Under-quoting is now illegal and not to mention unethical but we all know it is still going on.
It’s important to draw a distinction between blatant under-quoting and competitive bidding, especially
because auctions are designed to extract the maximum price for a property.
Auctions can often bring out the worst and the best of human
emotions.
Forewarned is forearmed, so here are 5 tips from RealRenta to help investors handle
agents who still use this tactic:
·
Be aware that under-quoting may be a factor in your next real estate transaction
·
Perform your own due diligence regarding the
property’s value
·
Use the agent’s estimated selling price as a
guide only
·
If the agent’s quote is significantly less than
what you believe the property is worth, ask the agent to justify their price
·
Engage an independent buyer’s agent to perform
an analysis on the property for you and assist in negotiations.
Need a property loan?
Contact us @ propertyloans@realrenta.com
Marlene Liontis
Monday, 16 September 2019
