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  • Buy-to-Let

    Verification of the real estate agent advice

    Hi

    How could i verify real estate agent statement, if he is saying it is a good investment bla bla bla, is there a third party who could check the investment net yield, and where can i find them? and how much do they take?

    if the real estate agent was lying or he did not give the whole major data about the property, can i sue him because he gave me false data

    plz advise

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    An estate agent is only really a salesman that specialise in selling property, although they are not allowed to mislead, they are not going to point out bad points unless asked about them.

    I would get a survey on the property if you feel there are issues.

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    Stephen Coles Dip RLPM

    Complete Property Management

    32 Lune Grove

    Blackpool

    FY1 5LE

    01253 291816

    07967 561210

    the survey will not point out the net yeild

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    A survey for a btl product should confirm rental amounts and demand, if not being mortgaged then just a search to see what rents the area demands should help.

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    Stephen Coles Dip RLPM

    Complete Property Management

    32 Lune Grove

    Blackpool

    FY1 5LE

    01253 291816

    07967 561210


    from whom shall i ask for this survey? and what is the name of of this survey?

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    Would you believe everything someone told you when they were trying to sell you something? No one knows where the market is going, do your own research and go with your gut. Get professionals to help you, EG. Surveyor for property, independent local letting agent for advice, good mortgage broker who invests them self, etc.

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    I am not depend only on own research because lack of experience, i need a third party to review this

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    dont trust the Estate Agent! You'll have to do your own research. Check out Right Move for comparable properties in the area for prices and rent. And, no you won't be able to sue the agent.

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    Can't beat boots on the ground, visit proposed property and area yourself.

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    DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.

    Agree, Estate Agents are salespersons with targets to achieve.  Also, the EA is acting on behalf of the vendor not you. They shouldn’t mislead you, check if the agent is registered with any redress schemes,.

    https://www.gov.uk/buy-sell-your-home/estate-agents

    Also do your own independent research, ask the agent why does he/she think this is a good investment? Is it a new build property, flat, house, residential/commercial etc?  Make sure you’re happy that this investment will yield the returns you need and take it from there.

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    What do you mean by “net” yield?

    Finance and tax costs will be down to you, maintenance will be an estimate based on age and condition if property; EA can give you market demand from a salesman’s persepective which you can then verify by looking at rental info on portals such as Zoopla and Rightmove; EA should tell you all fees, management and service charges, make sure you ask him. After you’ve gathered all that info you can form your own considered view in what the net yield will be - whatever that means to you.

    That all may seem like a bit of a bore, but far more efficient than suing the salesman for negligence or misrepresentation if the deal doesn’t stack up as you’d hoped after believing everything he told you!

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.