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An agent has ‘introduced’ me to a bank repossession and has informed me that as they do not get any fees from the bank they will be charging me a buyers fee.
Is this the norm and if so what are the normal type of fees charged?
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I doubt very much if the bank will not pay commission for the introduction.
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@shakeel wrote:
I doubt very much if the bank will not pay commission for the introduction.
Maybe if the price has been drastically reduced then the bank might not pay commission because it thinks the property will sell anyway?
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@spanishsteve wrote:
An agent has ‘introduced’ me to a bank repossession and has informed me that as they do not get any fees from the bank they will be charging me a buyers fee.
Is this the norm and if so what are the normal type of fees charged?
Thanks.It doesn’t surprise me. There is an EA franchise in Madrid called Tecnocasa that charges the buyer 3% and the seller 6% of the sale price. This encourages the seller to knock 3% from the asking price to make the property look cheaper. The buyer is only made aware of the real price being 3% higher after viewing the property. It is an extremely sharp practice and as a result I will not even consider a property advertised through them.
For a repossession it is always worth trying to find out which bank it is with and going to them directly. Since it is too late for that it might be worth trying to split the fee with the bank if you are really interested in the property.
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There is an EA franchise in Madrid called Tecnocasa
They are here in Barcelona and interestingly enough, when asking to view one of the flats they listed, we were asked fill out a form that required DNI, telephone number, address, email and signature.
No other agency has asked for this information. Also, they seem to employ youngsters/recent immigrants who are easily exploited and know nothing about real estate.
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@spanishsteve wrote:
An agent has ‘introduced’ me to a bank repossession and has informed me that as they do not get any fees from the bank they will be charging me a buyers fee.
Is this the norm and if so what are the normal type of fees charged?
Thanks.Did they inform you before hand that they would be charging you a fee? did you agree to this? If not its up to YOU whether if they are going to get anything. They cannot force you to pay up.
There is nothing wrong with ‘finder fees’ as long as the parties agree beforehand.
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@garysfbcn wrote:
There is an EA franchise in Madrid called Tecnocasa
They are here in Barcelona and interestingly enough, when asking to view one of the flats they listed, we were asked fill out a form that required DNI, telephone number, address, email and signature.
No other agency has asked for this information. Also, they seem to employ youngsters/recent immigrants who are easily exploited and know nothing about real estate.
In Madrid they always ask for DNI when viewing a property. I assume it is to prevent you from then approaching the seller directly afterwards in order to cut out the agent’s fees. The other information is not usually asked for, but after viewing properties with Tecnocasa years ago, we soon found ourselves being phoned up by them all the time with “special deals”. Very tiresome.
In Madrid many agents seem to be South American (especially Argentinian) – I think it is attractive to immigrants as you don’t really need to be registered, qualified, etc. Anybody can do it. Tecnocasa (and a few others) seem to sell themselves on their ability to find finance and “flexible” tasadores (valuers) who will overvalue the property. That is they will help people lie to get a loan they can’t hope to pay back in order to buy an overpriced property.
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Thanks for your responses so far. I was told before I saw the property on my first meeting that the agent charges the buyer 10k euros (what do you think of the charge, high?) However, I have not signed anything or said ‘Yes, I will pay you that’. I have only been shown 2 properties, one being the banks, and subsequently given some recommendations re mortgage co (subsidiary of agent). It takes me 4 months to earn that amount ! I’m in the wrong job. I have now found the banks property website where the property is listed 20k euros cheaper as well. Forgive my ignorance but what is DNI?
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@spanishsteve wrote:
Thanks for your responses so far. I was told before I saw the property on my first meeting that the agent charges the buyer 10k euros (what do you think of the charge, high?) However, I have not signed anything or said ‘Yes, I will pay you that’. I have only been shown 2 properties, one being the banks, and subsequently given some recommendations re mortgage co (subsidiary of agent). It takes me 4 months to earn that amount ! I’m in the wrong job. I have now found the banks property website where the property is listed 20k euros cheaper as well. Forgive my ignorance but what is DNI?
DNI: spanish identification. you as a non resident (?) will get an NIE
If there is nothing signed, they do not have a leg to stand on.
Go to the bank directly then. It looks like the agency inflated the price so you could make an offer and then feel good that you got the price down. That or the bank has told the agency “we want X amount, anything on top is yours”.
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Agree with Fuengi. To ensure that you have no hassles. Do not buy the one that the agent showed you, Look at another property in the same block.
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@shakeel wrote:
Agree with Fuengi. To ensure that you have no hassles. Do not buy the one that the agent showed you, Look at another property in the same block.
mmm depends on what sort of agreement the agency has with the bank. But the fact that they (agency) has told the buyer that he would have to pay them a commission, I would assume the bank has no standing agreement.
And as always, if the buyer has signed nothing, the agency cannot legally do anything. Now whether you want to use the agency to find you the best deal possible is a whole different thing. But I think you should be able to argue the commission figure.
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@shakeel wrote:
Agree with Fuengi. To ensure that you have no hassles. Do not buy the one that the agent showed you, Look at another property in the same block.
mmm depends on what sort of agreement the agency has with the bank. But the fact that they (agency) has told the buyer that he would have to pay them a commission, I would assume the bank has no standing agreement.
And as always, if the buyer has signed nothing, the agency cannot legally do anything. Now whether you want to use the agency to find you the best deal possible is a whole different thing. But I think you should be able to argue the commission figure.
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” depends on what sort of agreement the agency has with the bank. But the fact that they (agency) has told the buyer that he would have to pay them a commission, I would assume the bank has no standing agreement “
Yes, it does depend as to what kind of Agency agreement they have. I am sure that no Agent will show this to his/her client and you have to take his/her word for it. The bank may have this agreement in place or not , however this will not stop the Agent from increasing his/her income stream from whereever possible.
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” depends on what sort of agreement the agency has with the bank. But the fact that they (agency) has told the buyer that he would have to pay them a commission, I would assume the bank has no standing agreement “
Yes, it does depend as to what kind of Agency agreement they have. I am sure that no Agent will show this to his/her client and you have to take his/her word for it. The bank may have this agreement in place or not , however this will not stop the Agent from increasing his/her income stream from whereever possible.
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