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Advice Please re Estate Agents

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  • Advice Please re Estate Agents

    I have a flat that I currently own (mortgage) and have been looking at buying another property. I have previously had my flat valued by 4 agents 12 months ago and know the rough value of it but I have not yet instructed estate agents.

    A local estate agent has shown me around a property whilst the sellers were in and sellers told me that they are interested in flat and therefore a potential part-exchange for my property for theirs.

    At this point the estate agent was very keen for me to get mine valued by them (something which I have not yet agreed to).

    I have since approached the seller directly, explained mine isn't yet on the market and they are keen to view my property. However I want to avoid instructing the estate agents. (they work on a fixed-fee basis, are renowned locally for undervaluing to sell quickly)

    Is there any issue with me part-exchanging my property against the sellers property without instructing the estate agents on my sale? The seller is happy with this and of course the estate agent would gain the fee on the sale of the sellers property but not mine.

    I can't see anything that would prevent me from doing this but i'm keen for any advice as it would avoid paying £2500 in fees and could assist with the deal in the purchase.

    Any advice would be welcome!

  • #2
    Re: Advice Please re Estate Agents

    Signor Whippy, you don't have a contract with any estate agent and there is nothing to stop you from selling (by way of part exchange) your flat privately. As long as you and your potential buyer are happy with the price you negotiate, the rest can be handled by your conveyancing solicitor. There are free online guides to selling your property privately if you want to do a bit more research first. Good luck.

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    • #3
      Re: Advice Please re Estate Agents

      Hi there

      Jeannie D is right, you haven't signed any contract so there's no way an agent could try to get a fee out of you unless you were daft enough to sign up with them. The seller of this flat though can't really (legally) get out of paying as the agent were the ones who 'introduced you to the property' by way of their advertisements.

      I'm an estate agent currently working in Cheshire and some of our competitors are incredibly aggressive and pushy. Don't ever go with the first agent you speak to especially of they've got a reputation for under valuing!

      Don't let anyone push you around! Hope it works out for you

      Layla T

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