Buyer liable to pay estate agent's fees

[almostautumn]

I came across a property recently where the particulars stipulate that the buyer will be liable to pay the estate agent's fees, which amount to 1% of the purchase price - around £2500.

I've never seen this before - anyone else?

No… but nothing surprises me in the world of buying/selling houses anymore.

And i'm sure the seller will be miffed as to why buyers are knocking ~1% off their offers :D

Oh there’s one of those agents around here, it’s a pointless one if you ask me - id be taking the amount off my offer.

I'm tempted to make an offer for £247,500 just to make a point!

Is it claiming to be under modern method of auction?

If it is auction then the buyer pays a buyer's fee.

No, there's no mention of an auction - it's just a regular listing.

They are taking the whatsit. The EA is working for them, not you.

Yes, I've seen one recently. The asking price was offers over £390k and buyer had to pay commission of between 2-5% which is a huge sum and huge range!! Annoyingly I forgot to save the property on Rightmove so can't have a nosey into it. if it did sell for £390k then even with 5% commission it would potentially be an ok deal as houses on that street tend to sell for around £450k.

Why? Why can't they just put asking price up higher to cover the fees? Doesn't it amount to the same thing?!

My estate agent offers when there is no money left to pay commission or it would be too much hassle to pay (think complex probates / divorces etc). It means they shouldnwork for the buyer not the seller so if you go for it make sure that is what happens.