Overseas vendor: Can we lock an EA into, say, a six week contract period to sell for?

S

spaceman

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My wife is part owner of her late parents parents home in Dublin which will be going up for sale shortly. We live in Australia so we need to know how much we should expect to pay (% wise) an estate agent to sell it in the present economic climate. The house as very well located in the Kimmage/Walkinstown area and would be easy to let. Can we lock an agent into say a six week contract period to sell for the price they say (We are very realistic and want a fast sale)and if they do not sell in that time we are free to go elsewhere with no obligation to the agent. We do not want the hassle of an agent saying he can get X price and then coming back in a couple of months saying we need to drop our price
 
Re: how much will EA sell house for

Hi Spaceman,

Start thinking about the 0.75 - 1.25% range I would say and don't accept any less than that particularly if the house is well located.

Arrange for at least 3 estate agents to view and give you an opinion on value, pick the middle value and market it at that level. The qualities/details I would be looking for in an estate agent would be:

Responsiveness, i.e. how fast they get back to you on any queries
Word of mouth recommendation
Proactive marketing - i.e. do they mailshot their list of prospective purchasers. How detailed is their database.
Recent sales in the area - they would possibly have a list of disappointed bidders.
Willingness to negotiate with you in terms of the 6 week period. I do think that perhaps you are being a little optimistic that the house will sell/receive an offer within 6 weeks BUT I would set a 3 month period which should bring you right up to Christmas. This is the end of the Autumn selling period and if you decide to change estate agents - then Jan/Feb is the next start of the selling period so an ideal time in which to relaunch a property.

Get a written Terms & Conditions letter from your estate agent and INSIST on this, do not enter into an agreement to sell until you see this document and are happy with it.
 
Re: Overseas vendor: Can we lock an EA into, say, a six week contract period to sell

Ive changed the title somewhat to reflect your question. Let me know if this is not ok.

aj
(moderator)
 
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