4 ms·

The way the market works in Finland is that the seller almost always pays for a real estate agent, mainly to draft contracts, give tours of the property and so

by nawitus 12y ago

The way the market works in Finland is that the seller almost always pays for a real estate agent, mainly to draft contracts, give tours of the property and so on. Negotiation is pretty simple typically, the buyer just makes an offer, I don't know what's more to it. I can see that a real estate agent for the buyer gives value, but I wouldn't personally pay much for it. Not 3% at least, that seems like a huge waste of money to me.

mooreds 12y ago
There's a similar way to work without a real estate agent in the USA--you just hire a real estate lawyer who takes care of contracts and whatnot and you pay them a flat fee. I'm always curious how other markets work (and aware that the USA is one of the few RE markets with buyer's agents). Is there an inspection period? Are most homes bought outright, or are loans taken out to purchase them? Does the seller's agent do any marketing (newspaper ads, open houses, etc)? What does the seller's agent usually get in terms of compensation (a percent of the sales price, a fixed fee)?
- nawitus 12y ago
  > Is there an inspection period? No. However, the seller is responsible for 'hidden problems' for five years after the sale. I would guess that most of these cases go to court, and are only for serious problems like mold. > Are most homes bought outright, or are loans taken out to purchase them? Loans are typically taken. >Does the seller's agent do any marketing (newspaper ads, open houses, etc)? Yes, the seller's agent typically does all the marketing. Mostly newspaper ads, online real estate listings and open houses. >What does the seller's agent usually get in terms of compensation (a percent of the sales price, a fixed fee)? It's usually a percent of the sales price, and around 2-4%. In recent years fixed feeds have become popular (€3-4k). -- The one thing that sucks most about the Finnish real estate market is the 'transaction tax'. It's 2%-4%, paid by the buyer (but first-time buyers are exempt), which means that moving often is discouraged.
  - mooreds 12y ago
    Thanks for answering my questions. I like the idea of the seller being responsible after the sale--that would make most sellers more honest. That tax is interesting--what does it support (national government? city government? schools?)?
    - nawitus 12y ago
      The tax is paid to the national government.

by nawitus 12y ago

mooreds 12y ago

There's a similar way to work without a real estate agent in the USA--you just hire a real estate lawyer who takes care of contracts and whatnot and you pay them a flat fee. I'm always curious how other markets work (and aware that the USA is one of the few RE markets with buyer's agents). Is there an inspection period? Are most homes bought outright, or are loans taken out to purchase them? Does the seller's agent do any marketing (newspaper ads, open houses, etc)? What does the seller's agent usually get in terms of compensation (a percent of the sales price, a fixed fee)?

nawitus 12y ago
> Is there an inspection period? No. However, the seller is responsible for 'hidden problems' for five years after the sale. I would guess that most of these cases go to court, and are only for serious problems like mold. > Are most homes bought outright, or are loans taken out to purchase them? Loans are typically taken. >Does the seller's agent do any marketing (newspaper ads, open houses, etc)? Yes, the seller's agent typically does all the marketing. Mostly newspaper ads, online real estate listings and open houses. >What does the seller's agent usually get in terms of compensation (a percent of the sales price, a fixed fee)? It's usually a percent of the sales price, and around 2-4%. In recent years fixed feeds have become popular (€3-4k). -- The one thing that sucks most about the Finnish real estate market is the 'transaction tax'. It's 2%-4%, paid by the buyer (but first-time buyers are exempt), which means that moving often is discouraged.
- mooreds 12y ago
  Thanks for answering my questions. I like the idea of the seller being responsible after the sale--that would make most sellers more honest. That tax is interesting--what does it support (national government? city government? schools?)?
  - nawitus 12y ago
    The tax is paid to the national government.