Estate agents fees from the buyer's perspective

sheenas

The issue is estate agents talk to each other, so they would work it out for sure. I’ve heard of a case that the solicitor didn’t want to complete because he saw it being a risk that the agents would pursue for their fees, not sure how true this is, but it could cause unnecessary stress.

Chief_of_Staffy

Whether the vendor is still liable for commission depends on when the house was taken off market and if the retention period has expired. And on a few other things too. But as stated, that's not your concern as it would be the seller who'd be paying.

ReadySteadyPop

Alianco said:

Hi, we are looking to buy a house that we saw through Foxtons, but was subsequently taken off the market before we were ready to put in an offer. My wife put a note through their door and they have accepted our offer subject to a survey.
We went for a second viewing yesterday and the owner mentioned that he was pleased that he would avoid agents fees by selling privately. From everything I've read, and depending on his contract with them, he will have to pay Foxtons since they introduced us to him. We didn't say anything since it's none of our business.
From everything I've read, the agent's contract is with the seller and we, as buyers, would not be held liable should the seller try to get out of the fees. My wife is worried that a company as big as Foxtons, and with their reputation, might at the least hassle us in their attempts to get their money and even try to intimidate us.
Has anyone heard of a situation like this where the agent has persued the buyer for compensation when they can't find the seller?

I thought they had a poor reputation for trying to flog overpriced property and rentals? Do you think they would turn up at your door in their little cars with the logo on the side and try to intimidate you somehow? A few phone calls to the police and maybe a media outlet would soon stop this as the reputational damage wouldn`t be worth it if they had any good reputation.

Flugelhorn

Some years back I remember hearing that a large national chain had a whole office who went through the records of properties they had had on their books and not sold, they were checking whether they had subsequently sold and then who bought them , If the name matched with one they had "introduced" then they went after their fees

pinkshoes

Alianco said:

Hi, we are looking to buy a house that we saw through Foxtons, but was subsequently taken off the market before we were ready to put in an offer. My wife put a note through their door and they have accepted our offer subject to a survey.
We went for a second viewing yesterday and the owner mentioned that he was pleased that he would avoid agents fees by selling privately. From everything I've read, and depending on his contract with them, he will have to pay Foxtons since they introduced us to him. We didn't say anything since it's none of our business.
From everything I've read, the agent's contract is with the seller and we, as buyers, would not be held liable should the seller try to get out of the fees. My wife is worried that a company as big as Foxtons, and with their reputation, might at the least hassle us in their attempts to get their money and even try to intimidate us.
Has anyone heard of a situation like this where the agent has persued the buyer for compensation when they can't find the seller?

Did you contact Foxtons for a second viewing, even though it was no longer on the market? And did Foxtons tell you it was no longer for sale and refused to do another viewing?

Obviously you have no contract with Foxtons so it's not your issue, but the owner could potentially argue that the ONLY reason the purchase went through is because after Foxtons refused to organise a second viewing, their buyer then contacted them directly. The might be able to claim a partial discount on the fee. Depends on the contract.

But if there is no such scenario, then as you were introduced by Foxtons, then the seller will have to pay and it's not your problem.

ReadySteadyPop

Flugelhorn said:

Some years back I remember hearing that a large national chain had a whole office who went through the records of properties they had had on their books and not sold, they were checking whether they had subsequently sold and then who bought them , If the name matched with one they had "introduced" then they went after their fees

What was the success rate?

Tabieth

As others have said, it’s absolutely not your problem. It’s between the seller and Foxtons. Don’t give it any thought. 

Alianco

Thanks everyone, much appreciated.

saajan_12

The risk to you is if the agent finds out before completion and pursues the seller who then doesn't want to sell to you / at all / at that price. At that point you may have spent money on solicitors, surveys, etc which you can't get back. 

So the main thing to decide would be if you're comfortable taking that risk. If not, maybe have the conversation - that you hope Foxtons don't claim the commission but they might do and in that case your offer wont be going up, and see what they say.