buying a flat

[dizzy]

hi everybody.i hope somebody can help me out in this.
my friend along with his colleague rented a flat together.he (my friend rick) moved out to live with his girlfriend.a couple of days ago, rick heard that the colleague is going back home and the owner of the flat is planning to sell it.rick personally know the flat owner.an estate agent has begun taking pictures of the flat to post online and announced the selling price at 200,000.the flat owner told rick that he's planning to sell to him at 180,000.
can somebody tell me please how much the agent is getting from this?are there any other info that my friend needs to know about selling prices or negotiating through this?
anyway,i've taken a personal interest in this since we might consider buying a flat in the near future.
thank you so much in advance for your advice.

[dizzy]

anybody who can advise please??? pretty pretty pleeeeeaaase???

[Iani]

Hi

I can't be sure this isn't some specialist selling agency, but odds on it is just a normal estate agent.

What will happen is, the estate agent will have valued the flat - lets say it is valued at £190,000. The owner will have been told he can maybe get £190,000, but someone might offer £198,000. He will have been advised to put it on at say £210,000, because people will always offer less and he can come down.

It is entirely up to him what he accepts as the offer price from a buyer.

The agent will get a percentage of the sale. I know estate agents around here who take 1.5%, some more. That is something the seller will pay to the estate agent when it is sold as their fees.

He will also of course have conveyancing fees to pay (solicitor). The buyer will also have conveyancing fees to pay for the purchase.

Hope this helps

[Iani]

ps SE London you say?
Around here you could get a really nice flat in one of the best areas (The London equivalent of St Johns Wood) for £120,000 and a flat in a lovely area the equivalent of say Dulwich village for £90,000

[tiger31]

200,000 will get you a 4 bedroom detactched with double garage in northamptonshire corby with front and back garden 45 mins train into st pancreas .

[dizzy]

nice nice nice!! thank you so much guys! i really appreciate the feedback

[dizzy]

by the way the flat for sale is in SE4...

[dizzy]

and by the way...i'm not advertising...just in case, someone's fingers are itching to comment about it otherwise...we really need honest advice...

[Rhose]

Base on my experience as an agent here in the Philippines, the agent will get a commission of 5% from the total amount price of flat.

[Bluebirdjones]

Base on my experience as an agent here in the Philippines, the agent will get a commission of 5% from the total amount price of flat.

... but it's not the Philippines.
An agent here will charge anything from 1/2% - 2%, with 1 1/4% or 1 1/2% being the norm.

The money will only be paid AFTER completion, and usually via the seller's solicitor after their receipt of a valid invoice.

[dizzy]

thank you bluebird