Buyer beware: Don’t be pressured into buying a home: REBAA

first_imgThe REBAA is warning house hunters not to be pressured into buying a home.DON’T BE PRESSURED BY THESE PHRASES: “There’s a second private viewing happening tonight/tomorrow etc.” “Think how much it would mean to your wife/husband/kids.” “This is one of a kind/once in a generation/unique.” “Last chance to buy and settle before Christmas” (particularly relevant nowgiven standard 42-day settlement period). “There’s lots of interest and the vendor is thinking about moving the auctionforward so best to put in your best offer prior.” “Word on the grapevine is that this area is being considered for rezoning.” “There’s strong interest in this property so you better get a hurry along.” “We’ve issued 15 contracts so we expect the price to go well above reserve.” “The owner has already rejected $X so you need to be at $Y” — but theunsuspecting buyer doesn’t know if it is a true offer. “The property is likely to sell over the weekend so you need to make an offernow if you want a chance to own it.”(Source: REBAA) iStock photo of agent handing over keys in front of a for sale / sold sign. For On the Pulse column in Cairns Post weekend real estate liftout.AS the steam starts to come out of Australia’s housing market, house hunters are being warned not to succumb to pressure to buy.The Real Estate Buyers Agents of Australia (REBAA) claims it is seeing signs of increasing pressure from selling agents to close deals amid evidence of a softening house price market in several capital cities.REBAA president Rich Harvey said the property pendulum was beginning to swing infavour of buyers and some selling agents were feeling pressure to make a sale and using shrewd tactics to seal the deal.“Many buyers are unaware of the tactics that selling agents use to influence theirbuying decisions and may inadvertently fall victim to subtle pressure by eitheroverpaying or making an unsuitable purchase,” he said.“Often it’s just the odd throw away comment that the selling agent drops inconversation to the buyer that ratchets up the buyer’s fear of missing out.“Buyers need to enter negotiations armed with extensive research and with theireyes wide open and if they are unsure, inexperienced, or lack time, get professionaland independent advice to ensure they are paying the right price.”But the Real Estate Institute of Queensland has accused the REBAA of unfairly attacking real estate agents.“The REIQ has worked very hard to improve the perceptions of all real estate practitioners — including sales agents and buyers agents — in the eyes of the public,” REIQ chief executive Antonia Mercorella said.“These sorts of comments, from an industry group no less, serves to drag us all down in the eyes of the public.”Ms Mercorella said if Mr Harvey had any knowledge of dummy bidding going on in Queensland he should hand that information directly to the Office of Fair Trading.Mr Harvey responded with an apology and acknowledged most selling agents were “ethical professionals who act in the best interests of their vendors”.“As a consumer advocacy group our primary aim is to educate buyers on the buying process which, on the rare occasion, includes pushy sales tactics that many buyers may not distinguish.” GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE FIVE PRESSURE TACTICS TO WATCH OUT FOR:1. Reference to new unapproved infrastructure improvements2. Dummy bidders at auction (an illegal practice)3. A biased comparable sales list 4. Embellished comparable sales5. ‘Shopping’ offers around (Source: REBAA) CENTURY-OLD BRISBANE B&B SELLS CONSTRUCTION WORK GOING STRONG More from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours ago QUEENSLANDERS WARNED OVER STORMS last_img

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