Express newspaper accuses estate agents of "tricks" but gets it wrong

Posted: 5/11/2019


The Express newspaper recently hit out at "tricks" that some estate agents allegedly use when selling homes. They accused estate agents of inventing offers to try and boost the price of a property. Their advice to bidders was to demand to see evidence of other offers, however this would be in contravention of GDPR, as it would mean disclosing the personal details of other bidders. So just how likely is this to happen and how can you guard against it when buying a property. The first thing to think about is the motivation for an agent - an extra £1000 bid on a property earns most agents 1% extra - that's just £10 (or £5 in our case as we charge only 0.5% fee). Even an extra £5,000 is only £50 for most agents - a paltry sum to risk for what could be fraud and certainly a risk to an agent's reputation. It is not uncommon that a property can sit on the market for a while only for two offers to come in at once, and the reason is pretty simple - some bidders prefer to sit and wait without offering, hoping that none will come in and they can then get the property for less. They ask the agent to notify them of offers and once one comes in, they make their bid. But if you really believe that an agent has created a false bid then you could ask your solicitor if the agent would allow them to inspect the details of the other offer, with the other bidder's permission. If you have a property to sell we believe in charging a very fair fee of only 0.5%. Visit our website for more details. 

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