Home sellers risk big loss on quick sales, says watchdog

HOME sellers who use quick-sale estate agents risk losing tens of thousands of pounds, trading standards watchdogs have warned.

It is feared scores of homeowners are falling prey to companies which end up significantly reducing the price of their homes, sometimes without their permission.

Lowering the sale price of a property without the seller’s permission is illegal and can result in up to two years in prison as well as an unlimited fine.

National Trading Standards investigator Alison Farrar said the watchdog is monitoring a handful of estate agents offering the quick-sale service. But she warned that more could be operating under their radar.

One seller, Marianne Phillips, told BBC Radio 4’s Money Box that the company she took on to sell her £250,000 property reduced the asking price by £20,000 without her knowledge.

Ms Phillips said she was “devastated”, adding: “The equity I’ve built up in the house – they’ve just potentially wiped a lot of that out.”

Consumers who think they have been dealt with unfairly by an agent can contact National Trading Standards or the Government-approved Property Ombudsman Limited or Property Redress Scheme.

Mark Hayward, chief executive of the National Association of Estate Agents Propertymark, says the safest way to secure an estate agent is look for one that is regulated and has professional indemnity insurance.

“I would warn people to make sure they’ve read the small print and to not be pushed into any price they’re not comfortable with,” he told BBC News. “Your house is your biggest asset. Don’t be rushed into making any decision.”