we are currently negotiating the price of sale for a house. this has been going on for almost 3 weeks, due to the vendors being overseas in different time zones and there are three of them who all have to agree. anyway, we initially offered 10 grand less than asking price, then 5 grand less, then 2 grand less. this one particular vendor is being stubborn and is inisisting on asking price (while the other 2 are negotiable he is not). anyway, the agent today told us that he is sick of it and if we can offer an extra thousand he will pay the other thousand to make it up to asking price just so he can close the deal today.
1) where is he gonna get the money from? out of his own pocket?
2) would we have to pay him back (from what he says it doesnt sound like it)
3) does this happen often?
4) why wouldnt he just tell us go for full price or its a no sale and then move on to the next people who might like to buy it?
It's a tough market out there and real estate agents are struggling. Sounds like he might be doing you a good deal and $1000 wouldn't be much to him when he is getting a whopping big commission from the sale. It's probably worth his while to pay the $1000 if it means it's a done deal.
Probably best to clarify it with him - ask him all of those questions!
Mate, I can quite honestly tell you that in the 4 years that I've been in conveyancing - I've NEVER seen this, or heard this happen.
I wouldn't recommend it. Remember, agents want sales for their commission. They don't want to sell you the house because they like you. (sorry its harsh - but its true)
awesome, thanks becky, i would love to hear what your DH has to say about it all.
i called a solicitor/conveyancer and she suggested that we get it in writing from the agent to us saying that it is a non-repayable deposit, or basically that he is paying it and we wont have to. do you reckon that sounds alright?
You are in fact paying the full asking price when you didn't want to , that 1k will come out of his commission and he gets the sale........
You are being rorted, but not too much - you have to be more firm when it comes to what you are willing to pay. There is no way I would wait that long for an offer to be accepted etc. Either they want the money or not, there will be plenty more houses to buy.
Hi Hollo, Sorry, had to go pick up my son from daycare, I was already running late... lol
There is actually nothing unusual about this situation at all. At the end of the day the answer is simple, your agent does not want to risk losing $10,000 of commission. He is prepared to sacrifice $1000 of his own money to get things happening. It seems obvious that the seller is a difficult client, so he just wants to close the deal, get it all over with and get paid!! My husband himself has done this before. If all parties are happy with the agreement, threre is nothing fishy about it.
You will not have to pay back the money. He is offering to put it in, to close the deal...
i wouldnt say it happens often, just when an agent really wants to get something sold... lol
And he probably doesnt want to risk telling you, its full price or nothgin because he doesnt want to lose you guys. He wants it to happen!
If you have any more questions, my husband is home so feel free to PM me with questions... lol. More thna happy to help! Hope it all works out for you!!!
macca, the thing is they are getting an unequal split of the money so i am presuming that this one guy is getting least amount in the cut so he wants to get maximum money in his own pocket. plus "apparantly" they have already lowered it by 30 000 cause there wasnt any interest in it a while ago. who knows what to believe though.
does this sound a bit fishy... or does it happen?
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