Homeowners are being offered buy now, pay later options for Home Information Packs (HIPs), but that could lead to trouble warns one property expert.
[UKPRwire, Sat Apr 21 2007] The introduction of Home Information Packs is now less than six weeks away. Many estate agents are already priming potential clients with ‘special deals’ such as ‘Buy Now - Pay Later’; ‘Pay on Completion’; and ‘Sell your home and get a free pack’.
But are these offers really beneficial to the owner?
“Many of these deals are designed so that the contents of the pack are actually owned by the agent and not the property seller”, says David Roberts of tickeverybox.com.
“This could have important consequences if the owner decides to bring in a second agent, switch agents entirely or even pull the property from the market. If the agent owns the rights to the pack, the sellers options could be seriously restricted as they will be inadvertently tied in to a sole agency agreement”.
The government has started a national advertising campaign to introduce HIPs to the public, but little is being done to tell homeowners about their options when shopping for a HIP.
In the majority of cases, sellers will be educated about HIPs by agents who have a vested interest in arranging the pack.
Property sellers are urged to check ownership clauses with agents before instructing them to prepare a pack. David added, “There is a danger that a financial incentive that looks attractive at the commencement of marketing could be of no benefit to the seller in the long term.
There is potential for homeowners to become unwittingly tied in to an agent. If the agent ‘owns’ the pack the seller could end up paying for another pack if they want to switch agents or bring in a second agent”.
There are several ways of obtaining a pack if sellers want to be geared up and ready for marketing. David urges homeowners to shop around for their HIP.
“Independent pack providers and conveyancing firms will prepare packs for the public, whether selling with or without an agent. If sellers want to take control, then good research is more important than ever”.
To see what options are available, property owners can view an impartial guide to Home Information Packs at www.tickeverybox.com/hips
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For further information, please contact:
David Roberts on 07977 664659
or email: press@tickeverybox.com
About tickeverybox.com
Launched in January 2007, and founded by David Roberts BSc (Hons) MRICS, a Chartered Surveyor with many years experience in the property industry, and Lorna Phillips, a former estate agent and negotiator.
Tickeverybox.com is a free service that enables property sellers to search and contact genuine property buyers throughout the UK. It is totally independent and not affiliated to any agency, developer, homebuilder or other service provider.
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