Although the interest of buying through Estate Agents is generally on a slight decline, there still remains a huge amount of home buyers that prefer to use them compared to more modern methods such as online portals. There is generally a trust in face-to-face interaction when it comes to buying property. As well as this Estate Agents will deal with all paperwork, will try and negotiate the best price, can liaise with solicitors and build a rapport with the individual buying a property. The fees can often be the downside of using Estate Agents, but these amounts are not consistent across all agents. They typically range from 0.75% to 3.5% of the selling price.
Buying a repossessed house through estate agents
In terms of buying repossessions from high-street Estate Agents, it’s not quite as simple as looking through the window for properties that are labelled as repossessed. They often do not advertise them at all, and if they do will not label it as a repossession (however would inform the interested party later on in the process). Therefore if you are directly looking for a repossessed property through Estate Agents, the best thing to do is to speak to them directly and inform them you are looking to buy a repossessed property. They will make the assumption following the conversation that you have a genuine interest in locating and buying a distressed property and may then allow you to view their list of repossessed properties if they have one. It is wise to build a good rapport with agents that have repossessions on the books, so they may even notify you when repossessions come on the market. A positive of being informed of repossessions directly from a high-street agent is that there’s a high chance it will be for sale at a price below market value. At times some lenders may try to pass repossessions on to Estate Agents before using other methods such as auctions, so having access to the Estate Agents books will allow you to have the first refusal of the best repossessions.
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