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Buyer's Premium?
borokat
Posts: 302 Forumite
Does anyone know what the term 'buyer's premium' means? Saw it on the house ad below
http://www.rightmove.co.uk/property-for-sale/property-30727132.html
"This is a QUICK SALE property with a £25,000 discount on RICS Valuation of £145,000. We are pleased to offer this 3 bedroom semi detached house in this popular area of Fenham. £1,500 Buyers premium applies to this property."
Seems like a bargain - I thought maybe it's a reposession?
http://www.rightmove.co.uk/property-for-sale/property-30727132.html
"This is a QUICK SALE property with a £25,000 discount on RICS Valuation of £145,000. We are pleased to offer this 3 bedroom semi detached house in this popular area of Fenham. £1,500 Buyers premium applies to this property."
Seems like a bargain - I thought maybe it's a reposession?
0
Comments
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Looks like a nice property, no idea what that means though sorry! You have me intrigued now!0
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You would normally pay a buyers premium (an additional fee) when you buy something at auction. Seems quite wierd in this case but I would assume that you have to pay the agent £1500 in order to make up for a tiny fee from the vendor (likely to be the mortgagee in posession). Maybe you could call them and ask?
While you're at it, find out the date of the RICS valuation.0 -
sounds like you paying the agents fees/finder's fees0
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From reading the website it seems you have to pay a fee once your offer is accepted to take it off the market.
"Once your offer has been accepted you pay a non refundable admin fee which allows us to take the property off the market"
http://www.qsea.co.uk/content/how-we-do-it-buyers/0 -
Sounds good for the agent if you fall for it. They get to make their 'commission' on every accepted offer, even the ones that fall through!From reading the website it seems you have to pay a fee once your offer is accepted to take it off the market.
"Once your offer has been accepted you pay a non refundable admin fee which allows us to take the property off the market"
http://www.qsea.co.uk/content/how-we-do-it-buyers/
Sounds like a bargepole job. Is this common?0
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