Changed EA three months ago, now old EA has buyer?

Am currently selling an apartment and changed EAs after six months on the market and no bites. The new EA has had the property for two months and still no bites but today the old EA rings me up and tells me he has a buyer, a guy who viewed the place a few months back but had to sell his own place before being in a position to make an offer.

What is the protocol in this situation? Do I leave it up to the two different EA's to sort it out between them or do I tell the old EA to ask the buyer to make the offer through the new EA? Problem is the guy sold his own place through the old EA so probably wants to keep dealing with him as well as originally viewing my place through him.

Tell the new EA that you have found a buyer from somewhere else and then put all the dealings through the old EA. The new EA has not found a buyer so should not be part of the transactions.
You will likely have to pay the new EA for any expenses incurred to date (advertsiing and signage costs), but that should be the end of it.

Has the person actually made an offer? If not, and you're not sure how much they're planning to offer it might be foolish to return to the old EA without knowing the figures?

I can't imagine the old EA will want to introduce you to a buyer and walk off into the sunset. I would have thought that the 2 agents would sort it out between them.

Thanks for the replies. No, an official offer isn't on the table yet, I just wanted to check the protocol. It's unlikely I would just go back to the old EA as the new one has been pretty good at getting viewers in and also has a couple of interested buyers who he has a good feeling about, so obviously I don't want to close the door on these if the offer from the old EAs client isn't worth getting excited about.

However, whatever offer this guy makes, I'll need to inform the new EA of it and I wanted to know what is proper protocol in such a case?

Try to get some sort of proof from the old EA if you do get the offer. Like what exactly is the status on the buyer's current house, has it actually been sold or do they just have an offer on it and everyone's hoping it's going to go through...

I'd reckon the old EA is spoofing - the chances are, if a previous viewer is really interested, they would schedule a repeat viewing (it's at least 2 months since they would have seen the house). Plus, they haven't put an offer on the property, so they are NOT a "buyer" and I would be concerned that he would call you to say this without anything concrete.

sadie said:

Try to get some sort of proof from the old EA if you do get the offer. Like what exactly is the status on the buyer's current house, has it actually been sold or do they just have an offer on it and everyone's hoping it's going to go through...

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From what I've been told contracts have been signed which is why he now is in a position to make an offer on mine. I don't have any reason to doubt the old EA.

So my question is really: when the buyer does makes the offer, how do things work from there? Will he have to make it through the new EA or is it still OK to go through the old one? And will the new EA then have to tell his interested parties that an offer has been made?

All very confusing but want to do the best thing by both EAs while at the same time hopefully securing a sale!

I'd reckon the old EA is spoofing

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why would the EA be spoofing to get the house back on his books if he didn't have somebody interested? I am sure like most agents there is no shortage of houses to sell rather people to buy them.

A couple of years ago I was in a similar situation with a rental property I was selling. First EA hadn't come up with anything. So I went to second EA who came up with an offer pretty swiftly. The first EA was pretty annoyed (even though he knew I'd gone to the second EA) and within 24 hours was back with an offer €5K more than the second EA. I didn't know what to do as the first EA only seemed to have done anything when he saw he would loose the sale. But as someone pointed out to me at the time an extra €5K would make a difference to me. So after informing the second EA (who understandably wasn't happy) and giving them the chance to get their client match or beat the offer (they didn't) I told the first EA if deposit was received by 12 the following day I'd accept.

My advice to you is look after yourself. To the EAs your sale is one of many transactions in the year. I still remember the trauma of what I went through - hoping I was being fair with everyone - but I'm sure th e EAs have it long forgotten

Fredbloggs how did you deal with the commission aspect? It's my understanding that both past and present agents might have to split the commission but as I said I haven't a clue about the protocol and don't want to ask new EA until I have a firm offer.

Hi Paddywacker,

My advice would be the following:

1. Find out exactly what the offer is for your property
2. Are you are happy with that offer?
3. If you are, then ask the old estate agent to confirm
- has the bidders house sold, or is it sale agreed?
- if it is sale agreed, then when is it due to close?
- has the bidder on your property secured loan approval for the purchase?
- is the bidder willing to put a deposit on the table over the next few days?

If you are happy with all the above, then you are in a good position.

I would not be in any rush to let the existing estate agent know, until you have a deposit and it looks like the sale is going ahead.

When you receive a deposit, you can inform him of the situation, but make sure to be honest and open with him. Let him know that the property is still with him, if he can beat the current offer, then you would be delighted to deal with him. He has the opportunity to find a buyer, at the higher price. I would be surprised if he said that he did not want to deal with you any more. Remember the deposit is refundable.

Yes, he may have incurred some costs on selling this, and you may have to pick up the tab on these, but the costs should not be significant, and any big spend should have been approved with you in the first place.

I hope this helps,

Alan

OK, just got a call from EA (old) with the offer. It's a good bit below my asking price (which I've already reduced twice) but it's the only offer I have so far so I have to have a serious think about it as the buyer is ready to move quickly.

So should I now tell my new EA that I have an offer through the old EA that I am seriously considering? And if so wouldn't he have to tell his own interested parties it is under offer so if they genuinely want to move they should do so soon?

It might be an idea to let your new EA know about the lower price you are now considering. In fairness.... he may be able to get more interest based on this lower price.

FredBloggs said:

A couple of years ago I was in a similar situation with a rental property I was selling. First EA hadn't come up with anything. So I went to second EA who came up with an offer pretty swiftly. The first EA was pretty annoyed (even though he knew I'd gone to the second EA) and within 24 hours was back with an offer €5K more than the second EA.

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Its not really similiar if you look at the time lines, alot of time has passed for the old EA to come back in and I don't think he would unless he had a genuine offer. Your story made it sound like the original EA only produced an offer because of the competition but I doubt that was the case, we don't store interested parties to use on rainy days!

MrMan said:

we don't store interested parties to use on rainy days!

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I know that! But what I think happened was that he was selling a few similar houses and when I went to the second EA he put all his efforts into my house. It would have been very easy for him to push one house (mine) over another similar one. I know around the time my house was with him he had about six houses in the same estate - more or less idenikits of each other. One of the reasons I went to the second EA was because of this fact. By the time my house sold the signs on 3-4 of the others had come down, so I reckon he was working his way through the houses.

Paddywhacker - I gave commission to the first EA only as he sold the house. I've never signed anything with any EA saying that they're entitled to commission if someone else sells. In fact I've never had (or been given) a written agreement by an EA when I gave them a house

Thanks for the advice. Just to update I told the new EA about the offer and he got quite defensive about it, it must be tough out there for EAs too.
I'm almost sorry I didn't insist on joint agency instead of changing altogether but hindsight is a great thing and anyway this doesn't seem to happen much here these days.