Sale by Tender - what is the usual fee on top of the selling price?

[beaglesaresweet]

..and generally what does it mean, and are there any advantages/disadvantages.
Saw a good place on rightmove and all I know there is date when to submit the offers, but I've heard somewhere that agents charge large fee for 'introducing' such places. grateful for any info - need to decide whether to view.

anyone has any knowledge?

We're buying a sale by tender house and we're going to have to pay the agents fees rather than the vendor. In this case, the agent's fees have been set at 2%, which is higher than the fees the same agents are charging on the sale of our house. I think you should check with the agents what the fees are.

thanks so much, grace! so all it means is paying the vendor's comission - hmm, yes 2% that's quite a chunk . In your case, was the actual price more negotiable due to this or was it a set price?

Also, does this mean it's not a private sale, or is some sort of reposession, and are there any other implications/issues apart from paying the high fee?

I think it depends on the situation. The property we are purchasing is sale by tender as the vendors are undergoing an acrimonious separation and couldn't agree who would pay the agents' fees. I know another property that is currently for sale by tender because there is currently a very high demand for their type of property in the local market so they can hope to get above the asking price by going to sealed bids.

We were able to negotiate on the tender price on the property we are purchasing as it was back on the market after an agreed sale had fallen through so the vendor wanted a quick sale and we are in a good position, so again I think it depends on why the property is for sale by tender.

I'm not sure what other implications there might be. Perhaps your solicitor would be able to advise?