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Modern Method of Auction

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Are there any Estate Agents or solicitors about that can help me out with a couple of questions I have about the Modern Method of Auction? Read More
rachelandgromit Avatar
5m, 1w agoPosted 5 months, 1 week ago
Are there any Estate Agents or solicitors about that can help me out with a couple of questions I have about the Modern Method of Auction?
rachelandgromit Avatar
5m, 1w agoPosted 5 months, 1 week ago
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[Travel Expert]#2

Thanks, I've read through this but I can't quite see the answer to my query.
#3
What is your query?
[Travel Expert]#4
ThePasty
What is your query?

In a nutshell we have agreed a private purchase with a seller, when it was last on the market in 2016 it was down as the Modern Method of Auction (it hasn't been on market since September) and the seller is being told he needs to pay them as they 'introduced us' - it's over £10k fee so he has been told. I wondered if this was even legal and if anyone had a similar experience!

Potentially we lose our purchase and he loses the sale as none of us are willing to pay the huge fee, he may as well put it back in the market with a different agent or even an online one rather than pay the huge fee.


Edited By: rachelandgromit on Feb 12, 2017 13:05
#5
rachelandgromit
ThePasty
What is your query?
In a nutshell we have agreed a private purchase with a seller, when it was last on the market in 2016 it was down as the Modern Method of Auction (it hasn't been on market since September) and the seller is being told he needs to pay them as they 'introduced us' - it's over £10k fee so he has been told. I wondered if this was even legal and if anyone had a similar experience!

The modern method of auction bit is irrelevant here. If the estate agent introduced you to the seller or you booked a viewing through the estate agent then the agent is entitled to their fees. This is still the case even if you used the agent to find the house, the seller removed it from sale, and continued to live there, and then you purchased it privately from the seller 6 months later. This is because the estate agent was the original introducer.

If however, you never viewed the house while it was for sale and had no contact with the agent at all. The seller removed it from sale and you, i don't know, bumped into them in a shop and agreed to buy the house from them, then the agent has no claim on their fees.

The modern method of auction is just the bidding process and how its comes to a final sale.

Tell the seller to put it back on sale with easyproperty and get the cheapest package (>£500) then as soon as it goes live, call easyproperty and arrange a viewing. Then go through the whole sale process with putting in an offer etc via easyproperty. The seller will accept and no more fees are paid. If you are kind, split the cost (£300 each say) with the seller and the original estate agent will have to no recourse as easyproperty sold it to you as the current agent. (I've just used them, they are very good)

Edited By: ThePasty on Feb 12, 2017 13:15
#6
Google it or phone the estate agent. It's not an overly complicated method but lots of fees added on top. Best to speak to the agent selling
[Travel Expert]#7
Yes, it's a difficult one, we saw the sign when driving round the estate. Rung the agent, got a viewing, EA never turned up but seller was in so did the viewing. We hadn't sold out house at the time. In the interim it came off the market as the seller decided to do some renovations but we stayed in touch. We agreed a private sale by the seller contacted EA to ask if he would be liable to pay commission, not expecting they would say it was over £10k, he thought it would be like 1%.

Potentially if they say he has to pay them over £10k he will say no, not sell to us and just market it later on in the year with someone else. He is trying to negotiate the fee which seems ridiculous as the alternative is they get nothing. Even if he uses a different agent they will always claim that they 'introduced me' so basically we cannot buy the property!

Edited By: rachelandgromit on Feb 12, 2017 13:21
#8
I would assume that the seller entered into a contract. S/he needs to read it and see what the t&cs say. As an example, look at clauses 5.2 and 6.2 here to see what the implications would be if the seller had used that firm.
#9
rachelandgromit
Yes, it's a difficult one, we saw the sign when driving round the estate. Rung the agent, got a viewing, EA never turned up but seller was in so did the viewing. We hadn't sold out house at the time. In the interim it came off the market as the seller decided to do some renovations but we stayed in touch. We agreed a private sale by the seller contacted EA to ask if he would be liable to pay commission, not expecting they would say it was over £10k, he thought it would be like 1%.

Potentially if they say he has to pay them over £10k he will say no, not sell to us and just market it later on in the year with someone else. He is trying to negotiate the fee which seems ridiculous as the alternative is they get nothing. Even if he uses a different agent they will always claim that they 'introduced me' so basically we cannot buy the property!


I don't see why someone needed go see the estate agent in the first place if they didn't find him a buyer when he had it on with them. leave it for know then tell ur wife buy it instead later .
#10
or there's other agents I used a cheap.one about 29 pounds for a board advertising on zoopla and other big websites they take the calls for u aswell. I can't remember which company it was but I have seen this one for 99 quid called visum google it.

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