What estate agents “can’t say” to potential buyers is “essentially criminal,” according to a property warning.
THE ONE THING estate brokers “can’t say” to a potential buyer, according to real estate experts. “That’s basically illegal,” property experts cautioned.
The Property Show hosts Louisa Fletcher and Andrew Montlake are back with another edition of their podcast. Louisa revealed why more and more properties are being sold for more than the asking price, why gazumping is “making a comeback,” and offered some helpful estate agent advice this week. Meanwhile, Andrew talked about green mortgages and how they work, as well as his favorite new mortgage products.
The Property Show is a podcast dedicated to assisting homeowners and renters in making money, saving money, and protecting themselves.
When a buyer is in a position to proceed with a purchase, the phrase “proceedable” is frequently used in the real estate industry.
A “proceedable” buyer is one who has a mortgage in place or a “mortgage in principle,” has accepted an offer for their own home or has sold their home, or is a cash buyer who does not need to rely on acquiring financing for a property purchase.
A proceedable buyer is more likely than a non-proceedable buyer to get their offer accepted on a property.
Before making an offer on a home, it’s vital to be sure you’re financially stable.
Agents will play a role in assessing whether or not you are proceedable for their customer.
Estate brokers have a “duty of care,” according to Andrew, who is a mortgage expert, to check whether a buyer is “proceedable.”
Andrew cautioned, though, that there are some things an estate agent “can’t say.”
“The minor thing to keep in mind there is that it’s fine for an agent to say ‘look, can you talk to the broker, I just want to make sure you’re proceedable,’” he stated.
“It’s all right. “If you ever hear that, that is really nasty and naughty,” Louisa continued. An estate agent is also required to present all offers to the vendor.
“If they welcome you with ‘if you don’t use my mortgage broker, we won’t put your offer up,’ that is really illegal,” Andrew continued.
“So that’s something you can complain about.” “That’s not the way to go about it,” Louisa said, adding that “not a lot of that happens these days.”
However, if a buyer comes across something similar, Louisa advises. “Brinkwire News in Condensed Form.”