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ChatterBank1 min ago
Will I have to pay Estate Agents fee's if I part exchange my house
I have my house for sale with a local Estate Agents and have recently agreed to exchange it for a new home. The company im part exchanging my house with want me to leave my house up for sale as it was for sale before it needed a HIP package. If I keep my house for sale with the local agents will I have to pay their fee when my house is exchanged?
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The cost of a HIP is about �400. The cost of selling an average home is let's say 1.5% of �200k = �3k.
You need to point this out of the part-exchanger and do a deal with them, because they don't appear to be doing you any favours.
Technically you have to remove the property from the market before you can be approached by a new buyer - otherwise you are liable to pay the fee.
You need to point this out of the part-exchanger and do a deal with them, because they don't appear to be doing you any favours.
Technically you have to remove the property from the market before you can be approached by a new buyer - otherwise you are liable to pay the fee.
I would also add that you need to check your contract with the estate agents. BUT if you have found your own buyer in this way and the estate agents have had NO input into finding that buyer then you may not have to pay them.
On one occasion I had a property up for sale but and was offered a part exchange by the company selling the place I wanted. When the company wanted to my property I was at work and so got the agents to show them around. They did NOTHING further - I negotiated the sale, chased the solicitors etc. But as they had shown the company my property for all of 10 minutes they were invoved in some way with the sale and I had to pay them.
I was so sick about it.
On one occasion I had a property up for sale but and was offered a part exchange by the company selling the place I wanted. When the company wanted to my property I was at work and so got the agents to show them around. They did NOTHING further - I negotiated the sale, chased the solicitors etc. But as they had shown the company my property for all of 10 minutes they were invoved in some way with the sale and I had to pay them.
I was so sick about it.
You would need to check of course, but the situation as I understand will be that that the developer that you are doing a deal with is happy to keep the house with your current agent, but that they will now be responsible for the sale/estate agent fees, as they will be the owner of the house. This should be detailed in the agreement that you make with them. As I say, check for sure, but this was how it worked with 2 friends of mine. Incidentally, one set of friends have been in their house for a year and their old house has still not sold!
Good luck.
Good luck.
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