What do agents hope to achieve?
I am looking to buy a property for around $300,000.
I found one advertised on the Internet for $290,000 by Philip Webb Real Estate. I arranged for an inspection.
However, I continued searching and found the same property advertised by another agent, Max Brown Real Estate, for $335,000.
I called the salesman at Philip Webb Real Estate and queried the difference (knowing full well that they had under-quoted).
The Philip Webb salesman (Paul English) said the other Agent was ‘unrealistic’ and that he had already received an offer of $308,000 but it was rejected.
The Philip Webb salesman didn’t understand why I was angry. I queried why the property wasn’t advertised for maybe $305,000 plus. He rattled on with the usual excuses.
I then cancelled my appointment with Philip Webb and said I would rather deal with Max Brown who obviously had a more honest view on the price of the property.
On speaking to Max Brown, I was told that the property was sold the week before for $325,000 but finance was rejected, therefore the property was back on the market and the sellers hadn’t lowered their price ($325,000).
Why is this under-quoting still happening? Why wasn’t Philip Webb Real Estate honest with me; and, knowing that my top price was $300,000, why waste my time and his getting me through the property?
What do agents hope to achieve by this underquoting?
I am so angry about this false advertising and time-wasting. Can anything be done about this?