Beware the Estate Agents!
There's a very interesting undercover documentary coming up tonight on BBC1 at 9pm, all about some of the immoral (and illegal) practices that some estate agents indulge in.
Click here for more details.
Lots of people these days just don't trust Estate Agents, and the undercover reporters involved in this documentary give you good reason not to - whether you are a buyer or a seller!
A combination of lack of trust and the high fees charged by many agents has led to the increase in the numbers of properties 'for sale by owner'.
So, if you don't want to line an Estate Agents pocket, where else should you look for a property?
There's a number of options - all of which have their upsides and downsides:
- Auctions
Property auctions have become more popular lately, partly due to TV exposure of the 'bargains' you can find there. However, buying a property at auction can mean that you have to make a decision in a hurry, on a fixer-upper of a property, and you could get carried away in the heat of the moment and bid too much! I would suggest that a property auction is not the best place for a first-time buyer, however if you're determined you'll find your dream home this way, proceed with caution. Make sure you view the properties you're interested in as soon as possible and you should still try to get an experienced professional, maybe a surveyor, to look at the property for you. It may not be all it appears on the surface.
- Small Ads/Classified Ads
Papers such as Loot are great for finding properties put up for sale by the owners. However, you still need to be careful. Some ads that might look as if the owner has posted them are actually by estate agents. Also, just as not all estate agents are going to swindle you, it is not certain that anyone who is not an estate agent won't be out to con you! Please take care...
- eBay
Lots more people are buying and selling properties on eBay these days, although I'm not sure I would! Just because you're used to buying CD's or clothes on eBay, don't just leap into buying a house or flat there in the heat of the moment. eBay is an auction site, and as such should be treated with the same level of caution that you would treat a property auction you were attending in person. Especially don't buy anything without seeing it and having it checked out. Making a bid on eBay is entering into a legally binding contract, and if you're not ready for that you can get yourself in a mess and make things very hard for the seller too.
- Roaming the Streets!
Find the area(s) you'd like to live in and look out for 'for sale' boards. Just because a house/flat has an estate agent's board outside doesn't mean that the seller necessarily has to go through the agent to sell the property (this depends on the type of contract that the seller has with their agent or agents). You can just knock on the door of any property with a For Sale board outside and tell the occupant that you are interested. If you don't feel comfortable in doing this, you can always drop a note card through the door with your phone number and a short message and let them call you to arrange a viewing. It is likely (although not always certain) that the seller will be very happy with your approach, as it may mean that they don't have to pay commission to their estate agents.
- Word of Mouth
Simply ask around in the area you'd like to move to. If you already live there, ask your friends and neighbours and event the chap behind the newsagent's counter - you never know! If you're moving for work, it's worth asking at your new job, especially if you're moving to a big company as someone is likely to be selling a nice house (or know someone who is). You can even put a wanted ad in the local paper or a card in the newsagent's window. Be inventive - it will pay off!
Just watch out for unscrupulous estate agents AND others!
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