Thursday, January 7, 2016

Underquoting

underquoting can cause interested buyers to waste time and money on inspecting properties, getting reports and attending auctions based on misleading estimates of the selling price.

There have been changes to legislation in NSW.
A key requirement is that agents must not give consumers understated or vague property prices.
fairtrading.nsw.gov.au/../Underquoting_reforms.page
The role of the seller's appointed agent (to achieve the highest possible price on the property owner's behalf) does not mean they can manipulate buyer interest with a false price.