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by-passing the estate agent?

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by-passing the estate agent?

Postby louandbob on Sun Feb 12, 2012 3:27 pm

I am a novice re; housing selling/buying.
Looking to move. Like a house £239000 (recently reduced from £249000), been on market for 13 months no upper chain.
Our budget is some what less £205000. m guessing this will be far to low but my i feel we have nothing to lose by putting an offer forward.
Would you always go through the estate agent or is it acceptbale to write a letter to the vendor and put it through the door? I have no idea if this is ok or totally unacceptable? Any advice greatly receieved.
Thanks
Lou
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Re: by-passing the estate agent?

Postby Beerhunter on Wed Feb 15, 2012 10:30 pm

Hi Lou,

Interesting question.

I'm no expert, so the following is just my musings on the question.... hopefully some of the EA's and more experience peeps here may chip in with their thoughts ;)

Just going through the EA... it's possible the vendor has told the EA "reject any offers below say £220,000" (I'm just choosing that figure at random) in which case your offer wouldn't get passed onto the vendor.

Write a letter to the vendor... I'm not sure there's a great advantage to you (other than knowing the vendor has seen your offer), however for the vendor it might "save" them paying the EA fee (possibly a couple of K) and do a private sale (the EA might quibble about this if you've already viewed the property via them!)

Doing both... from you point of view, you know the vendor has received your offer... from the vendors point of view they'll proabably need to pay the EA fee rather than sell privately...

My gut feeling, given the property has been listed for 13 month / no chain is that the vendor is in a position to hold out for the best offer (or is over optimistic in their pricing!)

Personally I'd put the offer in via the EA, and follow it up with a letter to the vendor.... but thats just my personal opinion!

Good luck tho, and let us know how it turns out
BH
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Re: by-passing the estate agent?

Postby viable on Tue May 15, 2012 12:19 pm

I would tend to agree with BH as in put the offer through the estate agent and follow up with a letter to the vendor.

I think it is probably a little dodgy legally trying to circumvent the estate agent if they did the viewing. Otherwise, everyone would use the estate agent to find buyers and then not use them for the sale to save on the commissions. So the fine print probably states the vendor is legally bound to them.

On the other side of the coin, the fact it has been listed for 13 months implies 2 things; 1) as mentioned, it is probably not realistically priced. If you can provide supporting evidence of this with your offer then you stand a better chance of acceptance (check historical sales in the area and comparable properties) and 2) the estate agent has lost interest and not actively marketing the property.

So you may want to gently (diplomatically) remind the vendor something along the lines that, whilst they may have had some time wasters over the months its been listed, yours is a serious offer and you are looking to make this your family home.

Hope this helps

IanH
Any information I give is based solely on my personal experience as a landlord and property buyer. Definitive advice is only available from a Solicitor or other suitably qualified person.
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Re: by-passing the estate agent?

Postby hworks on Mon May 28, 2012 6:33 pm

If the property has been on the market for over a year the vendor is probably "out of contract" with the estate agent.

You have to decide whether you could negotiate direct better than using the estate agent.

The MOST important thing when buying a property is know why the vendor is selling and what their motivation is.

You could make a really low-ball offer to try and find out why they won't/can't sell to you then you will know what they will probably accept.

SimonHildebrand from <a href="http://www.inheritedproperty.co.uk/"> inherited property advice</a>
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Re: by-passing the estate agent?

Postby Hennreypaul on Tue Oct 16, 2012 10:14 am

I'll suggest you to better go the estate agent. He will definitely give you a better suggestion and all the work done with his help would be legal So that you will not get any problem in the future.
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