Timeline for Why do real estate agents always ask me whether I am buying property to live-in or as an investment?
Current License: CC BY-SA 4.0
7 events
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| Dec 21, 2020 at 11:22 | comment | added | thelem | In the UK, some agents will reach out to people and encourage viewings that they know are unlikely to lead to a sale. This demonstrates to the vendor that they are working hard to sell their property and can help the agent to convince the vendor to lower the price of the property if it doesn't sell. Knocking a few percent off the price makes very little difference to the agent's commission, but makes the property much easier to sell. | |
| Dec 21, 2020 at 11:17 | comment | added | thelem | @jdeyrup That's really a question in it's own right. Seller's agent negotiates with the buyer. After an offer is provisionally accepted by the seller, the buyer will often pay for a survey from a qualified surveyor. Mortgage will insist on a professional valuation, which may be done by the same surveyor. For a cash buyer (i.e. no mortgage) it is up to them what they want to pay, and any consideration of future value. Sellers agent charges around 1% and accompanies viewings, or less and viewers performed by seller. | |
| Dec 20, 2020 at 0:07 | comment | added | Mazura | That. Showings are actual work that you have to leave the office for and may not ever make any money. Investment properties can be done at your desk drinking coffee and just have to look good on paper. | |
| Dec 19, 2020 at 21:00 | comment | added | jdeyrup | @thelem I am curious how the buyer is advised and protected in the UK. In the U.S. the buyer's agent isn't that useful in finding properties anymore since most of the listings can be found online nowadays. The buyer's agent provides value by negotiating with the seller, pointing out obvious issues with the a house quality and potential future value, and helps determine an offer by comparing the offer with similar houses sales in the area. It is an expensive service though they usually charge 2.5-3% of the sale price. | |
| Dec 19, 2020 at 14:11 | comment | added | thelem | This sounds like you're describing the role of an agent representing the buyer, which is a role that doesn't exist in a typical UK house sale. The potential buyer will be shown round each property by the vendor's estate agent. | |
| Dec 18, 2020 at 23:21 | review | First posts | |||
| Dec 19, 2020 at 0:11 | |||||
| Dec 18, 2020 at 23:21 | history | answered | jdeyrup | CC BY-SA 4.0 |