Warning: Read what you sign!
Ian Crane of Ian Crane Estate Agents said: "Currently a small number of estate agents are offering drastically reduced rates to encourage sellers to use their services. Please ensure you read the small print carefully, as we have experience of sellers being charged much higher commissions than they expected.
"Moreover, some agents are fixing their commission to over-inflated asking prices, and when the seller is persuaded to reduce to a more realistic asking price they are charged a sales commission based on the original unrealistic asking price!" Some estate agents ask sellers to sign a type of agreement known as a Multi Agency Agreement or Multi Listing Agreement.
These agents persuade sellers to sign this type of agreement by stating the seller will only have to pay one commission to the agent who 'introduces' the buyer - sometimes referred to as 'winner takes all.' Ian continued: "Please beware of a significant problem with this type of agreement. If the eventual buyer approaches both estate agents prior to making an acceptable offer, then the seller can find himself liable to pay two lots of commission, as both agents can claim that they have 'introduced' the buyer.
"We at Ian Crane Estate Agents - one of Maghull's most experienced estate agents - advise that if you are considering using more than one estate agent to sell your house, you should enter into a Joint Agency Agreement, where the commission is agreed in advance between both agents.
"Please contact us for further advice beforehand to avoid the risk that you are signing something which could cost you far more than you expect."
Ian Crane Estate Agents - putting its clients' best interest at the heart of its business!
? For further information telephone 0151 527 2700.
?The Maghull office of Ian Crane