Reply to: Selling property without an estate agent - anyone done it?

[Guy Incognito]

When getting conveyancing quotes, do I need to tell them I plan to sell without an EA? Would they care?

Estate agents slow the process - just get a good solicitor.

[Lance]

Falling through potentially costs quite a bit in lost rental income, council tax, insurance. I recently sold a house and it took virtually a year due to a combination of backed-up council searches and hopeless solicitors.

if you're selling to a landlord then simply sell with a sitting tenant....

[Paddy]

I don't trust EAs. If they see a bargain, they will suggest a low price and sell it to a friend or developer they know. I have always bought and sold direct. Sale can be done with a simple transfer without of the energy certs guff etc. It's best to get a solicitor (About £1k) because the Landreg now requires strict ID and it's safer using a solicitor to ensure contacts (if any) are exchanged on time.

[Guy Incognito]

An estate agents job is to find properties to sell. Houses literally sell themselves.

I have sold both my properties myself. First time for 8% more than the price the agent advised me to market it for, second time for about 2% more (and this was Foxtons who wanted 3.5%!)

First time I did use an online estate agent just to get the property on right move but then did all my own viewings etc.

Second time sold it to a neighbour.

You are probably much better qualified than the estate agent. I know I am a better negotiator when I don't have a middle-man I can't trust in my way.

[eek]

Falling through potentially costs quite a bit in lost rental income, council tax, insurance. I recently sold a house and it took virtually a year due to a combination of backed-up council searches and hopeless solicitors.

When getting conveyancing quotes, do I need to tell them I plan to sell without an EA? Would they care?

Wait and see what questions they ask - I doubt it's a question they care about.

[d000hg]

Feels overly pessimistic. They've expressed interest. They own all the other flats. You both want the deal.
Proof of funds? Tell them you want to complete quickly by X date. If they don't who cares, you lose a few weeks/months. Presumably you don't need to sell? So what would it matter really if it falls through with them?

Falling through potentially costs quite a bit in lost rental income, council tax, insurance. I recently sold a house and it took virtually a year due to a combination of backed-up council searches and hopeless solicitors.

When getting conveyancing quotes, do I need to tell them I plan to sell without an EA? Would they care?

[jmo21]

But I've never bought or sold without agency; on the face of it they appear to do SFA once a buyer is found but is that true? I would for instance want to make sure the would-be owner actually has the means to purchase and isn't just trying to delay it going on the open market or some other pessimistic scenario (I don't think so but you never know).

I had thought that for convenience I might offer a slightly preferential price since it will save me maybe £5k in fees, and since we know each other a bit, but a more avaricious friend was of the opinion I should be charging her a premium on the basis that they want to own the whole property and I hold the keys(!) to that. Not how I would normally think, wondered how others might play it.

Feels overly pessimistic. They've expressed interest. They own all the other flats. You both want the deal.
Proof of funds? Tell them you want to complete quickly by X date. If they don't who cares, you lose a few weeks/months. Presumably you don't need to sell? So what would it matter really if it falls through with them?

The only discussion is price. Ask them what they are willing to pay. Get it valued. Figure out what your minimum is without EA fees. Tell them your price and negotiate.

Assuming they don't d!ck around trying to get a bargain, all should be well.

[mattster]

An estate agent will advertise your flat better than you can, therefore they'll probably get more offers in and therefore a better price. That has to be weighed up against the commission.

This is probably true, and is the only reason I can think of to use an estate agent. We bought our current house direct from the previous owner's children after he passed away (we were renting next door). We agreed a price, appointed solicitors and it then proceeded in the usual way - no dramas. It sounds as if your potential buyer is probably good for the money if they already own the rest of the flats in the building.

[Lance]

I think what Taz is reinforcing is that d000gh doesn't need an EA. You could always ask your solicitor to do the checks to make sure they have the funds. If they're getting a mortgage then you'll want the MIP at the least. Deposit could be tricky if the MIP is based on leverage of other equity (not sure how that works having never owned more than one gaff).

I just sent the EA copies of bank statements. They aren't clever enough to realise that half the money was in LTD company bank accounts. In reality lots of things can go wrong and this is just a check for the more obvious time wasters. The buyers conveyancer will want far more evidence.

[BlasterBates]

An estate agent will advertise your flat better than you can, therefore they'll probably get more offers in and therefore a better price. That has to be weighed up against the commission.

[vetran]

Minimum £1.5k for a day or so’s work. Not bad if you can get it

not cutting my day rate for anyone..

[TheDude]

It's easy - all you need is a shiny suit and a 3 series BMW.

[ladymuck]

I think what Taz is reinforcing is that d000gh doesn't need an EA. You could always ask your solicitor to do the checks to make sure they have the funds. If they're getting a mortgage then you'll want the MIP at the least. Deposit could be tricky if the MIP is based on leverage of other equity (not sure how that works having never owned more than one gaff).

I think your friend is onto something, however. This person has a lot to gain by getting control of the whole building so I would not be offering them a discount at all. Market rate for sure, as a minimum, which means getting some valuations and doing the research eek mentioned. Also consider whether you'd sell it furnished or not. The former saves you the hassle of clearing it out.

[eek]

Busy selling a flat we have in Leeds and the agency fee is 0.6% or £1.5K if higher. Good value as they've done a really good set of photographs, brochure and so forth and have already booked in multiple viewings which they'll be conducting The agencies also get the property on the various web sites where most sales come from.

Minimum £1.5k for a day or so’s work. Not bad if you can get it

[d000hg]

Busy selling a flat we have in Leeds and the agency fee is 0.6% or £1.5K if higher. Good value as they've done a really good set of photographs, brochure and so forth and have already booked in multiple viewings which they'll be conducting The agencies also get the property on the various web sites where most sales come from.

Cool story bro. But I'd rather not spend even .6% if I already have a buyer lined up.