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Estate agents when selling

9 replies

avalanching · 08/06/2019 22:32

What is the usual procedure for payments? We've seen a house we like but could only afford it depending on what we could sell our house for. We've never sold before. I know estate agents usually take a percentage of the sale, is there usually a payment up front? What if the sale doesn't go through? We only want to sell if we can buy this house, we're not actively looking to sell if that makes sense.

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lll77 · 08/06/2019 22:49

you pay on completion and it isn't usual to pay anything upfront other than the EPC (I think I paid about £60). Some agents offer fancier photo packages, but I think they're only worth it for particularly high value properties.

Estate agent charges can vary quite a bit so it is worth getting a few out to value and negotiating to get a deal you're happy with.

yikesanotherbooboo · 08/06/2019 22:51

We have been quoted £100.00 for EPC plus photos and 1% on completion; south east , expensive house but not a fashionable area ( if that helps) .

avalanching · 08/06/2019 23:09

Thanks both, that sounds good. We'd like to have a punt at seeing if we could sell ours at what we'd need to to put an offer in on the house we like but is obviously risky without knowing what offers (if any!) we'd get and if it would be in time to put in an offer, but if it costs as little as that to give it a go it may be worth it. I was worried it would be a big chunk up front.

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BackforGood · 08/06/2019 23:25

There are different contracts and different types of estate agents.
If you use an on-line agent, you are looking at completely different contracts.
Most high street estate agents though you pay on completion.
You can have conversations with them about what if it doesn't sell / you change your minds if it doesn't sell in 6 months, or whatever. Different agents will have different clauses.

avalanching · 08/06/2019 23:51

@BackforGood thank you. Will speak to the agent selling the house we like in the first instance and see what they do. So frustrating they are closed till Monday now ha, their website doesn't give much away either.

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donquixotedelamancha · 08/06/2019 23:58

Don't pay more than 1%. If you are going to pay commission, better to negotiate a tiered commission e.g.

0.5% below 95% of value.
0.75% up to 99.9%
1% if valuation achieved

Theyellowsquare · 09/06/2019 00:04

It is worth avoiding the online estate agencies. Try to go for a local independent. The fall through rate on transactions is much lower in my experience. The online ones have no sales progression to speak of, the chain/shiny suit ones can cause untold problems with sloppy or uninformed sales progression, winding up all parties in a rush to try to get their commission through. The 'old school' ones can be really helpful in negotiations and know how to manage their clients' expectations and calm down fraught situations.

Theyellowsquare · 09/06/2019 00:10

If they recommend a solicitor, make sure its a local one and ask if they get a referral fee for the recommendation. We get loads of work from a particular agent as she tells her clients that she doesn't get a kickback and she uses us for her own conveyancing. In return we always answer her calls, make room in our diary for anyone she wants us to see quickly (often same day or even hour) and ive even gone in at weekends to make sure one of her cases was expedited. The client gets a better service, the agent gets less fall throughs and gets updates every step of the way.

avalanching · 09/06/2019 00:17

Thanks everyone, I think we will see what the estate agent who is selling the house we want can offer first as it would be in their best interests to get us sold so we can buy the other house they are selling. I assume anyway?

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