how much will this cost me??????????

gillypoof

i am about to put my house on the market.i have found the house i want to buy .the agent for the house i wish to purchase is keen to market my own property.
i havent signed anything yet and the agent is due today to have a chat.bearing in mind that the agent will have both properties does it sound about right that to do this will cost £10,000 ?
i have never bought or sold a house before,i don,t need a mortage as this house is more than the one i wish to buy.
when pressed for a figure that it was likely to cost me from start to finish she said £10,000 was enough.
i know i have to find out what % she is charging.it seems to me that this is a really easy sell for her.so what do people think.
she wants to market mine at £310,000 and the house i want is £270,000.
help and advice would be good.on the plus side the owner of the house i want likes me and wants to sell to me,i am on good terms with the agent,but all my friends say don,t trust estate agents.
is it possible to have a nice honest friendly transaction without getting ripped off????

richardw

gillypoof wrote: »

....nice honest friendly...

Your expectations of an EA may be a little too high.

Soapn

professional liars is how I'd describe some of them tbh

DannyboyMidlands

What other costs are included in the £10k? That is about 4 times more than the EA's fee.

You are gonna get more than one fee quote from a single EA aren't you?

VfM4meplse

The stamp duty on the property you are going to buy will be c£8k so with solicitors fees and moving costs, I have no idea where the £10k came from....unless of course the EA will be paying you for the honour of marketing your property.

DannyboyMidlands

The best way to slash your costs would be to get the house for less than £250k.

gillypoof

are you saying that £10000 is not enough? if it includes stamp duty and agents fees and solictor would it be a good deal?

GAH

First of all OP, don't be suckered in by the agents tag line that they have probably given you which sounds a bit like this 'It will make the transaction much easier/smoother if you use us to sell your home'.

Of course it is tempting to have the only deal with the one agent for buying and selling.

But the main thing you have to ask is, are they the correct agent to choose, is their marketing the best, good website, lots of buyers for your home etc.

There are of course positives and negatives, you could even say possibly a conflict of interest.

Your figures don't make much sense, and depending where you are in the country and which each agent offers, expect to pay anything between 0.5% to 1.75% of your selling price.

GAH

gillypoof wrote: »

are you saying that £10000 is not enough? if it includes stamp duty and agents fees and solictor would it be a good deal?

Your basing your figures on purchasing this property at £270k.

So your stamp duty would be £8100

Leaving you £1900 in Estate Agent and Solicitor fees.

I would ask for exact figures for the breakdown here, as it sound a bit to cheap.

Get some further solicitors quotes and make a comparison and the same with estate agents before you go ahead with a decision.

princeofpounds

You really need to get up to speed before you sign anything. Your question is dangerously naive (not that there is anything wrong with that, it's a new area to you).

The process of moving will incur many additional costs, including

Estate Agent's fees.
Stamp duty
Legal fees (including associated searches etc)
Mortgage fees, if applicable
Survey fees
Removal costs
Initial repair costs in the new place (because there is always something that goes wrong)

That's what comes to mind for now, there are probably more.

It is very hard to know someone's situation in totality, but £10k MIGHT make sense as a budget for the entire process. But you need to shop around intelligently and plan properly.

But it's a multiple of what you should be paying any agent.

If you are buying one house from an agent AND marketing yours with them then you should be in a strong position to press for a low fee. Not only are you completing a transaction for them, you are also providing an instruction. That's two for the price of one.

If they are a good agent to use for other reasons (as others have outlined) then there it might work out well using them. But to be honest lawyers and surveyors are much more important to the smoothness and the speed of any transaction; Estate agents typically don't do that much once all is agreed (well, they chase things up which can be a helpful service and take a lot of effort, but they don't actually process the transaction).

Don't believe their valuation of your house. They typically upvalue to win business and talk you down later. They might also upvalue to make you feel you have more of a budget to buy the new place.

Finally, don't use their recommended lawyers or mortgage agents unless they are genuinely better than anyone else for you. They have conflicts of interest and can leak your negotiating position or paper over issues to help a transaction go through.

gillypoof

thank you.i am getting up to speed now .in fact i am thinking i don,t need an agent.seems most people check out property online.it appears there are sites that do all this for a small amount of money.anyone used this method to sell a house.?