Estate Agents breaking the law
BBC moneybox has revealed a series of manipulating and illegal practices being used by Estate agents.These are in particular, affecting first time buyers and involves agents using in-house mortgage brokers, vying preferential treatment being given to buyers who use their in-house brokers and manipulation of marketing of properties.Those who already have mortgages guaranteed are constantly being told that properties are already sold and that others had 'preview' viewings...Those who have - you've guessed it - used the in house broker.Whilst there is nothing wrong with seeing an in house broker who may well come up with a good deal, these other practices are completely illegal and unfortunately rife throughout North West, West and South West London.If this is happening to you ( and it has happened several times with my daughter ) then the advice is as follows1. Record all your calls and conversations with agents.2. Insist on everything being emailed3. Do not agree anything verbally or let them force you into anything verbally4. Ask for an explanation on anything that is sold before it is marketed or viewedIf you feel that something is not quite ethical or seems a bit strange. There is a Property Ombudsman but evidence needs to be presented, hence the advice above.For more listen to BBC Moneybox on Radio 4 today or on Iplayer
Michael Brandt ● 4395d0 Comments