Don’t fall for agent’s trick when you are buying or selling a property

 

ESTATE AGENTS exist to assist Britons in the sale and purchase of the property. Selling a property is a difficult process that may be simplified with the help of an estate agent. However, sellers should be aware of a few tactics that may prevent them from obtaining the greatest price.

A competent estate agent is essential in helping you sell or buy a home; their goal is to set your mind at rest and assist you in making a seamless transition from one property to the next. However, you may find yourself in a position where you believe your estate agent is working in their own best interests rather than yours.

Most Real Estate agent’s mindset:

Most estate agents will do their hardest to find you the best bargain possible, but it's essential to realize that they aren't simply there to assist you.

After all, they, too, have a goal in mind: to extract as much money as possible from you.

Some estate agents may engage in unethical practices to maximize their commission on the sale.

Estate agents may use a "ghost buyer" to attempt to enhance the value of a property.

Estate brokers often inform purchasers that a last-minute bid has been made on the property in the hopes of increasing the buyer's price.

By using this strategy, not only will sellers get more money, but so will estate brokers' commissions.

Demand Official Letter:

To avoid falling for this estate agency scam, purchasers should always request anything in writing (e.g., an official offer letter) since it is a dangerous ploy, and estate agents will typically avoid using it on behalf of the sellers they represent.

Your below-asking-price bid has been accepted, the home you're purchasing has been removed from the market, and you're on your way to completion in the process of selling a property.

The estate agent then calls the following week to inform you that someone who had previously seen the home had made an offer a few thousand pounds more than yours. You have a distinct rat smell.

Advice:

If you think this is fake, contact the estate agent and demand written evidence that this third party exists and is prepared to make a greater offer.

By demanding evidence from the estate agent, you may not only learn about prospective competitors, but you may also save a couple of thousand dollars.

This isn't the only estate agent scam that buyers and sellers should be wary of.

Another technique is to make sure you don't disclose the lowest price you'll take for your house if you decide to sell.

While real estate brokers want to obtain the best price for the houses they sell, they also don't want to work too many hours to earn their fee when selling a property.

As a result, they may be attempting to convince their sellers to accept a lower offer than they want.

Another piece of advice from an estate agent is to make sure a specific sign is not placed outside your home.

Having an 'under offer' sign against your home, whether in your yard or on the internet, is not to your best advantage, contrary to common opinion and what estate agents want you to believe.

The notice will deter many prospective purchasers, who will assume the home is already sold.