Christian continued: "Another problem is that many commission driven estate agents overvalue properties in a desperate bid to win business and gain listings, and this only adds to the misery for customers expecting a property sale within a reasonable timescale."
"When properties are listed on
by these agents, often there is absolutely no interest whatsoever, no viewings and no offers." Adding insult to injury, Christian goes on to explain that, "In order to sell the house and earn a fat commission the agent then suggests a series of price reductions until the house is at a level where a buyer is found. This leaves customers disillusioned and disappointed. Indeed many of the larger estate agents employ staff just to reduce prices."
Office of fair trading investigates
However, it seems that many of these scams have now had their day. Quick house sale companies that drop their price at the last minute are being investigated by
the Office of Fair Trading
. Sooner or later the OFT may also act on estate agents who overvalue properties.
The Property Ombudsman
regulates estate agents, so expect more news on this sharp practice.
"I think any regulation is a good thing," said Christian. "We also have a traditional
but we don't overvalue houses, it's just more trouble than it's worth having to constantly pacify customers. Flying Homes is busier than ever, it just goes to show how many people are sick of commission driven estate agents and unfair quick house sale companies, people simply want a fair deal."
House values, check sold house price information
Flying Homes believes that it is better to be brutal and honest when it comes to estimating house values. It isn't rocket science with
sold house prices
recorded at the
freely available. This house price information can help consumers to work out the value of their homes.
The rule of thumb seems to be to look at how much a similar property to yours sold for around 2008 and then compare this with how much a similar house sold for recently. It's this historic information coupled with
recent sold prices
that is the best indication as to a property's value. The problem with people's expectations is that many house buyers bought at the peak of the housing market around 2006, therefore their mortgages might still be more than the current value of their house!
Visitors to the Flying Homes website can
request an online quote
for free or speak directly to a member of staff by calling the freephone number on 0800 68 99 420
About Flying Homes Ltd