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Do Estate Agents Charge If You Don't Sell? |
When you're selling your home, you'll need to work with an estate agent. But what happens if your home doesn't sell? Do you still have to pay the estate agent's fees?
The answer depends on the type of estate agent you use and the terms of your contract.
No Sale, No Fee Estate Agents
Some estate agents offer a "no sale, no fee" arrangement. This means that you don't have to pay any fees if your home doesn't sell. However, you'll usually have to pay a higher commission if your home does sell.
Fee-Only Estate Agents
Other estate agents charge a fixed fee, regardless of whether or not your home sells. This type of arrangement is typically more expensive than a "no sale, no fee" arrangement, but it's also more predictable.
Commission-Only Estate Agents
Most estate agents charge a commission on the sale price of your home. The commission rate is typically between 1% and 2%. If your home doesn't sell, you won't have to pay any commission.
What About Withdrawal Fees?
In addition to commission, some estate agents also charge withdrawal fees. This is a fee that you'll have to pay if you decide to withdraw your home from the market before it sells. Withdrawal fees typically range from £200 to £500.
What to Do If You're Thinking of Selling Your Home
Before you sign a contract with an estate agent, be sure to read the terms carefully. Make sure you understand what fees you'll have to pay and what happens if your home doesn't sell.
You should also ask about the estate agent's track record. How many homes have they sold in the past year? What is their average selling time?
By doing your research, you can find an estate agent who will help you sell your home for the best price possible.
Here are some additional things to keep in mind when working with an estate agent:
- Get everything in writing. This includes the terms of your contract, the commission rate, and any withdrawal fees.
- Be clear about your expectations. What are your goals for selling your home? How long are you willing to wait for it to sell?
- Be prepared to negotiate. The commission rate is negotiable, so don't be afraid to ask for a lower rate.
- Do your research. Before you sign a contract, be sure to check out the estate agent's track record.
By following these tips, you can avoid any surprises and sell your home for the best possible price.
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