EA fees advise please

clils

Hi all,

we are currently selling our first flat and the estate agent wants us to drop our asking price by 5%. I am happy to do this but if we do and get the new asking price then it will just about cover the mortgage, so how can i go about getting the agent to reduce their fees so i don't find too much more money.

Scully38

clils wrote: »

Hi all,

we are currently selling our first flat and the estate agent wants us to drop our asking price by 5%. I am happy to do this but if we do and get the new asking price then it will just about cover the mortgage, so how can i go about getting the agent to reduce their fees so i don't find too much more money.

How long has it been on the market? What's it on at at the moment? Why not reduce it to 2.5% initially if you're worried about covering the remaining mortgage?

Also depending on how long your house is on the market you can negotiate with the agent if it's passed the 12 weeks time scale, but it depends on how long your contract with them was for. As your sale figure drops, obviously so to does the amount you will pay to the EA.

clils

Scully38 wrote: »

How long has it been on the market? What's it on at at the moment? Why not reduce it to 2.5% initially if you're worried about covering the remaining mortgage?

Also depending on how long your house is on the market you can negotiate with the agent if it's passed the 12 weeks time scale, but it depends on how long your contract with them was for. As your sale figure drops, obviously so to does the amount you will pay to the EA.

Thanks for replying. I have tried to put a link on, but as a new user it won't work(fair enough), we have had it on the market since July at £125000, had about 7-8 viewings but no offers. It has been quiet at the moment but I expected that with the summer holidays. We still have about another 4 weeks to run with this agent.

I like the 2.5% idea, but to be honest I think we may have to come down to the 5% at some point.

Scully38

let me know where it is on rightmove, price, area, bedrooms, postcode, detached, semi, terraced, bungalow et and i'll post a link for you, that way others can give advice to.

clils

thanks so much.
price £125000
Area - Bedford
Postcode MK40 4fy
2 bed flat

Scully38

http://www.rightmove.co.uk/property-for-sale/property-19458786.html

Here you go, let me go read.

Scully38

OK, had a look, it's a lovely flat, but unfortunately it looks like it is the price. There are several other flats for sale in the same block, one for £110k, the majority for offers at £105k. They're also the same condition as your flat, so it looks as though to compete it might be worth lowering it to just below 105k to actually get more people interested in it. What about 104,950? Rather than 104,995?

Here's the list for all the others from rightmove.

clils

thank you for doing that. I would love to sell it at that price, but it really is a case of covering the mortgage and that price would leave us so much short we would have to take out a loan just to pay it back, not to mention EA & solicitors fees.

Scully38

clils wrote: »

thank you for doing that. I would love to sell it at that price, but it really is a case of covering the mortgage and that price would leave us so much short we would have to take out a loan just to pay it back, not to mention EA & solicitors fees.

No problem, I think to be honest you're going to have an awful lot of problems selling if it's anyway above 105k given that there are 4 other flats for sale in the same condition as yours and on the same block as yours. can you not stay in the property for the time being?

hcb42

I think given all that competition you dont stand a prayer of getting £125K. Why should the agent reduce their commission. If it is a percentage deal it will reduce anyway, but it isnt the agent's problem....if you are in negative equity and dont need to move, I would take it off the market.

clils

I agree with you and we could stay another year if we really had to, but what I am just scared off is that house prices will drop even more and we still won't be able to sell.