buying a house without an estate agent

Please is it possible to buy a house without getting the estate agent involved.

MY neighbour are interested in selling to me but does not want property to go on market.

What is the process? and how much can we save

Cheers Z

Reply to
zahire khan
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Of course.

You simply agree terms with your neighbour, have a survey done if you wish, and then pass the matter to your respective solicitors.

*You* can save nothing, but your neighbours can save estate agency fees, which could be whopping, like maybe 3% of the price. That may mean you too can save, because then obviously the seller would see more of the money, so could afford to charge less. In practice it might be that both you and they save 1.5% each.

But the snag from the seller's point of view is that if he involves an estate agent, he might be able to get a better price. So much better that he ends up with more money in his pocket *even after* paying an estate agency fee.

Reply to
Ronald Raygun

In message , zahire khan writes

He tells you how much he wants for the house, and you tell him how much you are prepared to pay and if the two amounts arent the same you haggle until you reach agreement. You tell him who your solicitor is and he tells you who his is and then you tell your solicitor who his solicitor is and how much youve agreed to pay.

Well the vendor wont have any estate agency fees to pay, and its up to him if he passes any of the saving on to you. How much will be saved will depend on how much estate agents in your area charge.

Reply to
john boyle

In message , zahire khan writes

As a buyer, you have no interest in the property being put on the market

- If your neighbour wants to sell to you, at a price which suits you both, he doesnt need an agent to sell it for him.

As a seller, if your neighbour wants to be reasonably sure he is getting the best price, from the best buyer, he "ought" to use an estate agent - but it is his business if he chooses not to.

Agree a price, appoint your solicitors, get your survey/valuation and mortgage, let the solicitors do their stuff - and Bingo! it's yours.

You save nothing. Your neighbour saves the estate agents fee - he may choose to pass some of this saving to you.

Reply to
Richard Faulkner

Could you use the same solicitor, and save a bit more?

Jim.

Reply to
Jim Ley

IIRC only if you are both already clients of the same solicitor.

Otherwise if you both approach the same solicitor they will refuse to act for the second party to avoid a conflict of interest (and it is as much in their interest to do this as yours)

tim

Reply to
tim

In message , Jim Ley writes

Sure. You dont even need a solicitor!

But if you do either of these things you cant be sure you'll end up owning what you think you own.

Reply to
john boyle

In message , Jim Ley writes

Only if you are both existing clients of the firm, and even then you would have to use different individuals.

Reply to
Richard Faulkner

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