I am involved in selling a house. It has been advertised with an Estate Agent. Someone has approached us directly with a cash offer (which is pretty realistic and I think a very good price)..What do we do re EA? And what else should we consider? Have been a bit blindsided by this - was not remotely expecting this to happen!
Cash buyer for house - what to do re EA?
- Thread starter emeralds
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Brendan Burgess
Founder
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How did the buyer know that your house was for sale?
If he saw an ad from the EA, then you owe the EA the fee.
Don't forget that many offers fall through. If you fall out with the EA and this offer falls through, then you will have even more difficulty in selling your home.
Brendan
If he saw an ad from the EA, then you owe the EA the fee.
Don't forget that many offers fall through. If you fall out with the EA and this offer falls through, then you will have even more difficulty in selling your home.
Brendan
It has been common knowledge for several weeks that the house is for sale. He has not approached us through the EA. We have paid the EA already for the advertising, sale sign, internet ads and newspapers...What they would lose is their commission from the sale.
M
mercman
Guest
I would say you are contractually bound to paying the EA. Have a read of the Terms & Conditions the EA presented you with when their services were taken up. Personally I think you are bound by law.
P
pink_cloud
Guest
This happened to me too. This was in a rural area where everyone knows everyone and everything. I was upfront about it to the agent and kept him informed, which was just as well as the sale didn't go through, and I still had the goodwill of the agent to continue the search for a buyer.
rosemartin
Registered User
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be very careful, there is case law about this, you have entered into a contract with EA and they are entitled to whatever percentage agreed for sale. i have seen an estate agent take a person to court for the very same reason. the seller found their own buyer, the judge ruled in favour of the EA. my solution is talk to the EA or consult your solicitor as I presume you have one for the conveyance of the property
this happened to me too. The buyer rocked up to the door and made an offer. I accepted, his solicitor and mine got together and the deal was done. Left the property on the market until the keys were handed over then informed the EA that the property was no longer for sale and to remove it from the websites etc. EA was not in the equation as he did not facilitate the transaction in any way so no fee owed.
Emeralds that is the correct procedure. You are contractually bound to the EA.
Only if he signed a contract drawn up by the EA specifying that he pays the fee once the house is sold. No signed written contract No contractual obligation.
Another point...what if the vendor goes with 2 or 3 EAs to sell the property?? Is he "contractually bound" to pay all three regardless of who actually facilitated the sale?
This is not true, if you engage an estate agent to sell your house and do viewings etc then you are bound to pay him if you get a sale. That does not have to be in writing, but it would be better if it were.
Bound by what?? your word??....this is far from being "contractually bound" i'm afraid. I am no contract lawyer but I've seen enough Judge Judy to know that verbal agreements/contracts are not worth the paper they are written on. EAs should draw up contracts with vendors clearly stating that a fee is due when the propety is sold. Why they dont do this is the question.....perhaps no one would sign?
Many contracts are oral, implied, implicit etc etc. They may well be enforceable. You clearly do not work in the area of contract law. You should be less strident in your advice on these matters.
T McGibney
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serotoninsid
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I'm guessing to copper fasten the agreement totally beyond doubt. However, from what others have said above, you can't deduce from that - that a verbal contract is unenforceable??
It's not necessary to have a signed contract to have a legally enforceable agreement between the EA and the seller. For example, did you grant the EA permission and access to the property to take photos, measurements, details and erect a sign? If so, then this is an implicit acceptance of the EA's terms.
Unless you have been careful to say otherwise. Given the amount of money that can be involved, I think it a good idea to create a written record of the terms on you appoint an EA.
This sounds perfectly reasonable to me...once EA has been paid for any prior advertising, etc.....I mean anybody can decide not to sell their house after having used an EA....although I guess a for sale sign provided by EA alerts people to the availability of a house......and then some EAs are more proactive in terms of selling a house than others....