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  1. #1

    Default Agent fee when someone approached us to buy

    Bit of a weird question - an agent approached us wanting to buy our property, now I am assuming the buyer will be paying the agent fee in this case, i.e. whatever price we agreed on, is what we’ll get, and the buyer will pay the agent fee on top?

    A related question is if we engaged our own agent to negotiate with their agent, does our agent take a cut of the commission that the buyer pays, or (more likely) would we pay our agent a commission? Unsure if we get an agent involved can they negotiate a better price and hence we are no worse off, but without the hassle of negotiating with the buyer’s agent who has been rather annoying to deal with so far.

    Thanks

  2. #2
    Join Date
    May 2008
    Posts
    3,691

    Default

    Ask the agent to present you with the written offer - and any other written documents required - perhaps a listing agreement will be included.
    The offer/documents will spell out clearly the offer amount and indicate what fees are payable if any.
    From that you will see the answers to your questions.
    Seek legal advice about the offer.

  3. #3

    Default

    Yep definitely getting a lawyer involved if we do sell - this is probably the easy part, not looking forward to negotiating though... that's why we are thinking whether it's worth engaging our own agent to do the negotiation, but unsure if they'll likely to get a higher price for us in this case, and how the fee works in this case - I'd imagine our own agent would want us to pay them a fee rather than the buyer paying that?

  4. #4

    Default

    make it clear that you are not paying the agents commision as this wasnt agreed prior to approach) unless added to the price (so establish this before the offer is presented.)

  5. #5

    Default

    only one party can be paid, just ask them that up front. While there are some buyers agents the majority will be paid by the seller.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.


 

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