If one wanted to buy house, the seller would have an agent and the buyer would also have
an agent to represent them.
What is the percentage the buyer needs to pay their agent?
OR does the sellers agent split the commission with the buyers agent?
how does it work in Taiwan???
Depending on the agent
Normaly is either 1% buyer and 4% seller, or 2% buyer, 3% seller
The agent also has leeway in negotiating price reductions by reducing the fees.
In my community, an agent sold a “death house” (forgotten correct term) and took less than 1% off the buyer instead of the 2% agreed and (the buyer reneged on the contract, but the agent just wanted the sale to continue).
Also heard the agent taking less than 3% from the seller to force a sales price, ie, original offer isi 5mill, fee is then 150,000, but seller will not go down, so the agent just takes a 50,000 fee and offers the buyer 4.9 milloin
Sorry wasn’t sure where to post this but we just had a great selling experience - not
Wife puts her apartment in Taipei up for sale - she paid for it which becomes important later in the story
Agent signs a 1 month contract and the agreed target price is 11.8m
Lots of interest as the apartment is in a great area and has been well renovated
This morning at 8am the agent is on her mums doorstep in a village near Kaosiung with her uncle
The agent has taken a bus (5 hours?) to Kaosiung and found my wife’s last registered address (her grandparents) then told her uncle that he is selling the house and needs to see my wife
Uncle drives him out to the village and starts asking how much etc. Uncle has a history of taking money from the family so this is really not good
Agent suggests to my wife that she drop the price 1.8m on a 17 ping apartments - thats over 100K a ping!
The reason for coming all the way over night was apparently because he assumed wife’s mum paid for the apartment and that he could persuade her to sell at the lower price
Wife calls lawyer friend who immediately tears the contract to bits (figuratively) and tells the guy he is in breach of the confidentiality clauses for talking to uncle and we’d like the keys back thank you very much
Do you think we can also sue him or his employer? This is likely to cause a lot of family headaches as they will assume that my wife owns the property outright and they cannot fathom someone her age having that kind of cash.
If I’m doing my math right, your wife’s asking price is 694K per ping. That’s very high for an “old” building, unless the apartment is fairly new (less than 10 years) and in a prime location (Daan district). What real estate agents want is a deal, not necessarily a high selling price that no one will make an offer on, and they’ll go to great lengths (literally in your case) to make that sale happen. The problem with the current market is high asking prices with few transactions, and the real estate people know that.
Her place is right behind California on Zhonghsiao E - its a great location and the apartment is beautiful. Even the Bank valuation is close to what she wants - which us unusual for HSBC