UK Estate Agent Tricks to watch out for in a heated market

Price anchoring is when estate agents set an unrealistic initial price for a property to create a perception of higher value among potential buyers. It's important to research comparable properties to understand true market value.

Compare the listing price with similar properties in the area. If it's significantly higher without justifiable reasons like unique features or location advantages, it may be overvalued.

Guide prices can sometimes be set low to generate interest and competition. Ensure you clarify with the agent if the guide price is indicative of what sellers actually expect.

Agents may use fear tactics, suggesting other buyers are interested, to rush you into making an offer. Stay calm, verify the information, and don't be pressured into bidding prematurely.

A transparent agent will provide clear information about the property, including its history and any drawbacks. They will not obscure details or apply undue pressure to make decisions.

A sealed bid process involves submitting your best offer for a property without knowing the amounts others have bid. It's often used in highly competitive markets.

Open houses can create a competitive environment. However, they might pressure buyers into making quick decisions. Visiting at different times can give a better sense of the property.

Having a pre-approval mortgage shows you are a serious buyer with financing lined up, which can make your offer more attractive in a competitive market.

A 'rent-back' agreement allows sellers to remain in the property as tenants after the sale. Ensure the terms are clear if this is part of your purchase agreement.

To prevent gazumping, ask the seller to take the property off the market once your offer is accepted. Consider having a legal agreement in place to confirm this.

A 'motivated seller' is someone eager to sell quickly, possibly accepting lower offers. This could be due to personal reasons or market pressures, which you can use in negotiations.

Quick sales often mean less time for due diligence, potentially overlooking important inspections, surveys, or negotiations. Ensure you have all necessary checks in place even for quick sales.

Agents may suggest preferred professionals as it's convenient or there's a business collaboration. Research and choose impartial services to ensure unbiased advice and valuation.

Property chains can complicate transactions, with delays if one sale falls through. Understanding the chain’s stability is crucial before committing to your part of the purchase.

An 'off-market' property isn't advertised publicly, often sold through direct negotiations. It can mean less competition but also requires more research and vetting by the buyer.