Things to know about estate agents
If you are looking to buy a property, there is a high likelihood that you are going to be using an estate agent. Here are some things to know about how the process works:
- Referral fees
If you are told that the process will be quicker and simpler if you choose to go with the solicitor or mortgage provider recommended by the estate agents, this is always the case. It is important to remember that the agent earns a referral fee for the recommendation of certain solicitors and conveyancers.
- Working for the seller
Many people mistakenly believe that the agent is working for them, when in actual fact, they work for the seller. As they earn a commission from selling property, it is in their best interests for you to pay more for a property. Get solid advice from a Property News Blog at a site like Sam Conveyancing, providers of a Property News Blog.
- Seller info
One thing an estate agent can do for you is provide valuable information on the seller. Information like have any previous sales fallen through, how long the property has been on the market and what are the viewing figures like. An important point to note is that an estate agent cannot legally withhold details about issues with a property, so if they omit to tell you about anything that might put you off buying, they could find themselves in legal hot water.
- Must pass on offers
An estate agent might be tempted to not pass on an offer if it is below what the threshold of what the seller will accept. However, any legitimate offer must be passed on so the seller is well aware of all the options.