In the past year some local estate agents have responded to the surge in demand for local properties by asking buyers to make an ‘informal sealed bid’ where interested buyers are charged for the privilege of making an offer. The estate agent also charges the seller its normal percentage of the agreed price, effectively boosting their revenue from each sale, but short-selling both the seller and the buyer. By taking a cut (sometimes of several thousands) from the buyer they effectivey reduce the maximum offer, undermining their primary role of acting for the seller.
Stella Creasy MP for Walthamstow started a campaign against this practice and the following local estate agents have now confirmed that they don’t support or use these types of contracts.
Outlook Residential Property Agents, Spencers Property, 21st Century Land, Central Estate Agents, Strettons, the Stow Brothers, Estates 17, Churchill Estates and Kings Group.
Full story at www.workingforwalthamstow.org.uk