So, we’ve had our house on the market now for around 8 weeks.
The house we are buying has already had contracts exchanged, and we have a settlement date of, on or before the 17th of July. This is good, as we had not sold our house yet.
Anyway, I was trying to sell the house by myself to avoid those large agents fees. I tried this for 4 weeks and had a decent response, but nothing serious at all. It was at this point that an agent approached me that stood a little from the crowd of others that already had approached. I decided to go with him because the stress of trying to sell it myself was too much, and I just couldn’t attract a big enough range of people.
This agent told me that he would be able to give me a set amount after he sold my house, and that anything over this amount would be his commission. That means that, for example, he would set down $320,000 as the amount of money that we received after his fees, and if he sold the place for $328,000, he took the $8000 and I got the rest.
Now this seemed like a good deal to be, as opposed to an agent taking a percentage out of the sale of your house (usually 3% for first 100k and then 4% after), so after trying one more week to sell it myself, I went with this agent.
The 4th weekend of open houses with the agent just passed, and we got considerable interest over this last Easter Weekend.
We finally got a firm offer on the place today of $5000 more than the guaranteed amount we are due to receive.
Now of course, we will accept this offer and the agent will get $5000 commission. BUT, now the agent is trying to get more. Why? Because he wants more commission of course.
We get the same, no matter what, so we don’t want him to try and get more because that might just scare them away.
I mentioned over the weekend that I would be willing to drop the amount that I receive if we get a lower offer, just so I have the security of selling the house. The agent is now using this in the scenario and says that we should take $2000 less so that he gets a $7000 commission.
Fuck that, I say! We have a contract stipulating that we get a set amount. Also, we decide if an offer is accepting or not and he must tell the buyer.
It really should be, ‘end of story’ right there.
Fortunately he has accepted the original offer from the buyer (with the 5k commission) and he says he will discuss with his superiors whether he can only have a 5k commission. he admitted to me that he has never done a sale where he recieved less that $6000 commission.
Anyway, it will be a huge relief to sell the house but I will be tense and stressed still until those contracts are exchanged.
They seem very keen though, so wish me luck!!