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Estate Agent Law
I have had my property on the market with an estate agent for 6 weeks and have had no interest, I have asked to come out of the contract to instruct another agent and they have said if my house sells with another agent within the 12 week sole agency agreement i would be liable for both estate agent charges! Does this mean if it is under offer within that time or does "SOLD" refer to "COMPLETION"? Any answers would be greatly appreciated.
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Hi Anthony, I know what you mean, it is very frustrating going through a house sale. 6 weeks in not really very long, that's why normally you sign up for 10 to 12 weeks with an agent. When you go with an agent you sign a contract with them and what you have stated should be listed so you should check the contract you signed with them. There are things you can check like have they put it on rightmove.co.uk ( This is where a lot of buyers look these days) and just changing agents may not be the answer. Have a chat with your agent and ask why they think there is not any interest. Remember it is early days, it may be worth giving it a little longer and then review the asking price as it may be optimistic.
Look at the agreement you signed with the first agent but you will almost certainly find that it says something like they have 12 weeks to introduce a client that eventually buys your house. So SOLD means, the day when that client puts an offer to the agent that you decide to accept and later leads to contract exchange. Not the legal date of the sale.
Believe me 6 weeks is no time at all. WE have been trying to sell our house over a 3 YEAR period Not continually, always taken off the market Nov to March. Sold 4 times and fell through due to a break in the chain!! WE have done all the usual stuff, dropped price, redecorated, freshened the garden up etc, etc. You need to speak to the agent on a regular basis for updates. ie. where they have advertised, have you had any interest at all, a copy of all names and addresses of people that have enquired, hits on the internet, all that sort of thing. Do it weekly, they wont forget you that easily if a potential buyer walks in. Be prepared for "the browsers" though.
What price bracket do you fall under? It's interesting that, by us, the lower priced houses (not really first time buyers) �185,000+ and the higher priced houses �500,000+ are selling a lot quicker than the mid priced houses �300,000. We are mid price!!
What price bracket do you fall under? It's interesting that, by us, the lower priced houses (not really first time buyers) �185,000+ and the higher priced houses �500,000+ are selling a lot quicker than the mid priced houses �300,000. We are mid price!!
sorry to upset people but i am an estate agent. when you read the contract it will clearly state the agreement, that is in your case "Sole Agency" (there are other agreements), for 12 weeks probably no sale - no fee. all it means really is that your giving them and them only 12 weeks to try and sell you property. if you was happy with that agreement then, what has changed now? people see estate agents as bad people. just remember that they probably want to sell you house more than you. if they don't sell it they won't get paid. how would you like to go to work then not get paid at the end of the week. if your not happy with them. talk to them. think why you chose that estate agent in the first place.
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