THE HOUSE I WANT IS FOR SALE THROUGH AN AGENT BUT I WANT TO APPROACH THE OWNER OF THE HOUSE TO GET THEM TO SELL THEIR HOUSE TO ME BELOW THE 3% BRACKET THEN GIVE THEM THE OTHER MONEY THEY WANT ON TOP OF SAY £249.000.
IS IT POSSIBLE TO DO THIS?
THE 3% WILL COST EXTRA £11.000 I WOULD NEED TO OPEN A BUSINESS TO AFFORD TO PAY FOR THE HOUSE
I WANT THIS HOUSE.
2007-07-15 05:49:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
USA rules here (but I suspect UK is similiar). The seller signed an agreement with the broker to list the house for some period of time (maybe 3 months). As long as the agreement is in place the seller can't sell the house without paying the broker (acutally this may vary depending on the type of agreement they signed with the broker - it is was an exclusive right to sell then they must pay the borker, but other types of agreements they do not have to pay the borker if they sell it by themselves - you could ask the seller what type of agreemeent they signed).
After the listing period is up (assuming the seller does not renew) you can then approach the seller yourself and work out whatever deal you want with no commissions to the broker. However, if you have already viewed the house and you went to the house due to something the broker did (ie they showed you the house or even their advertising caused you to look at the house) then technically they are still owed a commission no matter when you buy the house (ie it was through their efforts that you became aware of the house so they get a commission). Note that if you do approach the seller after the broker is gone you may be able to avoid the commission by not telling the broker, but legally they are owed the 3%.
So,did you become aware of the house through the borkers efforts? If not, just approach the seller and aks them if you can buy the house directly from them avoiding the 3% commission. If not then wait until the listing is over and then buy the house from them (assuming someone else doesn't buy it first).
Of course you need to check the laws where you live to see if they differ.
2007-07-15 05:59:46 · answer #1 · answered by Slumlord 7 · 0⤊ 0⤋
As the syndicate of Realtor is strong, the buyer has not chance to escape the 3% extra on the sale price..
You should consider that if you fume and wait for the direct contact and final savings , the deal may not come through and you may loose the best buy , if you have fixed your eyes upon that house, the dream house you have decided , because u love its design, location, and lot more important is neighbors .
The commission is peanuts compared to the satisfaction you will derive from house purchase but problem may be that you are buying house with Loan and finance company will not give the realtor's share of commission as loan..
you have to give from your pocket
2007-07-15 06:18:10 · answer #2 · answered by krishprud@yahoo.co.in_KISHORLAL 6 · 0⤊ 0⤋
Speak to the owners and explain the situation.
Generally the vendor is only tied to the estate agent for a limited time, so might be worth the wait and do the deal then.
Good Luck
2007-07-15 06:00:43 · answer #3 · answered by Rick J 5 · 0⤊ 0⤋
If real estate contracts work in the UK as they do in the United States, the owner is obligated to pay the realtor regardless of who makes the sale. You can however make an offer of 238,000 and see if it is taken.
2007-07-15 05:54:42 · answer #4 · answered by OPM 7 · 1⤊ 0⤋
move to las vegas nevada and you can get a real deal right now 7015
2007-07-15 05:57:35 · answer #5 · answered by Michael M 7 · 0⤊ 0⤋