FALSE QUOTES
FALSE QUOTES
How sellers can protect themselves against false quotes.
Sellers who believe the false quotes given to them by the agents - and then sign-up with the agents - are placing themselves in grave danger. They are caught in the Quote Trap. They have signed a legal agreement with the agent. No matter what price their home sells for, the agent can still claim a large commission plus expenses. In some areas - most commonly South Australia, Victoria and the Northern Territory - agents may be legally entitled to place a caveat over the sellers' homes. Here's how to protect yourself.
Homesellers should insist that an agent is responsible for the quote given to them when they sign the selling agreement. As a seller, you should say, "If you sell my home for less than the price you are quoting me, you will not be paid." These words should be written down and the agent should sign them before you sign the agent's agreement. If the agent refuses to sign, don't sign anything with that agent.
Sure, no one can know exactly, to the precise dollar, what any home will sell for; but the agent can give you a price range, from a low point to a high point, and if your home sells below the lowest point of the price range, the agent should not be paid.
Honest agents will agree to this condition. If not, don't sign anything, no matter how much pressure is placed upon you.
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This news article was written by Neil Jenman, Author & Consumer advocate.
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