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Surprise offer when renting

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  • Surprise offer when renting

    I'm currently living abroad and decided to rent out my property. I sorted out an estate agent and they have marketed this property.

    Within a day of it being on the market, a guy who's just sold his house (via the same agency chain) has asked the agent if I'd be willing to sell for completion within 6 weeks. If he remains interested at the price he's indicated, it will be a reasonably good deal.

    However, I'm a little unsure how to deal with the estate agent. They haven't been instructed to sell the property (only to rent) but they have now said they will sell the property for a reduced commission of 1.25% (normally 1.75%). This still equates to almost £5k once you allow for VAT. Whilst I'm trying to remain unbiased, I'm not sure this seems entirely fair (not that life or business ever is) given that it's the circumstances, rather than their selling expertise, that could lead to this sale.

    I suppose they have the upper hand in that they're not obliged to tell me the details of the guy that's interested, but I'm inclined to negotiate further on the commission given that this sale could pretty much fall on their lap.

    I thought I'd post on this forum to see if anyone had had similar experiences or had any advice on what I should do. I'm sure, for example, that when someone has chosen to rent their property that at some point the tenant asks the owner if they'd like to sell. In these circumstances I expect the estate agent will not be required, saving the full commission costs. My case is obviously different, but hopefully you see my point.

    Thanks in advance.

    SDG

  • #2
    Re: Surprise offer when renting

    I think that the first thing you need to do is to check the lettings agreement (sometimes called the acceptance form) that you signed when you decided to let via the estate agent. Often there is a sneaky little clause buried in the fine print to the effect that "Should you wish to sell your property to a tenant we have introduced to you, by signing this contract you agree that we may charge you a fee of 1.75% + VAT of the sale price".

    However, even if there is such a clause, property sales (as opposed to property rentals) are quite sluggish in many areas of the country and - as you have pointed out - this is potentially a sale that has fallen into the EA's lap. So...I would say negotiate as much as you possibly can. Good luck.

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    • #3
      Re: Surprise offer when renting

      Thanks Jeannie. Much appreciated. Will try to knock him down a bit.

      Sean

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      • #4
        Re: Surprise offer when renting

        Good lord, this sounds really sneaky of them. Good to know of this, and hope it works out, Sean.

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