Cutting out auctioneer

N

noggy1810

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Am currently in the process of selling an apartment. Agreed commision with auctioneer of 1.25%. Property has been on his books for last 3wks with no offers yet. Today I was approached by the head of the management company looking to buy the property direct from me cutting out the middleman but obviously at a reduced price. Any ideas or potential pitfalls?
 
A few recent threads on this. General consensus is that as the head of the management company would hardly have known about the property without the EA's advertising.
Ultimately it depends on what sort of contract you have with the EA, because my feeling is that whoever you sell it to, you will be handed a bill for the fees (which at 1.25% seem very high!)
 
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Fair enough about the commision rate but what about cutting him out. Obviously will pay his advertising expenses but have given him a good crack at it with no results. Will allow quick sale and solicitors can sort out small print re payment etc. Am I being naive or unfait to auctioneer?
 
3 weeks is nothing!!

There has to be some honesty in life. Direct the purchaser to the agent.
 
Pay his sdvertising fees and do the rest your self. Nothing wrong with that.
3 weeks is not a long time, but you are perfectly entitled to do the above however.
 
If the EAs Advert broought the purchaser to you , he deserves a cut . But tell him to stop his activity now and negotiate ( very hard) a greatly reduced fee . Your solicitor will probably give you "free advice" as to whether the EA has a legal leg to stand on .
pjq
PS Negotiate hard with your solicitor , and get a fee for the bundle- house sale , EA review and up-dated will etc
 
I have posted on this before.
If you have a "sole agency" agreement with your agent then you will have to pay fees no matter who you sell it to and how it comes about.
You should check your terms - issued to you when the agent put your property on their books and see where you stand on this.
There is so much misinformation and bad advice going around on this topic, please be careful of the advice offered above.
 
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