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Buying a house: Estate Agents?

  • 03-01-2010 3:43pm
    #1
    SauceMonster
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi everyone,

    My girlfriend and I are first time buyers. By looking at other threads i see that alot of first time buyers have the same uncertainties as us, in particular, how much below the asking price should you offer and how do you know if the final selling price is value for money in todays market.

    I understand that an estate agent working on behalf of the seller will do everything in his/her power to get the highest price possible for the seller and thus increase their own commission.

    My question is, is it possible for me as a buyer to employ another estate agent to negotiate a price on a house on my behalf? Using all the tricks of the trade to get me (the buyer) the best price.

    Surely if i employed an estate agent on a flat rate with some sort of performance bonus attached (i.e. the cheaper the house the bigger the bonus) then that would incentivise my agent to use all his expertise to get me the lowest price possible.

    Id like to hear other peoples opinions on this...or even find out if something like this is possible?

    Thanks in advance and Happy New Year to all. :)


Comments

  • #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    You can retain an estate agent on a percentage. Until it was banned by law in the early 1970s estate agents wouldn't sell a house unless the buyer and seller retained them. They got a commission from both sides. retaining an agent is generally doe on a percentage basis and is common in commercial transactions. It is impossible to pay an agent on the basis of how cheap the house is. Some houses ask way too much and there is no skill in getting a reduction. Some ask close to a realistic price and it might be hard to get it down any more. The best thing to do is start bidding on houses and getting a feel for what an accurate valuation. Get a friend to bid in conjunction with you and when you have been underbidder on a couple of houses you should know your valuations. You should be able to get an experienced agent to give you a verbal valuation for a reasonable fee if you are nervous about committing yourself to a deal.


  • #3
    SauceMonster
    Registered Users, Registered Users 2 Posts: 19 ✭SauceMonster


    That clears it up nicely.

    Thanks for your help Jo King.


  • #4
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    OP -The service of having a buyers agent that you are seeking does exist. I remeber reading an article about a few people who set up a company doing just that about 2 years back. They not only negioated with the sellers agent, they also had a service of actually locating properties for you.
    The downside to using an agent to buy a house is that they may very well have their own agenda which doesn't quite fit with yours.


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