Selling a Home in UK
This section details the potential scams and unethical practices
to beware of when selling a property in the UK.
to beware of when selling a property in the UK.
Categories in section: Selling a Home in UK
| Viewings to Offer | Offer to Completion |
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Agent contract includes a ready, willing and able clause
Who is the Rogue?:
Estate Agent
How does it work?: If an agent finds a buyer willing to pay the asking price, the inclusion of this clause forces the seller to pay them commission even if they decide to not go through with the sale. How to avoid this scam?: Make sure you always keep your options open. Do not sign any contract with an Estate Agent that includes this clause. |
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Agent deliberately overvalues your property
Who is the Rogue?:
Estate Agent
How does it work?: Over valuing a property is often used as a tactic to get your business. After a couple of weeks of the property failing to attract any interest, the estate agent will advise you to drop the price significantly. You'll have lost alot of time and potentially money as the sudden price drop will throw up a red flag to potential purchasers How to avoid this scam?: Make sure you get several agents to give you a market valuation and compare it yourself to similar properties that have either sold or are currently up for sale in the neighborhood. Check out www.landreg.gov.uk for help on setting house prices. |
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Agent asks for overinflated fees
Who is the Rogue?:
Estate Agent
How does it work?: As there is no industry fixed fee structure, Agents are free to get whatever commission rate they can from the seller. How to avoid this scam?: Always get quotes from several agents and where possible, play one off the other to get the best deal you can. Make sure you know what you're getting for your money (services, advertising clout...etc) |
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Agent requests sole selling rights within a sole Agency agreement
Who is the Rogue?:
Estate Agent
How does it work?: Some Sole Agency agreements are misleading in that they give the Estate Agent sole selling rights. If the seller finds a buyer privately, he is still forced to give the Agent commission if the sale goes through. How to avoid this scam?: Make sure you read the small print very carefully. Ensure the selling arrangements are clearly spelled out in the agreement you sign. |
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Agent is bribed to bin sealed bid offers
Who is the Rogue?:
Estate Agent
How does it work?: An estate agent receives a backhander from a buyer to open all other sealed bids on a property and bin them without informing the seller. He then informs the other potential buyers that their bid was unsucessful. How to avoid this scam?: An effective way to catch the rogue estate agent is to get a friend to put in a deliberately high sealed bid and see if the agent passes it on. If properly recorded, this could effectively prove that the agent is cheating you. |
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