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  • Deal Finding

    Unfair estate agencies

    Hi People,

    Just feedback really needed..

    When I am looking for new house and etc. I am mainly looking into rightmove, zoopla non-auction sales.. And obviously dealing with agencies.. What I have spotted that sometimes if there is very good deal on the property or property below market value- I don’t have any chance to make offer (even if offer high and I am in the best position to buy it).. Agencies explanation sometimes sounds ridiculous -   vendor decided to sell to someone else and etc. Very good example- there was a house for 69k, offered 90k.. all my further phone calls were ignored by agency- later I have found that property has been sold for 73k Smile It smells like corruption within estate agencies or somebody “reserving” these good deals to themselves and advertising properties because they need to..

    Is anybody else ever faced such problems with estate agencies? any advise, feedback?

    Ta

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    For £3 you can name & address of owner in 1 minute online from Land Registry.  Next time contact them direct as well as agency.


    But yes, gosh, cheating people doing business with their special chums!  What a surprise, who'd have guessed that might happen!

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    Yeah but for example if property has been repossessed and being sold by bank-  no chance you can contact them directly..

    What I have noticed (within last 9 years) while searching for good deals and etc- that this happening all the time.. I even had explanations like this: “your offer has been submitted, but vendor decided to withdraw from the market..” (however actual property has been sold Smile ), or another one very common- you trying make an offer and your phone calls, emails being ignored and etc. 

    Sometimes dealing with branch manager directly resolves problem- however this depends on manager itself..

    Is there institution which regulates agencies and whole process?

    I would say- most agencies involved into this- even well known bigger brands like brigfords, reed rains, edward mellor and etc. (but not all branches)

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    Just so I understand ... are you viewing these properties, putting in offers, being deemed as "proceedable" by the agent, and thereafter being ignored?

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    It does sound like something suspect is going on in that case.  Have you ever followed the Complaints Procedure of an agent - they have to have one by law - to try to get to the bottom of it that way?

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    No I haven’t tried to be honest.. As I believe there is no point trying resolve issue which has root with branch itself.. Especially if is smaller agency- they do what they want and they will respond what they want to respond.. All estate agencies are in sweet spot and they control inbound and outbound information. Well it’s shame but what u can do Smile

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    Hi Zem,  I’ve been buying and selling for over 40 years I always pay any agent I deal with who find me deals a  2% finders fee. I therefore get offered them normally prior to them going  on the market . When I am selling them on, I always use the same agent and even if they’re not successful in selling them for me and another agent does I still pay them a 1% fee.

    I always think if you wait until they’re on Rightmove or similar portals, you’re already missed the boat.  Of course there are exceptions to every rule ...

    If you’re looking for a fair playing field, then the auction route is a good way to go and again I've bought and sold many properties at auction as well as owning shares in Auction House UK to last year . However you just need to be careful and ask the right questions

     I’m currently writing my third book which is on buying and selling at auction - should be out by Christmas.

    Hope this helps and good luck.

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    So what is service called for such “reservation prior market”? is all agencies offering this?

    This is really scary thing - especially if you are FTB- that means you can’t get fair deal due to sharks like u (sorry for such a naming..)

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    ``I always pay any agent i deal with who find me deals  a 2%finders fee``

    The agent has a contract with the vendor so a conflict of interest for the agent is now generated 

    Do you have a written contract with the agent as well  or is this just a verbal understanding ?

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    Jonathan Clarke. http://www.buytoletmk.com

    Plus 1 that ! I have a relatively  small portfolio all of them bought through auction as  the highest bidder wins simple ! Have tried to buy from EA three times and each time I've lost money and process is long . Your idea of a finders fee seems good .

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