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Join our Property forum for renovation, DIY, and house selling advice.

Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Sole Agency or what?

15 replies

Jux · 09/02/2011 17:40

I am selling a flat in London. It was completely refurbed at the end of last year, is really rather beautiful now, ground floor, communal garden and whilst being a couple of mins walk from a major station and just off a main road, it is very quiet and peaceful. The area is villagey and the people in the block all look out for each other. It is an incredibly popular area.

I was advised by dh to give it to the agency which had given us the highest valuation (as they might pull it off) but they've had it since Oct/Nov, we lowered the price a couple of weeks ago, and have had no bites; they are a very small agency.

In contrast, when the flat belonged to my bro (now deceased), it was on the point of being sold, the contracts were due to be signed the week he died. That buyer has resurfaced through the agency my brother was using, and still wants to buy it. He has waited over a year. It is pretty definite that he will buy it.

I am just writing to my agent to give notice (2 weeks).

Do I terminate the contract altogether, or shall I just switch from sole agency?

OP posts:

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Fiddledee · 09/02/2011 18:35

Terminate the contract, why keep them on. I would put it on with an agency with a broader number of offices in London. I would also tier the estate agent fees to incentivise them to sell it at the best price if thats your objective.

Is it a first time buyer sort of flat? Those are the most difficult in getting mortgages at the moment. In my part of London the estate agents can't shift flats.

Do you have to sell? Can't you rent it out?

lalalonglegs · 09/02/2011 18:45

I don't see the point of keeping the original agency on if the buyer is coming from another agency. They've had 4 months to sell it and, as you say, there's not been any serious interest - their fault for over-valuing (and possibly Mr Jux's a bit for being reeled in by that).

Jux · 09/02/2011 21:14

Thank you.

I could rent it out but I live in Devon and it would be tremendous hassle; we'd have to pay an agency to do it for us, so hardly worth it financially. Bro had huge debts so I would have to buy it myself first, and much as I would love to I can't. TBH I want to live in it, but it's too small for just me + my piano + my books, let alone 3 of us.

It is a first time buyer type flat. Single person or couple. How do you tier the estate agent fees? What does that mean? (I know nothing.)

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Fiddledee · 10/02/2011 13:19

So you live in Devon and the flat is in London. Thats probably the problem - are you phoning the agent every week and asking about viewings and why it hasn't sold. You need to play an active role in selling your flat.

Does the flat look unlived in and unloved? Either furnish it to do it up or just strip it and sell it empty. Ask the (new) agent for advice.

Tiering you give them 1.3% for offers above £xk, 1.2% for offers between a range and 1.1% for offers under another number. They then get more commission if they sell it for a higher price. Or else offer them a flat % and maybe a bonus of £500 if they sell it in 2 weeks.

PatriciaHolm · 10/02/2011 14:26

If you're confident the other purchase will go through this time, I would just terminate full stop, you don't need an agency involved at all. Has the other buyer made serious steps to commence the purchase process?

If it appears that the buyer isn't serious, then you need to appoint a new agency.

Jux · 10/02/2011 16:36

Thanks.

Yes, I have been in regular contact with the surrent agent and when I spoke to her a week ago I said that I would have to give her notice but she begged for another week, which I gave her.

Then I get a call from the agent my brother was selling the flat through telling me the buyer my brother was about to sign a contract with (when he died) was back and was still very serious.....

I will lose the current agent, and when appointing the new give him the tiers. Though, the new agent has the serious buyer so I probably won't need to do anything except say yes.

If I don't sell it soon, I won't be able to let it go.... (and the probate solicitors are now hassling me).

OP posts:

Jux · 11/02/2011 13:06

Well the serious buyer has seen the place and has made a cash offer with exchange in 2 weeks (I've given the current estate agents notice).

The offer is 40K below the overly-high estimate we were given by the current estate agents; it is 15K below the valuation the other 5 estate agents gave (including the one who has been dealing with this buyer all along).

I can't get hold of my brother. DH says I should ask for the extra 15K as spring is coming and there will be millions of buyers along soon.....

Every decision I've made on this matter so far has been wrong.

HELP ME, pleeeeeeeaaase.

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lalalonglegs · 11/02/2011 14:35

I think there is room to negotiate upwards but I'm not sure there is going to be a huge spring bounce so wouldn't hold out for millions of buyers, even in very nice areas of London. The fact that you haven't had any offers at all at Agent A's asking price tells you that it was way over but hard to know how good or bad the new offer is unless as a percentage.

Are you and your brother the beneficiaries of your late brother's estate? You could be very philosophical and say that any amount over #300k is going to have 40% tax anyway so let's not get too hung up about a low offer...

PatriciaHolm · 11/02/2011 15:47

He's got cash, you know he's serious, and you haven't had any serious interest in months. I would be biting his hand off!

Fiddledee · 11/02/2011 17:08

don't listen to your dh and take the money now

Jux · 11/02/2011 17:15

lalalonglegs, big bro and I are the beneficiaries. Anything over little bro's debts will mean we get something. If it were £5m I'd rather have my bro, obviously. If it were 10p, I'd get 5p and that would be 5p more than I have now. I don't really care so long as the debts are paid, but the debts are quite a lot less than this offer, so we'd get a goodly sum with this.

PatriciaHolm, that's my attitude tbh. DH somehow always manages to get me to go along with what he wants, even though I know it's stupid (going with Agent A in the first place, using the builder we did use who took months to do the job costing us vast amounts not just financially, but not finishing until Oct/Nov when he should have finished in Sept at the latest etc etc etc). That's why I say I have not made a right decision in this whole sorry episode.

My big bro is still so shocked by my little bro's death that he can barely think about it, so just says "do whatever you want, I'll be behind you" - a lovely attitude when I know what I'm doing, but I'm still finding it hard to deal with little bro's death myself, so I don't know what I'm doing either. (If I could buy the flat myself, I would! Don't want to let it go....)

Thanks. I am going to do what my instinct tells me to do and bite his hand off!

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lalalonglegs · 11/02/2011 18:32

I think when there is a death involved, especially of someone whom I assume was relatively young, sometimes it's just best to draw a line under the financial push and pull. You've had all the stress of renovating the flat as well as your grief to deal with, if the offer is anywhere near sensible, you're doing the right thing.

Jux · 11/02/2011 19:24

Yes, I agree. We could have sold hte flat to this same person without doing the renovation way back when, but dh thought it would be mental to sell for that amount and let someone else 'reap the benefit' of doing it up.

As it happens, from my pov, doing it up has been such a ridiculous waste of money (2.5K on a kitchen of 10ft x 7ft?!), all the waiting time, all the times running down to London at 50/60 quid a pop, 'experienced' builder who 'does this all the time and happens to be dh's best friend's son, who actually had to redo things time and time again because he was doing them in the wrong order..... No, not worth it. I did what dh wanted me to do because I didn't think I was capable of making decisions. This hasn't helped our relationship one little bit.

So glad it's over. Thank you so much for your help in my decision.

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Jux · 11/02/2011 22:28

Guess what?! I told dh I'd accepted the offer just before my last post.

10 mins ago he said "if I were you, I'd ring the agent and tell him you want a bit more for the flat". I said I'd already accepted the offer. He is now sulking and not speaking to me and occasionally tutting and shaking his head

OP posts:

lalalonglegs · 12/02/2011 17:50

[Hmm]

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