Don't be caught out by private home buyers!

This week, the activities of house-buying companies are in the spotlight and are stirring things up in the property game. These companies are developers looking for properties they can on-sell for a greater profit. Recently, reports suggest they are approaching prospective homeowners by door knocking desirable neighbourhoods and making them quick sale offers. The companies purchase these houses directly, without the commission that is usually paid to real estate agents.

Consumer advocates are warning homeowners against accepting what seems like a good price without doing their homework. Often, it is elderly people that are approached and some suggest this method takes advantage of people who don't know much about the property market.

We advise you practice caution when you consider a deal such as this, and suggest you contact a lawyer before signing any agreement. It is important that you get an independent registered valuation on your land, rather than relying on an electronic one. Although the promise of zero commission might sound-cost effective to potential sellers, it may not be the best option for you in terms of selling your property.

Real estate agents have knowledge of the market and can identify comparable sales in order to get the best price for your home. They offer property guidance and advice which prevents buyers from falling into the trap of under-selling.

Nonetheless, this may be a few bad eggs who are spoiling it for the rest of the industry. Even so, we urge that you are cautious. Hassle-free, quick sales may suit you if you are short on time, however, it may not benefit you in the long run and you could miss out on getting the best price for your property.


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