some bad ones, there are bad ones in all professions.
I emailed a vendor’s solicitor last week to check where a sale was. Eventually received a reply saying all was “progressing as it should”. I then emailed the buyer’s solicitor to see how they were getting on and they replied “just five mins ago I finally received all I had requested weeks ago- you must be psychic!” - no, not psychic but fully aware that without me checking on things, sales would never complete.
*edited for typo

All stuff you can easily do yourself, or the conveyancer legally has to do.

You must have an exceptionally charmed existence or are living under a rock if you believe people in the modern world with demanding jobs, commute, school age children, elderly parents, pets, house upkeep etc can "easily do " everything an EA does as well as keeping their life on track not least of all actually having the experience to know what needs to be done.

I would strongly advise the OP parents need an EA. They will not be equipped to take their house sale forward and neither is 95% of the population.

Agreed! Certain people could no doubt manage their sale without an agent (the ones without all the things you list who have lots of time!) but I don't think a very elderly couple can, at least not in the circumstances you descrbe.

Still, it makes no difference what anyone on here thinks or indeed what @Loveapostitnote thinks because the couple involved are stubborn and difficult (from what the OP says) and don't want advice, not even from their own daughter.