Buyer's Premium..?

KBeamsley

Pattinsons EA appear to be selling most of their properties through their own auctions. I understand that they can charge a buyer's premium (as with all auction houses) when they sell houses this way BUT they have said i can make an offer on a house which previously didn't sell in an auction and they will still charge me the buyer's premium.

Can they do this????

Their minimum fee is £5k + VAT which is far more than if they were taking 1-2% of the sale price from the vendor. I'd quite like ourselves and the vendor to keep as much of our money as possible - rather than lining the pockets of the EA!

Any advice?

F_T_Buyer

Just offer what you think and make it clear the EA fee will come out of the price you mention. Do it in writing too.

Doozergirl

I agree, offer a price to include their fee. Don't separate it out and let them fight it out with the vendor.

Guitar

Pattinsons advertise that vendors can sell their properties with them with no estate agent fees. Instead the fees are paid by the buyer, hence the 'buyer's premium'.

Pattinsons seems to be trying to do something different with an eBay like site where, instead of making offers, potential buyers put in bids. If a property doesn't sell at the end of the timer they just relist it.

They advertise the properties like a normal house but once you start looking into them you realise you're actually being invited to take part in an auction. I wonder how committing these bids are and even if they've suggested you put in an offer I'd make sure that you're not actually bidding in an auction.

DVardysShadow

Guitar wrote: »

Pattinsons advertise that vendors can sell their properties with them with no estate agent fees. Instead the fees are paid by the buyer, hence the 'buyer's premium'.

Pattinsons seems to be trying to do something different with an eBay like site where, instead of making offers, potential buyers put in bids. If a property doesn't sell at the end of the timer they just relist it.

They advertise the properties like a normal house but once you start looking into them you realise you're actually being invited to take part in an auction. I wonder how committing these bids are and even if they've suggested you put in an offer I'd make sure that you're not actually bidding in an auction.

Just make the bid

• subject to contract
• inclusive of buyers fees and all other fees