Sold house should I negotiate agent fees

stationairy

Hi all

So I had intentions of selling my house to buy a new build so the new build arranged two agents to market it and if sold they would pay all fees but they would not hold the plot we wanted till sold.

Fast forward four weeks and my wife has fell in love with a older house and we have just recieved and accepted an offer on our house and the house my wife fell in love with.

Now I have let agent know and they are sending forms and have advised the fee is £1500 on a 125k sale and I’m wondering should I just accept it so not to risk losing the sale or am I in a great position and could negotiate a better rate.

Estsate agent is a well known chain

[Deleted User]

stationairy wrote: »

Hi all

So I had intentions of selling my house to buy a new build so the new build arranged two agents to market it and if sold they would pay all fees but they would not hold the plot we wanted till sold.

Fast forward four weeks and my wife has fell in love with a older house and we have just recieved and accepted an offer on our house and the house my wife fell in love with.

Now I have let agent know and they are sending forms and have advised the fee is £1500 on a 125k sale and I’m wondering should I just accept it so not to risk losing the sale or am I in a great position and could negotiate a better rate.

Estsate agent is a well known chain

Negotiate. Nothing to lose as they can only say yes or no. £1500 while still alot more than an online agent, it still alot less than someone I know paid on a £130K sale 2 years ago which was around £2700 in agent fees if I remember (they were ripped off big time).

stationairy

Deleted_User wrote: »

Negotiate. Nothing to lose as they can only say yes or no. £1500 while still alot more than an online agent, it still alot less than someone I know paid on a £130K sale 2 years ago which was around £2700 in agent fees if I remember (they were ripped off big time).

What would be a reasonable but not to stupid starting point ?

Surrey_EA

stationairy wrote: »

What would be a reasonable but not to stupid starting point ?

A slightly unusual situation for the discussion concerning fees to take place after your property has been marketed and and you have accepted an offer.

On the one hand you can use the argument with the agent that they haven't had to do dozens of viewings or extensively market your house in order to find a buyer, so should do you a deal on fees, on the other hand presumably they know you've seen something you'd like to buy and want to get on with it.

See if they'll do £1100/£1200, you don't ask, you don't get!

Annie35

Sounds like you're already in contract with the agent if they've sold it for you? They're unlikely to renegotiate now they've done their job aren't they.

Wobblydeb

Ermmmmm - did you sign a contract with the estate agent? What does that say you owe them?

p.s. Most large estate agents have someone dedicated to getting the money they are owed on house sales.

AnotherJoe

It seems the builder entered a contract with the EA, not the OP.

CocoLouie

What does your contract say about the fees if you pull out of buying the house builders property?


The £1500 doesn’t sound unreasonable. You will unlikely be able to pull out of the sale without fees as either/both the house builder & EA will have spent time and money selling your house. It would be extremely unusual for them not to be covered by a contract to receive compensation for it.


If asking for a reduction it should be done in hope rather than expectation.

G_M

The Estate Agent has found a buyer for you and your house is sold. Clearly there is a contract between you and the agent. On the one hand they introduced a buyer and on the other hand you agreed to the introduction, let the buyer view (via the agent) and accepted the buyer's offer (again I assume via the agent).


You have clearly accepted the EA's services so a contract exists.


In the absence of a written contract, or any prior verbal agreement of terms (including fees), the terms of that contract would therefore be whatever the EA's standard terms are.


I'd be surprised if the EA is willing to negotiate those terms down, retrospectively, but you can always ask!

Smellyonion

In the absence of a contract: Contact the buyer directly and tell them your 'plan'.


Your plan is to "reject the offer" and remove it from sale. You proceed to move it through the solicitors with the buyers directly. You incentivise the buyers to proceed with your "plan" by splitting the fee to 750 saving for yourself and 750 off the sale price for them.


Job done.

G_M

Smellyonion wrote: »

In the absence of a contract: Contact the buyer directly and tell them your 'plan'.


Your plan is to "reject the offer" and remove it from sale. You proceed to move it through the solicitors with the buyers directly. You incentivise the buyers to proceed with your "plan" by splitting the fee to 750 saving for yourself and 750 off the sale price for them.


Job done.

Do you seriously think EAs are not wise to this?!


They monitor sales with the Land Registry. If they see the house was sold to Mr X (the new named owner of the Title), and Mr X was introduced by them, they will immediately send the seller (their client) an invoice.