Estate agents unlawfully blocking house sales to boost profit 👉 Buyers are urged to be cautious with estate agents pushing in-house services on to customers
Estate agents are telling buyers their offers will not be accepted unless they use the agency’sKnown as conditional selling, it is against the law under the Estate Agents Act 1979, which stipulates that buyers cannot be discriminated against or misrepresented, and that agents are obligated to put all offers to the vendor in writing within twenty four hours, unless the seller has told them otherwise.
If all offers are not passed to sellers, it can result in them accepting less money for their home. Buyers can also be disadvantaged and end up paying higher mortgage ratesEstate agents make more money if you use their inhouse broker as they get a referral fee from the broker, or if they directly employ the broker, they may receive a fee from the lender the client goes with.
Kylie-Ann Gatecliffe, Director at KAG Financial mortgage advisors, added: “I’ve lost count of the number of my clients this year who have been told by agents ‘your offer will only be put forward if you use our broker’.”l services by a buyer should not prejudice any offers or viewings made through the agent.
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