Signing up with Estate Agent

[Black Noir]

My mother had her property valued last friday as she is interested in selling later on in the year.

The Estate agent was made aware of these facts but despite this they measured up, took photos and talked my mum into signing up with them on a set fee basis $4800 +vat on a property value of �180k , which I think is absurd.

Do these contracts have cooling off periods, like others do, or is she tied into them for 16 weeks?
I have tried calling them twice today and they wont return my calls !!!

[NORMANTHEDOG]

is this in england or the USA.

[redcrx]

shes tied in with them if she signed at home.

BUT she doesnt have to accept any viewings, or sell the house. That way she cant be indebted for any sales commision.

Of course she wont be able to use them again as I doubt theyd be very helpful but with sales tactics like that would she really want to.

[Buenchico]

I'm assuming that the '$' symbol should be '�'. If so, that gives the rate of commission as two and two thirds per cent (+VAT). It's at the upper end of what UK estate agents charge but it's not wildly excessive. (UK estate agents usually charge around 1.5% to 3%. In other countries, the rate can be much higher. 5% to 8% is common in New York).

While there are cooling off periods for some contracts signed at home, these normally exclude situations where the householder has invited the service provider to call by prior appointment. It seems likely that your mother has tied herself into the contract.

Chris

[Black Noir]

Sorry used to working in $ all day, yes it should be � !

Im just cross that she has been persuaded by this firm to sign up with them when she just wanted a valuation.

[redcrx]

i have signed my house up at 1.5% and my brother found a new agent and got 1% plus his PS3 (hes emigrating)lol

If your mum just wanted a valuation the agents usually charge a small fee.

Perhaps phone and ask to speak to the branch manager

[themas]

Find out if the firm belongs to NAEA or any other professional body. If so, find out what their procedure is for dealing with complaints. Then, if your mother feels she was put under undue pressure to sign and wishes to get out of it, follow the complaints procedure & see what you can do. The charge seems inordinately high to me for what is presumably a straightforward house sale so a complaint might result in the charge being reduced to a more competitive level even if she can't get out of the contract. (You could get other local agents to tell you what their normal % fee is for similar properties for comparison purposes.)

[gardener2]

How old is your Mother?
Did she genuinely believe she was signing to receive a valuation?
It is highly unlikely that a local agent would enforce the contract given the local publicity it could receive.

[Black Noir]

My Mother is early 60's, she knew what she was signing but felt unduly pressurised into signing and was made to believe by the agent that she was getting a good deal !

She has never had to do this sort of thing before, she told the agent this also, and I cant help but get the sense they are taking advantage of the fact she lives in a good school catchment area and doesnt know what she is doing!

They have now ignored 4 of my calls, so yes im going to go the complaints route.

Thanks all

[soph0205]

i suggest you or your mum phones them and says "sorry i no longer wish to sell the property. just withdraw from it and theres nothing they can do.