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Reservation agreement, purchase of older house.

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Comments

  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Dollshouse wrote: »
    I've been looking for the right house for years and this is the one.

    If you're not going to walk away then you just have to suck it up.

    Choice is yours.
  • MEM62
    MEM62 Posts: 5,454 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It's horse trading. How much do you want the house and how much interest have the sellers had in it?

    I would be tempted to inform the sellers that you like the house and otherwise would make an offer but, unfortunately, you are not prepared to accept the EA's conditions. If that does not motivate them to offer you a solution you can always suck it up and back down later.
  • Dollshouse
    Dollshouse Posts: 27 Forumite
    Seventh Anniversary Combo Breaker
    SallyDucati wrote: »
    when I was selling my flat one of the agents I got round used this method. He basically said if a buyer wants it enough they'll pay and it costs you less. I didn't like the idea of it and thought I'd be counting out quite a few buyers, so went with an agent with a traditional charging method even though it cost me more.

    davidmcn wrote: »
    Not if buyers simply deduct the extortionate fees from their offer.


    That is exactly what I have done.


    I also asked for an amendment to the agreement to protect my interests much better. I then got my solicitor to check it out. He was happy with it so I signed and I'm very pleased with the outcome. I'm now purchasing the house and I'm protected against being gazumped.


    Maybe the people who commented simply saying "don't sign" without understanding reservation agreements could benefit by doing a bit of research before offering their advice in future.
  • Bollo2019
    Bollo2019 Posts: 65 Forumite
    Fifth Anniversary 10 Posts
    Congratulations on getting it!

    I think people were probably trying to warn you of committing to paying the fee - you've obviously played it well and negotiated down and protected yourself more so well done.
  • martindow
    martindow Posts: 10,656 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Dollshouse wrote: »
    That is exactly what I have done.


    I also asked for an amendment to the agreement to protect my interests much better. I then got my solicitor to check it out. He was happy with it so I signed and I'm very pleased with the outcome. I'm now purchasing the house and I'm protected against being gazumped.


    Maybe the people who commented simply saying "don't sign" without understanding reservation agreements could benefit by doing a bit of research before offering their advice in future.
    What happens if the agent goes out of business between now and the conveyance taking place? Who is holding the money?
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Dollshouse wrote: »
    I also asked for an amendment to the agreement to protect my interests much better. I then got my solicitor to check it out. He was happy with it so I signed and I'm very pleased with the outcome.

    Not as pleased as the beneficiaries of the fee, the estate agents, are....

    Still, noble and honest professionals such as them deserve a break every now and again...
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    martindow wrote: »
    What happens if the agent goes out of business between now and the conveyance taking place? Who is holding the money?
    It's the agent's money anyway, not a deposit towards the price.
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