Buyers Premium?!

[FridayThirteenth]

So I'm viewing a house tomorrow.

Just reread the listing and it says it's subject to a buyers premium of 1%?

So it's listed at £700k so basically they are saying we would have to pay them an additional £7k fee on top of all our other costs.

The sellers fees are 0% so it seems that we would be paying the agents fees.

Have I missed something here? It seems a ridiculous way to market a property, who has the extra cash lying around on top of deposits and fees etc to pay this? The only way we would be willing to suck this up is if they accept a massively reduced offer.

Has anyone else come across this and would you be willing to offer on a house with this fee involved?

An estate agent local to us does something like this. Quite a few people have gone with them but I can't see any signs of them being more successful because of it. (They also make buyers pay a reservation fee on making an offer as they claim it leads to more completions)

Anyway we didn't market it with them as we had a FTB type property and we were concerned that it would put some people off. They did have it in the T&Cs that if the buyer wouldn't pay it, they could charge the seller as per the usual process.

I think you made the right choice with not going with them!

On the one hand it's a house in a v sought after area that's been reduced and looks like a bargain, so il half wondering if it's worth sucking up the fee as other houses on the street (in slightly better condition) have gone for a lot more.

But on the other hand it's a lot of extra cash to find?!