Buying & Selling Estate Agent & Mortgage help please!!

sandford6016

Hi,

We have seen a property we really want, it is up for £209,000. I've had mine valued today by 3 agents the outcomes are below:

1. Richard Worth estate agents - £135,000 - 1.25% agents fee, advertises on all websites & local papers.
2. Prospect estate agents - £140,000 but will advertise at 'offers in excess of £130,000' - 2.5% agents fee, advertise all websites and local papers
3. Red Homes Estate agents - £135,000 to £145,000 - 0.5% agents fee, only advertises on Rightmove website, and lets me set the price, and will review after 2 weeks and reduce as required.

I really can't decide which to go for, I'm pretty much ruling out option 2, I didn't like the guy anyway. But I can't decide between options 1 and 3, do I go for the slightly higher fee but better advertising, or the lower fee with it only advertised on rightmove (but I believe rightmove sells 90% of house these days???)

Also, need mortgage advice! I need mine to sell to give the deposit on the new place, I bought it 18 months ago for £112,000, but took out a mortgage of £116,00 with Northern Rock. The fixed rate ends on the 1st of July so ideally will move then to avoid the redemption fee from them. I earn £44,000 and my partner £23,000, do the experts amongst us see any problems with the figures we need??

I'm really stuck!! Thanks, in advance!

Doozergirl

Have you tried to knock Richard Worth down at all? I suspect that just by asking you can get 1%.

Red homes, well, if it's Rightmove only then the best option is www.housenetwork.co.uk. They will provide you with the same service for lesss than £500 in total. Floorplans, lots of pics and a lovely little access page where you can see all your booked viewings and feedback. We have used them once to sell and twice to let, very successfully!

PasturesNew

I think you need to be in the local papers.
I think you're right to dismiss number 2.

That makes the clear winner number 1.

So the only path available is to see if you can get his fee down to 1%.

Re mortgage: The figures look a bit low. Assuming you complete after July (so redemption is not an issue):

£116k - current mortgage
£132k - the figure you manage to sell at
=====
£16k in your pocket


Costs
====
£1k - solicitor
£2k - stamp duty
£1k - searches/survey
£1.5k estate agent
====
£5.5k

So you have £16k-£5.5k = £10.5k as a deposit against £209k
You really need £21k (10% deposit) these days.

For your salaries, it's 3x joint salaries, so that isn't an issue. It's that deposit that's going to be the sticking point.

Good luck

Jorgan_2

Personally I'd say Richard (Wotsit) Worth would be the better agent. From what you have said they will be offering the better coverage, which is very important in the current market conditions. He was also my first boss in estate agency so I may be biased.:D