photo: http://www.sxc.hu/photo/1265521
Buyers Are Protected
Investing in real estate can be a scary venture, especially if you’re making a real estate investment in another country. The old saying of buyer beware stands true even for the real estate market. Consumers must approach a real estate sale with a diligent effort and make sure both the real estate agent and seller are being honest.
Most Australian real estate professionals work diligently to create a favorable experience for buyers. However, the practice of over quoting and under quoting has led the Australian Competition and Consumer Commission (ACCC) to propose legislation that protects buyers and penalizes sellers who purposely mislead buyers.
Australian Consumer Protection
The ACCC’s main concern is a practice that many agents consider outdated, but one that still causes concern. This is the practice of over-quoting the selling price of a house to a seller to get the listing and then under quoting the price buyers make to make a sale. Australian consumer protection services, such as the ACCC, work to make sure that real estate agents and other businesses that depend on consumers do not engage in deceptive conduct.
The newer legislation being proposed holds both the real estate agent and the seller responsible for misleading buyers. A seller will only be held responsible if they knowingly go along with a deceptive scheme in order to gain more money on their house sale. If a seller is unaware of an agent’s scheme, then only the agent is held responsible. The ACCC hopes the proposed legislation will deter agents and sellers from acting unethically.
How Consumer Protection Works
Right now the consequence for misleading buyers is a fine. But consumer protection agencies will offer legal assistance to buyers who have been deliberately misled. Real estate buyers who experience deceptive conduct on behalf of an agent or seller can work with a consumer agency to handle the matter in court. The agency will work on your behalf to petition the court and handle the situation.
How to Avoid Being Misled
Any buyer who researches a seller’s real estate agent before making an offer should be able to determine if the agent has a good reputation. If the agent is using comparative market analysis to determine price, then chances are good he or she is an honest agent. You can also go over these analysis with your agent to determine if the prices offered by the agent compare to prices offered from other agencies. As long as you act diligently when purchasing property in Australia , you will have a favorable property buying experience. Also remember that real estate representatives are there to help people like you have a good experience in buying your investment. Real Estate representatives are the go between people that make this experience a good one. I do urge you to please do your dudilegence on representatives as well I think I can say this without saying any more you know what I mean.
I hope this has been a help to you please give me some feed back as to your experience with purchasing property.
Regards
Richard Colum
Western Australia.
Tags: Australian consumer protection, australian real estate, consumers, Investment, real estate agent
[...] Most repossessed homes are sold through auction houses. The policies governing auction sales vary from working with a traditional Australian realtor, so it’s best to understand how the auctions work before expressing interest in a property. You can bid for yourself or hire an expert to bid for you. The money will need to be available immediately, so it’s best if international buyers use a broker or other expert to bid at the auction. Understand that the value you see in a repossessed home is also being seen by other bidders, many who have few financial limits. Don’t go overboard and remember that more homes will come on the market. Buying a foreclosed property in Australia can be an exhilarating experience, but remember to know your limits, understand the buying process, and talk with a realtor or broker if you’re unsure about the purchase and don’t hesitate to learn more about how Australian real estate buyers are protected. [...]