Estate agents and buying property
Sir, – Every time a potential buyer places a bid against a property with an estate agent, this has the effect of increasing the actual price of the property for the eventual successful buyer. However there is no legal legislation in place that regulates this process of bidding against a property which is up for sale. This has the effect that all such offers are only accepted in good faith by the estate agent.
It is generally accepted that the purchase of our homes is the most expensive financial transaction for most people, barring serious illness of course. So why is there no current legal framework in place to protect the actual bidding process for all mutual parties to the sale? Perhaps your readers feel as I do that this current process is also a contributor to the high cost of property transactions here in Ireland and should now be examined by the Government. – Yours, etc,
Drumcondra, Dublin 9.