Do estate agents lie about offers?

Do estate agents lie about offers?

Although they shouldn’t, estate agents can and do lie about offers to make it look to you as a seller that they’re creating lots of interest in your property. An estate agent may also lie about offers so they can push you in the direction of a specific REAL offer, so they can get their hands on their commission ASAP.

When you buy a house do you pay the agent?

If you’re buying a home, you’re probably off the hook for paying the commission of the real estate agents. The home seller usually picks up this payment. Typically, the fee is paid by the seller at the settlement table, where the fee is subtracted from the proceeds of the home sale.

Are estate agents legally obliged to pass on offers?

Are estate agents obliged to pass on offers? Yes, an estate agent is legally required to present all offers to the seller up to the point that the contracts are signed.

Can I save money by not using a buyer’s agent?

Typically, the seller is responsible for paying the buyer’s real estate agent. Most buyers don’t pay any fees to work with a real estate agent. This means that, if you choose to forgo an agent, you might not actually save any money at all. This will typically save your seller 3% of the purchase price.

What is a buyer’s agent fee?

As a buyer, your agent and the seller’s agent split a commission fee – typically 5-6% of the purchase price of the home. And while this fee is technically paid by the seller, it’s factored in to how much sellers list their home for.

Can you still view a property under offer?

Yes, you can still enquire and view a property that is under offer or sold STC, as the sale is not complete. ‘Under offer’ is a term used to indicate that an offer has been made, but not yet accepted.

Is the estate agent acting on behalf of the buyer?

As the seller, you pay the estate agent for their services and the estate agent is therefore acting on your behalf. It is your interest they will represent and the buyer should bear this in mind if they are interested in a house being sold through an estate agent.

Can a person buy a property if they are not an estate agent?

You may have found your own buyer for the property who has not come through the estate agent, for example, a friend may want to buy the property. You are entitled to sell to a buyer who has not been found by the estate agent but you may find that you will still have to pay the estate agent.

What happens if you use an additional estate agent?

If you use one or more additional estate agents before the period of sole agency has come to an end, you are breaking the contract with the original estate agent.

What to do if you have a problem with an estate agent?

If you are not satisfied with the estate agent’s response to your complaint, you can complain to their independent complaints body. All estate agents dealing with residential property must belong to a government approved complaints redress scheme. The approved schemes are: The Property Redress Scheme.

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