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  • FIRST POST
    • berkhomeless
    • By berkhomeless 14th Feb 18, 6:33 PM
    • 2Posts
    • 0Thanks
    berkhomeless
    Agents fees... 5k too much?
    • #1
    • 14th Feb 18, 6:33 PM
    Agents fees... 5k too much? 14th Feb 18 at 6:33 PM
    I am selling a house. Estate agent and I singed the contract for 1.2 % of house sold price. It is about 5k included VAT. Is it too much? We've got a offer (only 3 weeks on market) and agreed to sell. I started to looking for solicitor. And it add up about 1k. We are very tight in money. Could I go to EA and ask to make agents fee less 1k ...or I take my house from market and go for another agency. I'v got roomy ex-council house in popular location. Thank you very much for answers in advance!
Page 1
    • gingercordial
    • By gingercordial 14th Feb 18, 6:36 PM
    • 1,096 Posts
    • 1,133 Thanks
    gingercordial
    • #2
    • 14th Feb 18, 6:36 PM
    • #2
    • 14th Feb 18, 6:36 PM
    I am selling a house. Estate agent and I singed the contract for 1.2 % of house sold price. It is about 5k included VAT. Is it too much? We've got a offer (only 3 weeks on market) and agreed to sell. I started to looking for solicitor. And it add up about 1k. We are very tight in money. Could I go to EA and ask to make agents fee less 1k ...or I take my house from market and go for another agency. I'v got roomy ex-council house in popular location. Thank you very much for answers in advance!
    Originally posted by berkhomeless
    If you've already signed a contract and they've found you a buyer I can't see any reason at all why they'd agree to drop their fee now!

    If you read your contract you will probably find that you can't sell with another agency for a period of time, or can't sell without also paying them, or even if you don't sell at all you may still need to pay their fee because they have found you a willing buyer.

    The time to negotiate this was before signing the contract!
    • berkhomeless
    • By berkhomeless 14th Feb 18, 6:40 PM
    • 2 Posts
    • 0 Thanks
    berkhomeless
    • #3
    • 14th Feb 18, 6:40 PM
    • #3
    • 14th Feb 18, 6:40 PM
    I am not in harry to sell. And I am still not sure about selling now. I've started to look for buying ... I am disappointed that so bad condition and more money. As I understand I pay fee after transaction.
    • Annie35
    • By Annie35 14th Feb 18, 7:17 PM
    • 155 Posts
    • 120 Thanks
    Annie35
    • #4
    • 14th Feb 18, 7:17 PM
    • #4
    • 14th Feb 18, 7:17 PM
    I'd guess if you pull out of the sale now the agents will still want paying, as they've found you a buyer. That tends to be the way it is.

    Best idea might be to keep looking & negotiate 5k off the price to account for your fees, or stall long enough your buyer pulls out & you can hopefully leave your contract freely
    • walwyn1978
    • By walwyn1978 14th Feb 18, 7:30 PM
    • 406 Posts
    • 363 Thanks
    walwyn1978
    • #5
    • 14th Feb 18, 7:30 PM
    • #5
    • 14th Feb 18, 7:30 PM
    I am selling a house. Estate agent and I singed the contract for 1.2 % of house sold price. It is about 5k included VAT. Is it too much? We've got a offer (only 3 weeks on market) and agreed to sell. I started to looking for solicitor. And it add up about 1k. We are very tight in money. Could I go to EA and ask to make agents fee less 1k ...or I take my house from market and go for another agency. I'v got roomy ex-council house in popular location. Thank you very much for answers in advance!
    Originally posted by berkhomeless
    1.2% is what you agreed, so no, if you want to sell to this offer you're paying the 5k.

    If you are thinking of changing agencies, read the contract you signed to see how long you're tied in with your agency, if at all.
    • PasturesNew
    • By PasturesNew 14th Feb 18, 7:41 PM
    • 61,609 Posts
    • 360,729 Thanks
    PasturesNew
    • #6
    • 14th Feb 18, 7:41 PM
    • #6
    • 14th Feb 18, 7:41 PM
    1 - 1.5% is "usual" and normal, so your 1.2% isn't outrageously higher than other agents might typically charge.

    You did have the chance to read up/try to negotiate, but the reality of that is that most of them have had people try to do that every day for the last 20+ years of their working lives, so they're much slicker at turning it back at you and not reducing their fees anyway.

    So, don't feel you "lost out".

    Unfortunately, now, you've signed the contract and you've got a buyer - so now is not the time to try to renegotiate as you "already owe them the full amount" so they've got you over the proverbial barrel.

    But ... don't feel sad you're paying a lot ... it happens to most people. That's "pretty much the rate" for most and 1.2% isn't the most expensive agents' charge.
    • Tom99
    • By Tom99 15th Feb 18, 12:43 AM
    • 1,279 Posts
    • 818 Thanks
    Tom99
    • #7
    • 15th Feb 18, 12:43 AM
    • #7
    • 15th Feb 18, 12:43 AM
    So the EA did what you asked and found you a buyer at an acceptable price, but too quickly for your liking - easy money for them maybe.

    If they had taken a year to find you a buyer would you be happier with the fee?
    • PokerPlayer111
    • By PokerPlayer111 15th Feb 18, 5:33 AM
    • 184 Posts
    • 48 Thanks
    PokerPlayer111
    • #8
    • 15th Feb 18, 5:33 AM
    • #8
    • 15th Feb 18, 5:33 AM
    Its the normal fees for traditional estate agent, for future reference if you want the cheapest fees use doorsteps for 99 you get listed on rightmove and zoopla and there is no other fees once you have sold. Check this thread:

    http://forums.moneysavingexpert.com/showpost.php?p=73850191&postcount=50
    Last edited by PokerPlayer111; 15-02-2018 at 5:46 AM.
    • Davesnave
    • By Davesnave 15th Feb 18, 7:15 AM
    • 24,285 Posts
    • 90,966 Thanks
    Davesnave
    • #9
    • 15th Feb 18, 7:15 AM
    • #9
    • 15th Feb 18, 7:15 AM
    As I understand I pay fee after transaction.
    Originally posted by berkhomeless
    No. You pay whatever fee your contract with the agent says you pay when the conditions in it are met.

    We can't see your contract, so none of us know what you've signed, but the rate of 1.2% is pretty normal.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • ashe
    • By ashe 15th Feb 18, 7:26 AM
    • 323 Posts
    • 194 Thanks
    ashe
    Even if you pull out now, depending on your contract if they are a ready, willing and able buyer you may have to pay anyway

    You!!!8217;ll struggle to get much lower than 1.2% without a DIY option
    • rubble2
    • By rubble2 15th Feb 18, 8:09 AM
    • 280 Posts
    • 46 Thanks
    rubble2
    This is interesting. We have just put our house on the market, we asked for valuations from three local high street agents and the fees quoted were one at 0.7%, and the other two (one of which we have gone with at 0.5%.
    • Rambosmum
    • By Rambosmum 15th Feb 18, 8:11 AM
    • 1,597 Posts
    • 2,073 Thanks
    Rambosmum
    Whether 1.2% is normal depends on where you are and the price of your house, cheaper houses often get a higher fee. But now is not the time to negotiate, that time has been and gone. Now they've found you a buyer, you are pretty much tied in to paying it, unless your buyer drops out.

    For reference, in Greater Manchester, we paid 0.8% - I negotiated it down from 1% but the highest an estate agent asked for was 1.4%
    • tori.k
    • By tori.k 15th Feb 18, 8:35 AM
    • 3,064 Posts
    • 7,409 Thanks
    tori.k
    Do everyone a favour including yourself and take you house off the market before your buyers put any more time or money into this.
    You knew how much this was going to cost from the out, so it sounds more like you don't really want to move.
    To let your buyers start the process if your unsure is nasty at best
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    • eddddy
    • By eddddy 15th Feb 18, 8:49 AM
    • 5,836 Posts
    • 5,579 Thanks
    eddddy
    You probably need to slow down a bit.

    It sounds like you've signed a contract that you didn't read or understand.

    You're now wanting to terminate the contract without reading and understanding the termination terms.

    You might be left with an unsold house and a 5k bill.

    Or, if you instruct another agent and handle things badly, you might end up with a sold house and a 10k bill.

    So start by reading your contract, and asking the agent (or somebody else) to explain any terms that you don't understand.
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