Don’t be rushed on quick-sales agencies, says NAEA Propertymark

Speaking to Paul Lewis on the BBC’s Moneybox programme, NAEA Propertymark Chief Executive Mark Hayward addressed concerns of home sellers who had negative experiences with quick-sales agencies.

Adverts on social media and in national newspapers promise to sell people’s homes within seven or 14 days. Some homeowners are happy with a reduced price for a fast sale, and some quick-sale firms provide a reputable service.

It is feared that some homeowners have fallen prey to companies promising a quick sale, that then cut asking prices without homeowners’ consent. One homeowner told the BBC programme that her asking price had been reduced by £20,00 without her consent, potentially wiping out the equity she had built up.

National Trading Standards is monitoring a number of companies, and consumers who think they have been dealt with unfairly can contact them, The Property Ombudsman, or the Property redress scheme.

Whether or not consumer picks a quick sale agency, they must make sure it is the right choice for them.

Mark Hayward, NAEA Propertymark Chief Executive, said:

“I would warn people to make sure they’ve read the small print and to not be pushed into any price they’re not comfortable with.

“The safest way to get an estate agent is to look for one that is regulated and has professional indemnity insurance.

“Your house is your biggest asset, don’t be rushed into making any decision.”

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