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The Real Problem with Real Estate Agents
from: zane clementsReal Estate Agents - the issue
For many years it's been every home movers nightmare, not just
the moving and the hassle of packing up home, not just the
outrageous taxes, stamp duties and other moving costs. The
thought of paying estate agents fees for what's often known as
"money for old rope". Well the government has now told them to
clean up their act. Though this was raised in June 2004 and
still nothing has been enforced.
The tricks real estate agents use England house
purchasing process needs to be undergoing some dramatics
changes. Estate agents are asking buyers for up to £1000
backhanders to enable them to have the properties they want
ahead of the crowd. This is a total misuse of position and yet
has gone on for years. The money lines the estate agents pocket
and is never seen coming off the house price or future fees.
Outrageous Fees While a % is used as an estate agents
fee, the work involved in sales doesn't reflect the payment. You
could market most properties for a few hundred pounds, yet the
average payment is between £3000 - £5000.
Undervaluing To get a quick sale, estate agents will
undervalue a property, that sale takes place with minimal work
and the fees taken are easy money. This is why it's recommended
that a homeowner always takes three independent valuations
before agreeing to go with an agent.
Estate agent lies Never, surely not. In 1979 and act was
passed to make it legal that all details are to be accurate and
passed on to the property seller. In fact, this is rarely
enforced.
Gazumping A study showed that one in five buyers were
gazumped. This was often due to estate agents marketing
properties while under offer.
In Ireland they have moved away from the percentage system as
prices have gone out of control. The average cost to sell a
house is around £700, which is a lot lower than the average
1.75% that estate agents ask for in England.
The for the full report visit
http://www.rentalpropertymanagement.co.uk/real-estate-agents.htm
About the author:
Zane Clements http://www.rentalpropertymanagement.co.uk/
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